Here’s how you can fight credit card frauds!

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While on one hand, the number of credit cards and their usage is rapidly increasing in India, incidents of credit card fraud are also on the rise. How can fraud occur through credit cards and what measures can you take to protect yourself from such fraud? Let’s find out.

Firstly, let’s talk about the different ways in which fraud can be perpetrated through credit cards. It includes methods like card skimming, phishing, data breaches, and social engineering.

Card Skimming

Thieves use small devices installed on card readers or PoS machines to steal card details.

Phishing

Scammers use emails or phone calls to trick people into updating their credit card details. They often claim there is a security issue with the credit account and ask for sensitive information.

Data Breach

This type of fraud was seen in the Axis Bank credit card case a few months ago. Data was stolen simultaneously from many cards. Unauthorized international transactions were made from many users’ cards.

Social Engineering

Cybercriminals deceive people by posing as reputable organizations or companies and obtain their credit card details. This can happen through fake lottery or reward notifications where recipients are asked to click on a link, leading to malware attacks that steal financial information.

To protect yourself from these types of credit card fraud, here are some steps you should take:

1. Monitor Your Credit Card Account: Regularly review your credit card statements to detect any unauthorized transactions or suspicious activity.
2. Enable Transaction Alerts: Activate alerts for your card so that you are notified whenever a transaction occurs. If you haven’t made the transaction, you can take immediate action.
3. Use Strong and Unique Passwords: Use strong passwords for your online banking or e-commerce accounts, incorporating a mix of letters, numbers, and special characters. Avoid easily guessable passwords.
4. Enable 2-Factor Authentication: This adds an extra layer of security to your online accounts, making them harder to hack.
5. Be Wary of Phishing Scams: Do not click on any links in unfamiliar messages or emails asking for your credit card information. Avoid downloading attachments from unknown sources.
6. Shop Only on Secure Sites: Look for HTTPS in the website URL and a padlock symbol in the address bar, indicating that the site is secure and has a digital certificate.
7. Use Virtual Credit Card Numbers: Some banks offer temporary virtual credit card numbers for online transactions, which are not linked to your actual credit card account.
8. Keep Your Devices Secure: Install antivirus software, keep your operating system and apps updated, and avoid using unsecured public Wi-Fi when conducting online transactions.

By following these guidelines, you can secure your credit card and protect yourself from falling victim to fraud.