Keep Your Credit Card Information Protected with These Tips

6/21/2018 Lokesh kumar 0 Comments

Credit Cards are one of the most useful financial products in the modern times. Credit Cards act as your personal line of credit as it comes with a pre-approved limit. You can use the Credit Card to make purchases or pay bills even if you do not have money in your pocket. They work on the principle of revolving credit wherein your credit limit is reduced every time you make a purchase and is replenished whenever you pay the bill.

Earlier Credit Cards were used mainly at POS (Point of Sale) terminals, but with the rapid progress of e-commerce in India, they are now widely used to make payments online as well. Credit Cards are considered one of the most secure ways of making payment and cover you in case of any frauds.

Credit Cards are offered by most of the banks in India and the whole Process for Credit Card Application has become very convenient. You just need to fill in an application form online, and then the card issuer will contact you to complete all the formalities and conduct the telephonic inquiry. If you fulfill their eligibility criteria, you shall receive a new Credit Card at your address within a few working days.

But with the rapid increase in the usage of Credit Cards, there has been an alarming increase in the instances of Credit Card frauds as well.

What is a Credit Card fraud?

When some unauthorised person obtains your Credit Card details through illegal ways with an intention to cause financial harm to you, it is called a Credit Card fraud. The stolen information is then used to make purchases against your Credit Card, about which you will come to know only after toy receive your monthly statement. As such, it becomes imperative to keep your Credit Card information safe and secure.

How is Credit Card information stolen?

Fraudsters have devised new and sophisticated ways to steal your Credit Card information. Some of the most common ways used are:

  • Skimming device: A skimming device is installed at POS points or ATMs at remote locations. Once you swipe your Credit Card there, all the information is recorded in the skimming device and can be used by the fraudsters.
  • Malware: Sometimes malware is installed on your computer or smartphone through emails or software installation. This malware records your keystrokes and screenshots and passes them onto the fraudsters.
  • Hacking: Hackers might steal your Credit Card information from other company’s websites where you might have used it in the past such as various e-commerce sites.
  • Phishing: They might trick you into revealing your Credit Card details by imposing as a bank official over telephone, e-mail or SMS.
  • Stealing: Fraudsters might just steal your wallet while you are busy somewhere and use it for their financial gain.

One good thing about Credit Cards is that they come with fraud protection, i.e., if you alert the bank officials regarding your card details being stolen and block the card, you will be protected against any unauthorised usage. Although, most of the cards come with fraud protection service, still it is necessary for you to take specific steps to safeguard your information.

How to protect your Credit Card information?

  • Do not share your Credit Card information online
You should not reveal your Credit Card information online to anyone through emails or chat boxes. When using your Credit Card online, make sure that the website uses a secure payment gateway. (You can see a lock symbol on the address bar)
  • Never share the CVV code and OTP
No matter who calls you, never share your CVV code or OTP with anyone. These details are highly confidential and should not be shared with anyone. Remember, your bank officials already have your entire details, why would they ask you for such information.
  • Do not use your Credit Card at remotely located ATMs
Do not use your Credit Cards at ATMs at deserted locations. These ATMs are very likely to be fitted with a skimming device. Use any ATM located in a busy area or inside a bank branch.
  • Never leave your Credit Card unattended
You must not handover your card to anyone unknown. If you must make payment using your card insist on doing it in front of you and preferably do the transaction yourself.
  • Shred anything with your Credit Card information
If you have noted down your Credit Card information anywhere, shred it after your purpose has been served. Similarly delete any pictures of your Credit Card from your smart phones as well.
  • Review your bills every month
Keep a close eye on your bills every month and raise complaints regarding any unauthorised transactions.
  • Opt for SMS alerts
Always sign-up for SMS alerts for Credit Card transactions. This way if anyone uses your card, you will receive instant notification and can get it blocked immediately.

Credit Card offers a lot of benefits if used judiciously, but it is required on your part to ensure the safety of your information to avoid any monetary losses.

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