The use of credit cards has increased at a high rate in India. But it has also given birth to credit card fraud, which is a major concern area. Here we present a complete snapshot of types of credit card fraud and different ways to safeguard your credit card from any such theft.
In present scenario, plastic money is the easy, fast and fashionable alternative to paper money. With a swipe, credit cards have brought a tremendous change in our lifestyle. Unfortunately, this convenience gives rise to crime too. Credit card fraud is a wide term for any deceptive practice by a person aimed at obtaining goods or services without making any payment, or to obtain funds from an account of another person. Due to the advent of new technology, there has been a sharp rise in this type of fraud and perpetrators of this white collar crime are finding new methods of exploiting consumers.
Have you ever purchased some grocery items, paid with a credit card and forgotten to take a copy of the receipt? Did you know that in most of the cases, these receipts will have your card number printed and anyone can easily see or use it? And if you have signed the receipt then your signature will also be there for anyone to copy. With this bit of information, any unscrupulous person can fraudulently make purchase either via internet or by phone. You will only come to know this when your company will send you your credit card statement.
Various types of Credit Card Fraud -
Lost / stolen card- If a fraudster gets your card either because you lose it or because it is stolen, they can easily impersonate you in order to purchase goods & services.
Application Fraud- When a fraudster gives information of some other person to get a new credit card, it is called application fraud.
Manual or Electronic Card Imprints- Any unscrupulous merchant could imprint information either from the front portion of the credit or from its magnetic strip. This information can be later used for fraudulent transactions.
Never used or never received card- It implies theft of a card in transit and which can be illegally used by another person.
Different Ways to avoid Credit Card Fraud-
Sign your card as soon as it comes in your possession.
Don’t put your cards in a wallet.
Maintain a proper record of account numbers, expiration dates, contact number and keep it in a safe custody.
Keep a strong vigilance on your card during transactions and get it back quickly.
Save all receipts to facilitate cross checking with billing statements.
It is good to open bills promptly and reconcile them monthly.
In case of questionable charges, report to the card issuer company promptly.
Notify your card issuer in case of any change in address.
Don’t lend your card to anyone.
Never leave card(s) lying around.
11.Don’t give your card or account number over the phone unless you are sure about the authenticity of the company. If you have any doubts about a company, then it is good to check it out with local consumer protection office.
Never respond to those emails which request you to give your card information info via email. Such mails are called phishing emails.
Never carry around those cards which you barely use.
Get more information about this here at -
https://rupeetalk.com/
https://rupeetalk.com/credit-card/