Credit card frauds are more of a common event now. Although we cannot prevent it from happening, we can certainly minimize the damage it can cause. First thing first, one needs to treat their credit card details as cautiously as cash and safeguard them. The fraud takes place when someone uses your credit card without your knowledge and authorization to purchase goods or services.
And what makes one prone to such fraudulent cases? We need to dive deep into the credit card usage pattern and common ways of cheating to understand that.

Common practices of credit cards frauds are –

1. Theft – Yes, the first thing that strikes your mind when you think of a credit card fraud. You lose your card, or your wallet/purse carrying cards get stolen, and it falls into the wrong hands. By the time you realize that your credit card has gone missing, someone has already swiped it or used it online to buy goods or services. And then, you are left with no choice but to block the card. Fortunately, effective mechanisms are now in place which requires additional authorization to prevent such a misuse of your card.

2.Fraudulent calls or emails – Most of us have received at least one suspicious call asking us for more than required details regarding our card. Many have fallen victims to the syndicate of con people convincingly extracting personal information from credit card users.
Spam emails are the other face of phishing, which demands card details for the transaction, bank issues, etc. These emails attempt to lure one into providing sensitive information leading to its misuse.

3. Skimming – Not yet prevalent in India, skimming is a way of stealing credit card details via a swiping device or from the magnetic tape of card or by simply taking the photo of the card.
So how does one protect their card? Well, incorporating some discipline in the daily transaction and usage of credit cards can be a big help. Such as – keep your credit card details and phone number to report fraud safe and handy.

Few more tips to safeguard your card:

  • Stay alert. Do not give your credit card details to anyone.
  • Keep an eye on your card during the transaction.
  • Do not use suspicious websites for online purchases. Avoid saving credit card details for future transactions.
  • Regularly monitor your account statement for any fraudulent activity.