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There are many news reports of credit card frauds in India. For instance, an IT professional in Haryana found that his credit card was used for online shopping in Swedish currency (kroner). Recently a man was arrested in Mumbai for credit card fraud. His laptop had the full details of thousands of ICICI bank credit cards.


Though India is not among the top nations where credit card fraud occurs, the number of cases is rising and it only makes sense to use your credit card securely and safely.


We always check out offers on various credit cards but never spend enough time in understanding the security aspects like how to use a credit card, understanding concepts like CVV number and One Time Password (OTP) or setting up complex passwords.

Here are some ways on how your credit card fraud can occur and how you should protect your credit card.

 

Sign your card: As soon as you get the new credit card, the first thing to do is to sign at the back of the card. A card without a signature is invalid. It is an added level of security where the merchant accepting the credit card should compare the signature on the card with the signature on the bill. If this is different, he should not accept the card for payment. Most merchants do not follow this security check. You have the right to avoid making the payment if your credit card is used wrongly and the signatures are different.

Scratch off the CVV number: Some merchants do not ask for CVV number for online credit card transactions. The CVV number is the number written at the back of the credit card near the place for the signature. If someone has your credit card, he or she can also just turn the card, copy the CVV number and go ahead with the online transaction even if the merchant asks for the CVV number. Two things to remember here are that CVV number is not asked by all so try to use a debit card if possible and secondly scratch out the CVV number from the credit card after memorizing it.

Use chip based cards: Your credit card can be duplicated. When the card is swiped, the data stored there is extracted for authentication. Hackers have machines that can steal data from the swipe machine and use this data to make a duplicate credit card that can be used for purchases. You should ensure that the swiping of the card happens in front of your eyes. The RBI had also set a mandate that all credit cards issued must have chip based cards or PIN based cards. The machines at establishments and ATMs need an upgrade to accept chip-based cards. RBI has extended the deadline for banks to issue such cards to November 

Sign up for transaction alerts: Credit card information can be duplicated from the swipe machines or when you use it for online transactions. Banks generally send SMS or email alerts for transactions on the credit card. Ensure that you sign up for these alerts so that in case of theft, you can take swift action. 

 

Some other good practices while using credit cards:

  • Update your contact details when they are changed
  • Use complex passwords and PINs and not ones that can be easily guessed
  • Try to use debit cards, virtual cards and cash whenever possible

For further information contact Prajna Capitalon 94 8300 8300 by leaving a missed call

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