Precautions to Avoid Credit Card Frauds

A Credit Card is a great technology that has made our lives easy. It helps you to pay for your purchases online without cash. It is called plastic money in banking terminology.

• A Credit Card comes with the following characteristics:
• A number that uniquely identifies the credit card
• An expiry date
• The name of the holder
• The logo of Visa or MasterCard – the two companies that provide the infrastructure and systems to process Credit Card transactions.
• On the back of the Credit Card, there is a magnetic strip or chip
• The CVV number is needed for online transactions.

When you use your credit card you can unintentionally fall into the trap of fraud.  You may have numerous choices when it comes to choosing the right credit card. A credit card comes with safety and security. But if you aren’t careful enough, your Credit Card can be susceptible to misuse and fraud. So to avoid any mishaps you need to stay alert. 

Considering the importunacy of credit cards we have lightened up some precautionary measures. Follow our Credit Card safety tips to prevent unauthorized transactions on your card. 

#1 Keep your card with you always 

Most people tend to disregard this simple thumb rule. Don’t let the card out of your sight, especially when it has to be swiped at the point of transactions. Make sure the store, the restaurant, or the petrol pump swipes your card in your presence. And don't forget to collect your card after any successful transaction.

#2 Change your PIN regularly

A PIN is the most vulnerable thing on a card. It adds a coating of safety to your transactions. Make sure your PIN is not too easy to guess by someone who is close to you.

Keep changing your PIN at least once every 6 months to ensure your Credit Card is less susceptible to misuse. 

#3 Don’t share your PIN with anyone

Never share your Credit Card PIN or OTP with anyone—even if any person is claiming to be a bank representative. And if you unintentionally share your PIN don't forget to change it immediately.

You should also avoid writing down your card PIN and carrying it in your wallet or purse. Avoid also storing your PIN details on your mobile phone as missing your phone will put your Credit Card at risk.

#4 Check the alerts and your monthly Credit Card statement carefully

Check all SMS alerts and emails you receive from your bank about Credit Card transactions. Make sure you authorized those payments. Besides alerts, you should also check your bank statements thoroughly. This will ensure you don’t miss any unauthorized transactions that may have skipped your attention earlier. 

#5 Avoid using your card on suspicious websites or apps

One of the most important Credits Card safety tips is to read reviews of a website or app before making a transaction on that website or app. They collect your card details on their server and start misusing them.

If you are making transactions online, ensure that the website link contains https:// instead of http://. The former indicates a secure server. 

#6 Don’t click on suspicious links

Emails or messages containing links that claim to be from your Credit Card issuing bank can be scams or cyber-attacks. Banks will never ask for your PIN or other personal details over the phone, email, or texts anything.

Check the sender’s email address, logo and footer carefully and report it to your bank if you think it is suspicious. 

#7 Update your bank immediately in case your card is stolen or lost

If you misplace your Credit Card or notice an unauthorized transaction that you haven’t done, inform your bank immediately. After getting your note the bank will block your card and prevent any further fraudulent transactions.  

With such security tips followed properly, surely you would be well protected from using your credit card. 

Conclusion

 A credit card gives you wings when you got stuck in an emergency. And here as everyone knows every problem has one solution that is Money. A credit card helps you to pay expenses if your wallet is lost or stolen then there is not much you could do to recover the lost amount but it will help you to get out of that situation. As a credit card gives you interest-free credit hence you can take a peaceful sleep after taking any emergency credit from your issuer. The benefits of credit cards are not limited to this only, you can even increase your credit score when you use a credit card and pay the bills in time. Hence it increases the possibility of getting a loan smoothly.