Credit & Debit Card Fraud

Credit and Debit card fraud is a wide-ranging term used for theft and fraud committed using a credit/Debit card or any similar payment mechanism. The purpose may be to get goods without paying, or to gain unauthorized funds from an account.

Safety tips to avoid Credit Card Fraud

  • There is a critical 3-digit number on the back of the card called CVV (card verification value). Always erase it and memorize it.
  • Better hang around when your card is being swiped in any business establishment.
  • A card's magnetic strip has the basic details of the card holder. But the card also comes with a blank space for you to sign in. You must sign on the card to avoid unauthorized use.
  • Always sign up for SMS/EMAIL alerts for all bank transactions.
  • Always check your monthly bank statements for any suspicious transactions.
  • Disable your credit card account if you are not using it.
  • Shred the financial documents with care.
  • Do not store your personal and credit card information on the computer
  • Do not write the PIN number.
  • During the online transactions, check if the web address starts with HTTPS, which ensures the encryption of all important data.
  • Never delay to report a lost credit card as the consequences can be highly disastrous.
  • Close the account that you suspect is being hit by the fraud.
  • Never give away your personal information over the phone unless you are sure of the person at the other end.
  • Take a pause before venturing into any kind of online transaction and decide upon the authenticity of the transaction.