Today, Credit Card frauds have turned into a common occurrence. In FY20, around 52,006 fraudulent usages of Debit Cards, Credit Cards and internet banking were reported in India. And the total amount transacted in these fraud cases was Rs 228.44 crore. In fact, in December 2019 alone, 2764 credit card frauds amounting to Rs 10.87 crores was reported.
With a little effort, a hacker can access your Credit Card details and use it for unauthorised transactions. Although financial institutions have installed dynamic fraud prevention and detection systems, hackers seem to get more and more sophisticated by the day.
Don't want to become the latest victim of Credit Card fraud? Here's how you can take matters into your own hands and stay safe:
Use strong passwords
Always use innovative passwords and make sure you never repeat them. Also, avoid providing information about yourself in the public domain or on social networking sites that are somehow related to your passwords. Hackers regularly surf through your online information to piece together clues to your passwords. Choose strong passwords and change them regularly. A password manager can simplify the process for you.
Avoid physical copies
Access your Credit Card statements on your card provider's website. This is safer than requesting physical copies on the postal network – they are at risk of getting intercepted, and there's a greater chance of information theft. Also, safe disposal of these documents can be an issue. Credit Card fraudsters have been known to search through dumpsters to collect card statements.
Use a shredder
If you cannot avoid physical copies, make sure all documents with personal information are shredded before disposal.
Watch out for skimmers
Skimmers are tiny, easy-to-miss devices that are every card hacker's dream. They are installed on top of Credit Card readers to steal card information. Regardless of the place – ATM, restaurant, or retail outlet – always keep a close watch for these nasty devices.
Secure your online activities
Be cautious while using your card for online transactions. Make sure you only transact on reputable websites that have a certain measure of inbuilt security. Beware of clicking on email links from unfamiliar sources. Use a secure firewall and antivirus software to prevent theft of information stored on your computer or mobile phone.
Enable notifications
Make sure that every online transaction you carry out has a minimum of three approvals, including one through a message received on your phone. This is cumbersome if you conduct many transactions online, but it's one of the best ways to prevent frauds.
Check credit card statements
As soon as you receive your monthly Credit Card statement, tally the amount with your purchases. This will help you spot any extra charges that the Credit Card company might have charged you unintentionally.
Report loss or theft immediately
As soon as you realise that your card is missing, call the card company's toll-free number and inform them. This service is usually available round the clock. The company will immediately take steps to freeze your credit and prevent any further damages.
Basic precautions
Don't share credit card information with anyone, not even your family and friends. Don't give out details over the phone. When using a card in a restaurant or shop, ensure that you are present during the entire payment process. Don't let your card out of your sight.
Cover all bases
Avoid carrying your cards in your wallet. It reduces the possibility of losing your cards in case your wallet is stolen. This is particularly important when travelling. It can be very unpleasant to find yourself in a foreign country without any means of payment. If such an event occurs, notify your Credit Card company immediately.
Are Credit Cards worth the bother? Undoubtedly, yes! They are the safest method of online payment, even after considering all the risks. Most frauds are intercepted before they are successful.
With HDFC Bank Contactless Visa Credit Cards, you can now pay with a simple tap without having to sign or enter any PIN. Just hold the card against the card reader or POS device, and the information is transmitted in a highly secure manner within seconds. With this Credit Card, payments are easy, convenient and fast.
If you are wondering about the safety of these cards, note that HDFC Bank Contactless Credit Cards have the same level of security as RFID chip or PIN cards. And if the card is lost or stolen, you can cancel it instantly by reaching out to HDFC bank customer service. Besides, your card data will be 100% protected, and every transaction will have a unique code to avoid frauds.
Similarly, HDFC Bank incorporates intensive security features across its range of Credit Cards. HDFC Bank MoneyBack Credit Card users are rewarded with CashBack offers and gift vouchers based on their spending. It's the best online shopping partner for you as online spends earn you reward points. You can even enjoy a zero-liability policy with HDFC Bank MoneyBack Credit Card.
So, don't hold yourself back from purchasing online. Use HDFC Bank Credit Cards and experience safe and secure online shopping!
You can also shop smartly and earn maximum Reward Points on your Credit Card now. Click here to know more.
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