How to ensure financial safety while using credit card?

January 24, 2019

financial-safety-using-credit-card

If you love keeping up with the happenings in the country through newspapers, TV channels, or online articles, you might now come across cases of credit card frauds on a regular basis. The frauds are now so rampant that the fear often discourages many people from using credit cards for their offline or online transactions.

However, just by being a little more vigilant you can easily avoid the majority of the common types of frauds. Here are a few steps to help you use your credit card with confidence-

1. Use trusted Wi-Fi network and computer for online transactions

Even a secured credit card when used on public Wi-Fi connections or computers can open you up to a host of frauds. Public internet connections and computers are not secure, and by using them for online transactions, there is a considerable risk of getting personal or card information stolen. If you do need to use an internet connection at a public place, try and use your mobile network rather than an untrusted network.

Not just this, you should also have a working anti-virus installed on your computer to prevent virus attacks that can lead to credit card frauds.

2. Use credit card only on reliable websites

Online shopping is full of convenience. However, be cautious when using your credit card for shopping online. Make sure that you always buy from reliable online portals.

Avoid clicking on any links that you receive in unsolicited emails as most of them are just scams that often look pretty much similar to the real deal. Rather than following a link, prefer typing the website URL in the browser and ensure that the website you are visiting has an "https" prefix.

3. Get the card swiped in your presence

Talking about offline stores, ensure that you always get your credit card swiped in your presence. Before leaving the store, you should also check your credit card as it is possible that your card might have been intentionally or unintentionally replaced with a similar looking card.

Always use cards such as a Visa secured credit card and prefer using them at reliable offline stores to avoid any fraud.

4. Opt for the credit protection plan

You are protected against any fraudulent transaction on your lost credit card as long as you report within three days of the purchase. However, in case you report it after that, you are liable for the transaction as per the RBI rules. A credit protection plan enables you to stay protected even if you report it after the 3-day period. Moreover, it comes with added advantages such as travel assistance and other benefits.

5. Regularly change your PIN

Many people get a MasterCard or Visa secure card for enhanced safety but make the mistake of not changing their PIN on a regular basis. Try to change the PIN every couple of months to reduce the possibility of misuse.

Also when selecting the PIN make sure that you do not pick something that is very easy to guess like your birth date or anniversary. Do not write down the PIN anywhere and never share it with anyone.

Using a credit card responsibly and with utmost safety

As you can see just by following a few easy steps you can keep your credit card safe and your transactions secure. No matter if you have been using a credit card for a long time or have got one recently, use the tips discussed above to ensure enhanced safety and protect yourself from frauds and misuse.

 

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