Valuable Tips to Avoid Becoming Victim of Credit Card Fraud

June 18, 2019

Valuable Tips to Avoid Becoming Victim of Credit Card Fraud

With the growing preference of the people to do online transactions using their Credit Cards, the risk of Credit Card fraud has also increased significantly. This write-up enlists a few important tips to keep yourself safe from Credit Card fraud.

With the growing popularity of online shopping and payment portals, most people prefer using these portals for payments. While online platforms have made shopping and payments easier than ever before, it has also increased the risk of Credit Card fraud. Being a Credit Card fraud victim can be inconvenient and in most cases, costly. But, there are certain ways by which you can avert the fraud.

Keep your card safe

One of the easiest ways to avoid being a Credit Card fraud victim is to keep your card safe. Make sure that you place your card in your wallet, purse or a cardholder always so that you do not misplace it. Also, no matter if you are travelling or shopping in a busy area, it is best advised that you carry only the card that you want to use and leave other Credit Cards at home. With the online Credit Card scams on the rise, make sure that you don’t leave your Credit Card exposed longer than necessary as the fraudsters can take a picture of the card and misuse it.

Dispose of the papers that contain Credit Card details carefully

Several people tend to dispose of the Credit Card monthly statements directly in the trash without realising the risk involved in it. Typically, these statements have important details like the Credit Card number. So, make sure that you shred these documents before trashing it and avoid being a soft victim of Credit Card fraud. Follow the same practice while disposing the old and the cancelled Credit Cards.

Report the Credit Card theft or loss immediately

In case you lose your Credit Card or if your card is stolen, make sure that you report the same immediately. The sooner you inform about the same to your Credit Card issues, sooner can the issuer cancel the card and prevent fraud. Reporting the loss of card or theft can reduce the risk of having to any fraudulent charges made on your card. Always keep the customer service number of the Credit Card issuer handy so that you can use them when the need arises.

Carefully review your monthly statements

Among the different types of Credit Card frauds, one of the most prominent ones is the unauthorised charges levied on your Credit Card. If you notice any charge in your statement for a transaction that you did not do, it could be the first signs of fraud. Make sure that you immediately report the same to the issuer, irrespective of how small the amount is. The Credit Card issuer will tell you if you must close your account and get a new card for fraud prevention.

Have a unique and strong password

Another effective way to ensure that you have a secured Credit Card is to use a unique and strong password that has a combination of both, numbers and alphabets with lower and upper-case characters. This will make it difficult for the fraudsters to guess the password and reduce the risk of the unauthorised use of your card.

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