While credit cards offer great convenience, they also come with the risk of fraud. Credit card skimming is becoming a very common phenomenon, and the scammers are getting more and more innovative in ways they cheat you. With the advent of more secure chip based cards and two-factor authentication, the use to credit cards has become safer. Yet, there are some important points you should take care of to ensure you don’t fall prey to this:
Enable and read SMS notifications: This is your first and best way to spot and fraud that might be occurring on your credit card. All banks today offer instant SMS notification for any transaction that has been done on your card. If you have received any such SMS for a transaction not initiated by you, immediately call your bank and get your credit card blocked. It will prevent any other transaction.
Look out for unwanted OTP messages: With the RBI mandating two factor authentication, entering an OTP for confirming a transaction has become a necessity. An OTP is generated and sent to the customers registered mobile no whenever a transaction is initiated. If you have received a SMS with an OTP, but have not initiated any transaction, it’s a clear indication of someone trying to dupe you.
Review your card statement: It is possible that some transaction SMSes that may be received by you would have gone unnoticed. Hence it is important that you review your card statements minutely to check for any transaction entry which may not have been done by you.
Opt for a credit card which offers fraud protection: As a fail safe, its best to opt for a credit card which offers inbuilt protection for fraud. This feature basically is an insurance for transactions that may have been done a few hours before you report the loss of your card and after that. In case of any fraud, you will not be liable to pay anything to the bank upto the amount of protection. You can search and apply for a fraud insured card on Rupeepower.com