04 Dec 2015

Pratik Bhartia

Preventing credit card fraud

With the ever increasing use of credit cards in your lives, the importance of keeping your credit card is higher than ever. There are fraudsters waiting for that one moment when you will slip and they will be able to dupe you of your hard earned money. Some pointers that you should always keep in mind:

Never give out your credit card information: Easier said than done. While every bank tries to educate its customers about keeping credit card information private, people often fall prey to ingenious methods employed by fraudsters and part with the card information. Ensure you do not do this under any circumstance.

Report any missing card immediately: In case you are unable to locate any of your credit cards, the first thing that needs to be done is blocking the card to prevent misuse. Its easy to block a card and get a replacement quickly from your bank.

Keep your CVV a secret: Card verification Value or CVV is a 3 digit code printed at the back of your card. This, together with your card no can be used to make online transactions, without having the physical card. Be careful so as to never reveal this number to anyone. Never give photocopies of the reverse of your card as it will reveal your CVV.

Get a chip based card: Now that RBI has mandated it, all fresh cards being issued are chip based cards which require a pin for any transaction. These are more secure and even in case of loss, it is difficult for anyone to make transactions with them. Always enter your pin yourself and not reveal it to anyone. That said, if you still have non-chip cards, please call your bank to get it replaced with a safer, chip card.

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