10 Precautions To Safeguard From Debit and Credit Card Frauds
Whenever a bank or a credit card company issues you a plastic currency, i.e. debit or credit card, the first advice to the cardholders instruct them to get their signature on the back of the card at marked place. Experts and certified fraud detecting experts advice otherwise: DO NOT PUT YOUR SIGNATURE ON THE CARD. It gives a tool in the hands of fraudsters and they will forge your signature easily. Instead, you can opt to show your ID proof like Voter Card or Vehicle Driving License to the merchant.
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Do not fall trap to the phone calls supposedly from the banking institution of the issuing card. No such institution ever calls you to ask your personal details and CVV number. If you are ready to give these details to the caller, it is like giving password of your account to the caller. Better report that matter to the bank via call, text or by e-mail.
Use One Time Password (OTP) while making a high transaction purchase either online or even offline. Some banks let you fix the limits on your transactions. The SMS containing OTP and the confirmation of transaction will alert you everytime.
If you have lost your mobile phone or your SIM is deactivated, try getting it right quickly because you will need it for all transactions. Some smart fraudsters who may know you, could make benefit of the situation and get a duplicate SIM issued to fradulently relieved you of the amount.
Account takeover is a trick by some professional fraudsters who gathers your personal informations and then contact card issuer banks to request an address change while impersonating themselves as the genuine person. They then approach the bank for lost card and issuing a duplicate card. They even manage to change the mobile number of the victim and thus became the owner themselves. It will get detected only when the next bill arrives.
Do not treat yourself so royal as to handover your card to the waiter, a personnel of room service or some employee who can have liberty to take it away from your eyes for a few minutes. He might have copied the data and replicate the card itself by skimming. There are machines available which copies the cards’ info exactly. He can use your card now, anywhere, anytime with impunity till you block it.
Register your cards with verified by Visa or MasterCards By this system, which is known as 3-D Authentication, you can add a safety measure in additional lock besides the ATM Pin number of your card.
If your card is lost, misplaced or stolen, report it to the concerned bank. First, ask them to deactivate it and secondly ask for a replacement. Never write your ATM Pin number on the card or its cover. Most banks operate 24-hour telephone lines which entertains these types of complaints and act quickly.
Credit card information can be captured by some uncanny ecommerce websites. Do not buy through unknown or little known websites. Trusted websites always use encrypted platform while some websites capture users data to steal the information.
Always ensure that you use some good antivirus and anti malware software while making purchase online. They are powered to detect and block these fradulent sites effectively.
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