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Securing Your Credit Card: Tips to Prevent Fraud and Identity Theft
Posted on Tuesday, March 19th, 2024 | By IndusInd Bank
With the advent of digitisation and ease of online shopping, credit cards have become an essential tool for financial transactions. Although credit cards streamline the purchasing process, they also present a potential risk of fraud and identity theft. Credit card fraud can happen if someone physically steals your card or digitally hacks your account. As a result, your credit card bills may go up significantly, and your credit score may suffer as a result of non-payment of dues.
Here are some essential tips to assist you in avoiding credit card fraud and identity theft. Read on!
1. Secure Your Physical Card
Check the kit for tampering when you receive a new credit card. Keep the credit card in a small wallet for safety. Avoid sharing your card details with anyone. While making transactions in public places, make sure no one is looking at your PIN or capturing your card information. Even if it has not been used for a while, you should periodically make sure your credit card is still in your wallet.
2. Monitor Your Credit Card Statements
Pay close attention to your credit card statements to identify any unauthorised or suspicious transactions. Review each transaction carefully to look for any unusual charges or discrepancies. If you notice anything suspicious, report it to your credit card issuer immediately. Your timely step can minimise the damage caused by fraudulent transactions.
3. Use Secure Websites for Online Transactions
Only shop from online websites that use encryption to protect your information. Check if the website URL begins with “https” and the browser bar has a lock icon. Do not enter your credit card information on websites that do not seem legitimate. Certain credit card companies provide extra security with two-factor authentication that requires an OTP for transactions.
4. Set Up SMS Alerts
Enabling SMS alerts for credit card transactions boosts financial security with real-time updates. By linking your contact number to your credit card, you can receive real-time transaction updates and promptly identify any unauthorised activity. This proactive approach ensures quick resolutions and protects against potential fraud.
5. Be Aware of Phishing Scams
Be wary of calls, texts, or emails seeking your credit card details or information. Never click on links in these messages, and do not send any personal or card information until you know the request is legitimate. If in doubt, contact the merchant or financial institution directly using verified contact details to confirm the legitimacy of the request.
6. Report Lost or Stolen Card Immediately
Report your lost or stolen credit card to the service provider immediately to prevent fraud. Keep the credit card company’s customer service number in your contacts to expedite the reporting process in case of card loss or theft. Taking immediate action reduces potential risks and protects your financial stability.
Conclusion
Looking to apply for a credit card online? Make sure to secure your new credit card by staying vigilant, taking preventive measures, and adopting sound financial practices. By implementing the above-mentioned tips, you can minimise the odds of being subjected to card fraud or identity theft.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
