How Can I Protect Myself from Credit Card Fraud and Identity Theft?

Posted on Friday, July 21st, 2023 | By IndusInd Bank

From actively monitoring financial statements and configuring transaction alerts to creating robust passwords, there are several ways to safeguard yourself against credit card fraud and identity theft.

As our dependence on plastic money and online transactions continues to grow, the possibilities of credit card fraud and identity theft cannot be overstated. Credit card fraud can occur when someone steals your card or hacks into your account. Cybercriminals constantly look out for ways to steal important information and exploit unsuspecting individuals. Luckily, there are precautions you can take to protect your personal and financial details and reduce the possibility of becoming a victim of credit card fraud.

It’s essential to familiarize yourself with practical methods to prevent card fraud and identity theft before you apply for a credit card online.

1. Keep Your Login Information Secure

Never disclose your credit card PINs, internet banking passwords, or mobile app passwords to anyone.

Avoid saving your credit card information on online shopping platforms. This preventive measure will minimize the impact of data breaches and protect against unauthorized access in case your account password is compromised.

2. Secure Your Physical Cards  

Take precautions to protect your wallet while you are away from home. Refrain from leaving your credit cards unattended whenever feasible. It is advisable to keep unused credit cards in a safe place at home and only carry them if you must.

3. Monitor Credit Card Transactions

Keep a regular check to make sure the transactions on your credit card statements are made by you or someone you authorized. If you notice something odd or unusual on your credit card statement, immediately contact your card issuer to inform them that you did not make a particular transaction and ask them to investigate it.

4. Set Up Transaction Alerts

Setting transaction alerts will let you receive instant notifications whenever a transaction occurs on your card. This will allow you to actively monitor and authenticate each transaction in real-time, quickly detecting any unauthorised activity. With timely alerts, you may report fraudulent transactions and take appropriate actions to minimise potential financial losses.

5. Make Strong Passwords

Storing credit card details on e-commerce websites has become common for convenient access and quick transactions. If you must save your details on such websites, it is important to create a strong password by using a mix of uppercase letters, lowercase letters, special characters, and numbers. A strong password will make it more difficult for unauthorised individuals to hack into your account.

6. Report Lost or Stolen Card

In the event that your card is lost or stolen, it is crucial to notify your card issuer immediately. The sooner you report, the faster they can prevent fraudulent activity on your card. Add your credit card provider’s customer service number to your phone contacts to make things easier.

How do IndusInd Bank Credit Cards Ensure Safety Against Fraud & Identity Theft?

IndusInd Bankprioritises safety and takes preventive measures to protect cardholders against fraud and identity theft. We have incorporated additional security layers like one-time passwords (OTPs) and PIN authentication to ensure that only authorised cardholders can complete a transaction. Additionally, customers are provided with multiple convenient options for blocking their credit cards, including phone banking, net banking, the IndusMobile app, or via SMS in case of card loss or theft.

Our first-of-its-kind programme, Total Protect, helps protect you against unauthorised transactions in case your card is lost or stolen. What’s more, insurance is also provided in case your card or card details are stolen and misused to produce counterfeit cards.

This programme covers the same amount of money as the credit limit on your card and is also available on add-on cards. It offers insurance coverage up to 48 hours before you report the loss of your card.

So, wait no more! Apply for an  today to stay protected against card fraud!

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.