Kolkata: Last year a report by consultancy major PWC stated that the number of credit cards doubled in the past five years and the momentum will continue with the sector set to repeat this feat in the next few years. It also projected that by FY29, the Indian market is set to expand to 20 crore cards.
The collateral potential danger is that with the fast rise in credit card usage fraudsters are also getting more and more active swindling unsuspecting and gullible users of crores of their hard-earned money. It will not only ruin you financially but will also impact your prospect of getting loans since it could adversely affect your credit score. It is essential to know how you can stay safe in a jungle of fraudsters.
ONE: Ensure safekeep of login details
The PIN, mobile application passwords and/or internet banking passwords are extremely crucial and if anyone can access them, one can easily defraud you of a lot of money. So it is advisable not to share them with anyone — even with a friend.
TWO: Phishing and virus — beware of them
Phishing is a type of cybercrime where fraudsters send emails, or text messages to trick gullible common men and women with the purpose of accessing their passwords, credit card details and/or personal data. As is evident, the key to gain confidence of a potential victim is to earn his/her trust. TO this end, fraudsters use familiar logos, emails and even web pages that resemble bonafide ones. One thing that every one should be aware of is that no financial institution will EVER ask any customer for any information over phone, email, text etc. Therefore, no matter how great the lure, don’t readily fall for them, wait and have a scrutiny of anysuch communication.
THREE: Don’t pay upfront
Many scams have been reported that urge credit card users to pay taxes or fees to become eligible for a big amount of prize money/overseas investment etc. These are online scams and you should never fall for them. You will lose the money you pay as well as card details to the fraudsters.
FOUR: Never lose sight of your card
When using your credit card at any bonafide retailer or restaurant/petrol stations etc never lose sight of your card. Be close to it and keep it under watch. Ask the man at the counter/serving you to bring the swiping machine to you so that you can type in the PIN when none is watching. Else one can copy the numbers on the card and can use them later to withdraw money suing those details.
FIVE: Set payment limit
This is one safety net that you must utilise. All credit cards allow the user to set a maximum limit for payment (in PoS transactions, ATM, online payments etc). Change the default settings to the minimum amount that you need in your regular transactions. One can change it easily in the mobile app.
SIX: Verify caller
No bank/FI asks for personal information such as card details. Therefore, no matter how convincing a caller might appear to be, always confirm identity of the caller before you begin any conversation with him/her. If you have the slightest of doubt, clear them by reaching out to the customer support team oof the organisation.
With credit boom comes a galloping rise in the use of credit cards and with a rise in credit card adoption comes the risk of credit card fraud with fraudsters devising newer and newer ways to swindle users. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
