What is Credit Card Cloning? How to protect yourself from such fraud

New Delhi: Credit and debit card frauds are well-known, including skimming, phishing, and data breaches. However, a more insidious threat is emerging—credit card cloning fraud. This type of fraud allows criminals to steal your card details without your knowledge and use them for unauthorized transactions. Here’s how it works and what you can do to protect yourself.

The Threat of Card Cloning

Card cloning involves criminals using small devices to copy the information from your credit or debit card. They can do this in public places like malls or on public transport, where they can get close enough to your card for a few minutes to clone its data. Once they have your card details, they can make purchases or transactions without needing your physical card.

Card Cloning Example

A few days ago, a person informed about a similar incident that happened to him on social media platform X. He said, a few days ago he was standing in a public place and his wallet was in his hand. Then he saw that two people came and stood near him. He felt that both of them were keeping an eye on his wallet so he became a little alert. However, after some time both of them left from there. The person thought that both of them would be pickpockets but no harm was done. But later it was found that their eyes were not on the wallet but on the debit card lying in the wallet which was an international debit card.

Actually, they had a machine which copies the card details. The person came to know about this fraud when an unauthorised transaction of Rs 12,000 took place on his card the next day. This transaction took place in America as a gift card transaction. OTP is not required to make international transactions through debit or credit cards, transactions can be done only with the help of card number and CVV.

Since the transaction was done without any OTP, the bank refunded him as it was a non-OTP transaction. So the loss was compensated. But it is not necessary that you too are so lucky. So, to ensure that such an incident does not happen to you, you can take some measures and keep some things in mind.

Preventive Measures

To protect yourself from credit card cloning fraud, consider the following precautions:

Avoiding Vulnerable Situations

Be cautious in public places and especially in crowded areas where criminals can easily get close to you and your wallet or bag containing your card.

Disabling International Transactions

If you don’t use your debit or credit card for international transactions, disable this feature through your banking app to prevent unauthorized use abroad.

Using RFID-Blocking Wallets

Invest in an RFID-blocking wallet. These wallets prevent electromagnetic signals from being emitted by your cards, making it harder for criminals to clone your card information.

Enabling Transaction Alerts

Ensure that transaction alerts are enabled on your banking app or through SMS notifications. This way, you will be immediately notified of any transaction made with your card, allowing you to report unauthorized activity promptly.

Prompt Reporting

Report any unauthorized transactions to your bank as soon as possible. Banks often provide refunds for fraudulent transactions, but prompt reporting is crucial for quick resolution.

 Credit Card Cloning Fraud: Credit card cloning fraud is a serious threat that can lead to financial loss and inconvenience. By staying vigilant, taking preventive measures like disabling international transactions  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today