How to Avoid Debit & Credit Card Fraud?

How to Avoid Debit & Credit Card Fraud?

For many individuals, using debit and credit cards has become habitual. Your debit card is a convenient way to access your finances, whether you're going to withdraw cash from an ATM, paying for bread and milk this month, or going to the standup comedy shows. Utilising your debit or credit card to get money and make purchases is a convenient method to do at almost all stores across the world.

While your banking institution and government work to safeguard you from fraudsters, you can take some basic precautions to safeguard yourself. The list of some standard precautions against some prevalent debit & credit card fraud practices is listed below.

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•  Protect Yourself From Tele-Theft

Don't share private details over the call, except it's really required, and only if you prompted the call. If someone calls you and claims to be from your financial institution, credit agency, or the Income Tax Department, ask for a phone number so you can call someone again in the operations centre. Then double-check that it's a legitimate phone number.

Be vigilant when you're requested to disclose sensitive details over the call, in the email, or on the online platform. Verify that the other participant is authentic, even if you started the communication. Before giving any personally identifiable information, contact the organisation's customer support team and verify the nature of the operation. This credit card fraud security tip can save you a lot of money.

•  The ATM Keypad should be covered

Many ATM vestibules include information encouraging people to do this intelligent thing. Recording devices near the machine are used by some scammers to record the PIN and subsequently abuse it. As a result, conceal the keypad when inputting your Pin code to avoid being caught by cameras and microphones. Because of the rising number of debit and credit card scams, including skimming and card duplication, most ATMs now include a covering that protects the keypad region.

•  Always make purchases via a secured network

If your computer isn't secured from possibly harmful applications, your payment information and credentials are at stake. Despite this premise being so fundamental, only a tiny percentage of the planet's population effectively safeguards their machines. Make absolutely sure your device's antivirus is turned on and use a network connection.

If you're purchasing online through a wireless connection, make sure it's encrypted so that someone snooping outside the premises can't steal your data. When utilising public wifi, never undertake any banking and payment transactions since you never know whether it has been corrupted.

•  Counter phishing attempts

Financial institutions will never send you emails and communications that will ask you to click on a link in these communications. It's possible that you'll be asked for your credit card information here. Such communications should be shunned and, if necessary, reported.

Fraudsters can also impersonate bank employees and phone you to verify information or activate your credit or debit card. They demand the account number as well as other information. If you give them your credentials, they will make illegal payments on your behalf.

So, once you know what they want, never resume their conversations since no legitimate organisation in the world will ask for this information, so you must report it to the authorities.

•  At the Point of Sale, remain vigilant

Make absolutely sure your debit or credit card is swiped in front of you when you forward it to a PoS or retail location. Scam artists frequently take the card out of the victim's sight and duplicate the user credentials. When buying with your card, look for merchants who use chip-enabled card readers. This has a substantial impact on the prevalence of fraudulent activity.  This is one of the most important debit & credit card fraud safety tips in 2022.

Pro Tip

If you start receiving an OTP for a transaction that you did not cite, notify your financial institution or e-wallet company immediately. If you receive a debit SMS for a transaction that has not been completed, promptly notify your financial institution and disable all payment mechanisms, especially electronic payments. Look for any payments and changes enabled for internet/mobile banking if you anticipate any illegal transactions in your accounts.

Conclusion

We hope this article helps you in identifying and preventing debit & credit card fraud in 2022 and provides you with some great credit card fraud safety tips. Keeping track of your finances is highly advisable, but it's more crucial if you're discussing financial info on the internet. Monitor your balances on a consistent schedule: at the very least, once a week, though more frequently is preferable. Also, set up notifications in your account to notify you when payment is sent.

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