Credit card which is also known as easy money is a convenient way of making a payment, as it allows you to spend now and pay later. You can't imagine life without a credit card and it’s a must for the youth of today. If you go shopping, you will see a lot of people swiping their credit cards to pay bills. As of March 2017, 29.8 million credit cards were issued in India and credit card spending stood at Rs 33,619.6 Crores. As many citizens are using credit cards for day to day transactions, fraudsters have come up with innovative ways to squeeze money out of credit cards of innocent people. As per the report, from January 2015 to December 2017, a total of 35,551 credit card frauds have been reported in the country. In this blog, we will discuss the 5 signs which tell you the credit card has been hacked.
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1. Unknown purchases
The biggest sign which tells you that the credit card has been hacked is finding strange purchases in your credit card statement. Credit card fraud can take place at any time, so it’s very important to check your monthly card statements thoroughly. Many people ignore credit card statements believing it to be unimportant paper sent by the credit card company just for legal compliance. Your credit card statement contains details of each and every purchase made. So, it’s advisable to go through credit card statements thoroughly, before paying the bills.
In case you find any strange purchases (Those you didn’t make), report them to the credit card issuer as soon as possible.
2. You receive a mobile notification
The moment fraudsters get access to your credit card details; they make purchases or withdraw cash. You will receive a notification from your credit card issuer, for each and every transaction made using your credit card. The notification will be sent to your email id and account linked to your mobile number. So, it’s advisable to provide the correct mobile number to the credit card company. Always go through alerts and messages from the credit card issuer or the bank.
3. Unknown company name in credit card statements
When you pay using the credit card the name of the company (The Company Products you purchased) will appear on your credit card statement. In case you find any unfamiliar name in the credit card statement, Google it and make sure it is not the name of the company where you made the purchase. Also, you must report it to the credit card issuer as soon as possible and dispute the charges.
4. Less available credit balance
Another sign which shows your credit card has been hacked is a lesser available credit balance. If your credit limit is Rs 40,000 and you suddenly find only Rs 30,000 is available, you must investigate further to understand what has led to the change in available credit limit.