A credit card has become an important part of our lives and it helps meet urgent expenses, when we are running out of money. The number of people using credit cards has increased in the last few years. As credit card usage is on the rise, credit card frauds are also increasing. A lot of people have lost lakhs of rupees to credit card frauds. Fraudsters somehow steal the credit card information and use it to carry out fraudulent transactions.
As card frauds are increasing, many cardholders are worried on the safety of their cards. In this blog, we will discuss how fraudsters steal your card information.
See Also: Credit Card Mistakes To Avoid
Card skimming is the most common technique used by fraudsters to steal your credit card information. In the case of card skimming, fraudsters insert a tiny device called a skimmer in an ATM or POS machine. As soon as you insert the card in a machine, the skimmer captures all the information and uses it to carry out a fraudulent transaction.
Your credit card information can also be stolen by fraudsters through hacking. They collect information by hacking the website where you have used your credit cards. They can also breach the company that manages a certain aspect of Credit Card processing.
Fraudsters usually send messages and make phone calls, posing as bank employees. This is done with the intention of stealing card information. In case you receive calls or messages asking you to provide card information, kindly ignore as no banks or reputed companies will ask you to provide your card information.
Your credit card information can be stolen by installing malware or viruses on your computer, tablet, laptop, or even smartphone. Hackers design software which can be disguised in email attachments or other software. They target people who use public Wi-Fi and make them install malware concealed as a software update. Through these malware and viruses, cybercriminals will monitor the keys pressed on your keyboard and can even take screenshots of your payment pages.
Throwing the documents or payment receipts which contain your credit card number can cause a problem as it leads to identity theft. So, it is advisable to tear private documents before dumping them in the dustbin
You must be very careful as credit card frauds are on the rise. To stay updated on all your credit card transactions, you must register for both SMS and email alerts from the bank and credit card companies. In case of any suspicious activity, you can report it to the bank immediately.
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