People using credit cards are increasing day by day and so are the scams and frauds associated with them. You can be a victim of credit card fraud at any time. You must be careful while using your credit card. In this blog, we will give you some tips to avoid Credit card fraud.
1. Check for fake tele-callers
Many people fall prey to calls from fraudsters, who collect their credit card details. They give their personal banking details to fraudsters, thinking they have received the call from the bank and lose their money. One thing you should always keep in mind is, banks never call you asking for personal banking details. If you receive such a call, report it immediately to a local police station.
2. Beware of card skimming
There are chances of fraudsters inserting card skimmers inside the POS machine, so you should be very careful while swiping your credit card in shopping malls, hotels and pubs and so on. Inserting card skimmers helps fraudsters collect your card details and use this data to steal your money.
3. Hide CVV
CVV of your credit card will be printed on the signature panel on the back of the card. It is a three digit code which verifies that you are in possession of your credit card. To prevent frauds, it is advisable to memorize your CVV and hide it with permanent markers.
4. Report immediately in case you lose your credit card.
If you lose your credit card, you should report it immediately to your bank or the credit card provider and get it blocked. After informing the bank, you will not be held liable for any of the transactions that happen.
5. Be careful while making any transactions
Keep an eye on your credit card, when you hand it over to make payments. There are chances of fraudsters installing cameras to steal your credit card data. Do not swipe your card, if you find cameras in front of the POS.
6. Review your credit card statement
It is always advisable to keep a record of your transactions and you must review your credit card statements before you pay off your bills. If you find any anonymous transactions you must report it to the bank immediately.