Ways To Protect Your Credit Card From Online Fraud

Credit Cards have certainly been one of the most amazing inventions of this century. Credit cards help customers enhance their spending power and shop hassle-free. But, there is an increased level of uncertainty associated when spending using your credit card. There is always a risk of theft or fraud when you swipe your card at payment on sale terminals or shop online. Hence, one must always be cautious while spending online using a credit card. It is very important to know ways you can protect your credit card from online fraud. In this article, we have shared some important steps that you should follow to protect your credit card from online fraud and theft after you apply for a credit card in India.

Restrict the Risk Across to Only One Account

One way to limit the risk associated with your credit card is to designate just one credit card account for your online spending. This way you shall have one perfectly dedicated account for your online purchases and do not be overwhelmed by the hassle involved in operating multiple credit cards. You can set up a text message alert on your mobile whenever you use your credit card for online shopping.

Shop Only on Trusted Networks

If you are shopping online, use secure and trusted networks and try to avoid entering your credit card details on public networks. Most of the online frauds take place on networks that are easily accessible by the public. So, if by chance you were using public Wifi to shop online, avoid it to prevent yourself from sharing sensitive information about your credit card with hackers.

Use Only Familiar Websites

Shop only one of those websites that you are familiar with and are trusted by the other customers. Don’t land yourself on fishy websites trying to steal your personal details related to your credit card account. Do your research when shopping online.

Change Your PIN in Regular Intervals

Always bear in mind to change your PIN between the regular intervals of time. One thing that can not be emphasized enough is to avoid using your date of birth or address as your Personal Identification Number. Make sure it is unique enough to make it difficult for anyone other than you to get through your credit card account.

Avoid Sharing Your Credit Card Details

Do not share your credit card details such as your PIN, and CVV Number with anyone that even including your Bank’s Helpdesks executives. Remember the fraud calls you get on registered mobile numbers asking for OTP. Beware of it and report such calls immediately to the bank.

Review Your Monthly Statements

Check the monthly statement that your respective bank sends you at your email every now and then. You must go through every transaction made using a credit card diligently. The review will help you identify whether any unauthorized transactions were made on your account.

Report any Unauthorised Transactions or Misuse ASAP!

In case you come across any unauthorized transaction on your credit card account while going through your monthly statements or SMS alert, make sure to report it to the bank and get it blocked immediately. Some of the top credit cards in the country offer a zero liability protection cover on credit to protect the customer from fraud and theft.

Disabling International Usage If Not In Use

You already know that customers need to enable international usage when making international transactions online via internet banking. But what is the point of enabling international usage since you aren’t making international transactions? It adds up to the already existing risk of theft and fraud associated with your credit card.

Stay Updated With Account information

The cardholder needs to stay updated with SMS and Email alerts related to your sent by the bank. This will only help you keep track of your transactions and any relevant information that you must know about your credit card account.

Enable Two-Factor Authentication Code

The two-factor authentication code just adds up an additional layer of security on your credit card. Whenever someone tries to use your identity to access your account will be required to go through a verification process. The verification is made through a security question or through OTP sent via SMS or email.

Bottomline

Since their inception, credit cards have come a long way and evolved a lot but one can not be ignorant of all the risks and threats that come with them. There are always new hacking techniques being discovered every minute. All that being said, you can protect your credit card if you follow these steps. A little caution and you’ll be good.

Additional Reading - A Complete Guide to Credit Card Advantages and Disadvantages