How to Avoid Credit Card Frauds?

Credit Card

Credit Card Frauds are so common nowadays, we all have heard about this threat. Consumer education about Credit Card Frauds in India is so low but it is a key part to protect the Credit Cardholder from Credit Card Frauds. Keeping Cardholders known about all kind of Credit Card Frauds will be more helpful. There are so many Credit Card Frauds types; here we are giving some Credit Card Frauds Examples to have some idea from Credit Card Frauds landscape.

  • The first Credit Card Fraud is so common which is lost or stolen and should be reported immediately to minimize the damages.
  • The second is dangerous and disgusting at same time Credit Card Frauds is account takeover, when the cardholder gives his or her personal information (like home address, mother’s maiden name) to the fraud and he or she uses it and call cardholders bank and reports lost of card and changes address and get a new card in the name of victim.
  • One of the Credit Card Fraud is “never received” in this case new Credit Card or replaced Credit Card is stolen from the e-mail and it never reaches to its owner.
  • One of the Credit Card Frauds are when the fraudster uses the name of another person’s name and information and apply for new Credit Card these Credit Card Frauds are now decreasing as the rules are now more tough to break and technology helps to secure the details.
  • Also sometimes merchant employees work with fraudsters to do Credit Card Frauds and stole from their customer’s credit card.
  • Sometimes Credit Card Frauds happen because the fraudsters stole your Credit Card account no, pin, and security code to make unauthorized transactions without needing the physical Credit Card

How to identify Credit Card frauds

Sometimes we don’t even know the Credit Card Frauds in our Credit Card. So here are some steps you should follow or identify Credit Card Frauds.

  • Review your billing statements so if you can notice any unfamiliar charges then you can report as soon as possible.
  • If you are receiving any bills or calls from unknown sources about an account you didn’t open.
  • Keep an eye on your Credit report regularly and check if there is any unknown inquiry, new accounts you didn’t open or address of the location where you have never lived.
  • Must enroll in a credit monitoring or identity theft protection service.

How to Avoid Credit Card Frauds

  • To register your personal mobile no and e-mail id with your credit card account to avoid Credit Card Frauds so if there is any transaction they will inform you.
  • Inform your Credit Cardholder if you lose your Credit Card, account hacking or any fraud transaction from your Credit Card. This will help you to avoid Credit Card Frauds.
  • Must block your Credit Card to any further loss if you lost your credit card or it is stolen.
  • Must keep a record with correspondence of bank officials.
  • Must keep an eye with a bank if they took actions after your notifications.
  • Monitor your account regularly.
  • Contact with the bank if you are not satisfied with their service about your Credit Card Frauds.

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