With a lot of credit card options available in the market today, choosing the best one is no herculean task. Still, it is essential to be careful in using it and protecting your credit card number and personal information. A credit card is most susceptible to misuse among other financial tools, if you are not careful in using it.
What is Credit Card Fraud?
This means using a credit card or a credit card number for unauthorised payments. The process includes stealing cards, phishing information online, and creating false websites to get credit card numbers.
Despite credit card issuers alerting you in the case of fraud, it is essential to be careful how you use your card and stay safe to avert these scams. When a credit card fraud happens, the security of the card is at risk.
The fraudster gets to access your personal information, resulting in the loss of funds. Apart from these pitfalls, it damages your credit account, history and credit behaviour. This can have a serious impact on your financial standing and credit score.
Here’s how you can avoid credit card fraud and protect your credit card number.
Keep Your Credit Card Safe
The thumb rule is never letting the card go out of sight. It is crucial to keep it secure while offline, like at stores, and swipe carefully. Swiping your credit card must only happen in your presence and with your permission.
Change PIN Frequently
The PIN adds a layer of security to your credit card transactions. Your PIN must be hard to guess and not be known by anyone but you! Keep changing your PIN at least every 6 months to ensure your credit card is secure and protected from misuse.
Don’t share your PIN with anyone at all. Ensure that you never share OTP with anyone on call or in person. Avoid writing down your PIN anywhere to avoid someone stealing these details.
Check Your Monthly Credit Card Statements
Look for any mobile alerts and check SMS alerts from your issuer about any credit card transaction. Track your transactions regularly, note any suspicious activity in your statement, and report it immediately.
Don’t Use Your Card on Unofficial Websites
Stay away from suspicious links that may contain links to potential scams. Always check the URL of the website before using your credit card for payment. Always read reviews, customer feedback and testimonials of customers on websites before accessing them on your device.
Report Your Bank in Case of Theft Immediately
Inform your bank immediately if you have lost or misplaced your credit card. The bank will block the card so that anyone who finds it cannot misuse it. You can report to your bank by visiting the nearest ATM or bank branch. You may even alert the team through net banking or by calling customer care.
While saving your PIN seems more important, keeping your credit card number is equally essential. Personal information like your full name, address, bank account number and employment status, all must be secured.
It is necessary to remember who has accessed your personal information, like your family members, friends and business associates. You must dispose of your documents securely after use.
Avoid saving your credit card number and PIN on your phone, laptop and desktop. Always clear your login information and avoid choosing the ‘Remember password’ option anywhere.
It is good to check with your credit card issuer if they offer a virtual-number feature on the card. This facility creates a temporary number and is meant for a single transaction you do online. You avoid exposing your actual credit card information while you check out from the website or payment portal.
Telemarketer scams are still so common, sadly. It would help if you steered clear of them at any cost. People try to steal your credit card information like numbers over the phone and assure to deliver products and services. These scams retain your billing information and access it without your permission.
On comparing secure payment networks such as Mastercard vs visa card, know that both options help you execute secure transactions. While both are similar credit card payment modes, you can choose one according to your specialised needs.
Always remember to create a unique online password and PIN, and use trusted websites through a secure network to reduce the risk of theft or misuse of your credit card. You can change your PIN and access other security measures on the One Credit Card App. The powerful app lets you track monthly transactions, report fraudulent activity online and manage your finances effectively.
To make your One Credit Card more secure, you can also use this app to control the withdrawal limit and block or unblock your card. This allows you to take control of your card withdrawals without worrying about fraudulent transactions. Apply now and enjoy a secure credit card right away.
