Increased digitisation has eased our life, everything around us is filled with Tap, Swipe & Scan. Digital payments are everywhere and merchants now discouraging cash transactions in India. With this comes multi fold increase in frauds. Every day we hear stories of someone losing money to fraudsters. Fraudsters call you with some basic data of yours already in their hand and during conversation they try to extract the remaining data from you. They know your mobile number, initial 6-8 digits of your card number, they try for few more digits from you out of the total 16 digits of your card. They using the latest software they try guessing your card number and the CVV. While the financial regular is trying its best to make aware, take measures and control, it is you who has to safe guard your money/ credit card/ debit card. No fraud is possible if you are taking all precautions and are alert.
Follow these simple steps to protect any debit or credit card frauds.
- Keep your mobile number updated in your bank account and credit card.
- Opt for sms and email alerts. Do not ignore when you receive messages from your bank or credit card company. Read them immediately.
- Use mobile app of your bank and track your transactions.
- Keep your banks fraud reporting number handy in your mobile. It’s generally printed at the reverse of your card. But if you do not save it, in lost card scenario you will have to search and by that time money will be lost.
- Any fraud transaction in your card / account must be reported to your bank immediately. Bank has insurance for all such things and it will be covered. If you delay they might not cover it.
- Most bank now provide facility of switching on/off your card using mobile & internet banking. Use this facility if card is not used frequently. Similarly, international transactions can also be switched on/ off if not needed in near future.
- Do not handover your card to anyone. Always swipe it in front of your eyes. Be extra careful while using cards at petrol pumps, shopping malls, any crowded places and suspicious places as they try to divert your attention.
- Do not pay by card if you feel suspicious. For example, sometimes they try to swipe multiple times.
- Ask for the customer copy of the card payment. Vendors try to save paper by not giving it & we only believe on the sms beep. Insist on the copy and read it carefully.
- Read bank/ credit card statements and tally. Any error highlight immediately by complaining.
- Do not share OTP/ PIN/ CVV/ personal data to anyone, not even over phone.
- Do not use public Wi-Fi for financial transactions.
- Do not install unknown mobile applications or games.
These simple steps can keep you digital savvy and your money safe. Follow these today.
