How to Prevent Credit Card Fraud Estimated reading time: 2 minutes, 54 seconds

How to Prevent Credit Card Fraud

Posted on Thursday, June 8th, 2017 | By IndusInd Bank

Credit Cards offer a host of unique features that help us fulfil our daily requirements. Is it any wonder that they have become immensely popular with us? This increased usage though has resulted in an increase in credit card frauds as well. Therefore, knowing how to prevent such frauds is crucial. We’ve drummed up a few tips that will help you become an alert customer…take a look:

Keep it safe:

It might sound obvious, but little steps do make a big difference. Make sure you keep your card safe and not hand it over to others for use.

Inform your card company immediately if you lose it:

On misplacing your card, immediately call up your issuer and ask them to block your card. This way, at least you won’t stress yourself about the card being misused by somebody else.

Be careful while shopping online:

Yes, one of the benefits of the card is that it lets you shop on the go and from anywhere in the world, but it doesn’t mean that you don’t follow certain precautionary steps. Since the CVV number can be misused, always check if the website is secure or not. Furthermore, If you see a yellow lock on the bottom right-hand corner of your screen, it means that the website is certified by VeriSign, hence, safe for transactions.

Dispose of your old card properly:

It’s important to completely destroy your old card when it’s no longer in use by cutting it up. By doing so, even if the card has expired, there will not be any risk to your account information whatsoever.

Be careful about new offers:

New offers often sound exciting, but could very well be a trap. Especially when you receive calls/e-mails from sources claiming to be your Bank, it’s better to verify the authenticity before signing up for any new scheme. You can call up your Credit Card company to find out how genuine a plan or offer is. It doesn’t hurt to be too careful, does it?

Change PIN regularly:

This holds true for almost everything that comes with a password. You must keep changing your ATM password/PIN from time to time for increased safety. Avoid obvious numbers, such as your birth date, anniversaries, etc. Also, do not share your PIN with anyone no matter how close.

Check your monthly Credit Statement:

If you are not receiving your monthly credit statement, then there’s a chance that your billing address has been changed by a fraudster. Inform your credit card company at the earliest to figure out if it’s miscommunication or a case of identity theft.

Use Chip-based Card:

A chip-based card offers you more security than the one with a black magnetic stripe. As the information is in an encrypted format inside the chip, it leaves little chance for a fraudster to change or copy the data.

Be vigilant while swiping:

While making payments at a store or a restaurant, ensure that your card is swiped in front of you. This way, you can be sure about your card not getting cloned by fraudsters.

With IndusInd Bank offering you a variety of Credit Cards, from lifestyle-specific ones to those with travelling benefits, it is essential that you use them with the utmost care.

We are sure that with these tips in mind, you’ll keep your card safe as well as take the right action in case of a misuse.