Identity thefts are a great menace and people have lost huge amounts of money to fraudsters and scamsters across the world. When there is so much talk of ushering in Digital India and moving towards a cashless economy, the risks of such frauds and scams happening have grown manifold. This is especially true of online and debit or credit card transactions, which are very much prone to such misuse and frauds. We will look at the precautions you need to take to avoid being a victim of credit card fraud.
Memorize your PIN: Never write down your PIN on a piece of paper or store it in your laptop or mobile phone. Just memorize it and make sure that while you enter it in the ATM or POS machine, no one else is watching. Banks never ask for your PIN, CVC or your banking password, so never ever reveal them to anyone even if anyone claims to be calling from your bank. If you get such a call, just report the matter to the police.
Swiping the card in your presence: While paying with your credit card in a merchant establishment, be it a restaurant or a supermarket, make sure that waiter or the attendant swipes your card in your presence. If the person wants to take your card to the cash counter, accompany him/her to the counter and enter your PIN yourself. Always make sure that the card Is not taken away from you and swiped in your absence and do not tell the attendant to enter the PIN. The credit card number and the CVV number at the back can easily be misused by fraudsters to dupe you.
Never reveal OTP: While transacting online on your credit card, you will get a one-time password (OTP) on your registered mobile number. The transaction can happen only if you enter the OTP sent to you. Never reveal the OTP to anyone asking for the same over the phone, even if the caller claims to be calling from your bank.
Transact only on secure websites: When you wish to purchase online or make payments online, make sure you visit the authentic website. All banking and reputed e-commerce websites start with the URL ‘https’ and have a green padlock sign adjacent to the URL. Transact only on such websites to avoid being duped by scamsters, who can replicate a bank’s or a reputed e-commerce website’s page that looks uncannily like the real one. However, the ‘https’ and the padlock sign would be missing on these dummy websites.