Keep a vigil: These days every credit card company sends notification via SMS or email as soon as there is a transaction on your card. The minute you get to know about an unauthorized transaction, call your credit card company about the fraudulent transaction. The credit card company may block your card to prevent further losses.
Keep a tab on your credit card bill: Do not depend just on SMS or emails for your source of information on your credit card usage. Your network may be clogged or email alerts may end up in your spam folder, which may go unnoticed. Please check your monthly credit card statement in detail and ensure that there are no unauthorized transactions.
Check your Cibil credit report: The minute you suspect a fraudulent usage of your credit card, pull out your credit score. Make sure your credit card company does not report the fraudulent usage in your credit report.
Raise a dispute with credit agencies: If you feel there are unauthorized transactions reflecting in your credit score, raise a dispute with Cibil online. Cibil has an effective dispute resolution mechanism in place. Make use of it.
Consider protecting your credit card:The increasing number of credit card frauds - online and offline - has led to the rise in the number of users taking protection from possible loss they may face. The card protection companies and banks are making concerted efforts to save their customers from the anxiety and financial loss.
There are a couple of private companies offering card protection services such as OneAssist & CPP Assistance. The customers can secure their credit cards and debit cards at nominal fees with the Card protection companies.The credit card industry is evolving in India, so these kinds of services will get better too.
Make a police report: if your feel there is an identity theft in your Cibilcredit report, walk up to a police station, make a complaint and submit the Cibil report showing data which do not belong to you.
So be aware of your credit card usage. Make sure all of it is authorized and none of it unauthorized.
The author is Co-Founder & Director, CreditVidya