Concern over credit card fraud is rising in the current digital environment. Due to the increase in online transactions, scammers are always coming up with new ways to take your hard-earned money. You may guard against falling victim to these fraudulent actions by being aware of the most prevalent credit card frauds and taking preventative action.
Types of credit card fraud in India
There are the following types of credit card fraud in India;
Skimming: To obtain your credit card details during transactions, scammers place skimming devices on card readers or automated teller machines.
Phishing: In order to obtain your credit card information, criminals send phony emails or texts that look like genuine requests for personal information.
Fraudulent credit cards: Using information that has been stolen, criminals fabricate fake credit cards and use them to make purchases.
Chargeback fraud: In order to keep the product while getting a refund, scammers may submit fictitious chargeback claims for valid transactions.
Online fraud: Hackers may capture private data during online transactions or send misleading emails with malicious links.
EMV chip frauds: To ensure safe transactions, insert your credit card into an EMV card reader if it has one. Scammers have, nevertheless, discovered methods to take advantage of these mechanisms.
Scams involving interest rate reductions: Unwanted calls stating your bank is offering a cheaper interest rate should be avoided. Unsolicited phone offers are not made by reputable banks. Get in touch with your bank immediately if you’re unsure.
Tips to avoid credit card fraud
Here are the following tips to avoid credit card fraud;
- Shred important documents: Prior to disposal, always destroy bills or documents that contain your credit card information. When responding to unwanted calls or emails, use caution and never divulge your credit card information.
- Protect your credit cards: Keep your credit cards in a secure location at all times, and keep a close eye on them.
- Report lost cards right away: To stop unauthorized usage, notify your bank as soon as possible if your card is lost or stolen.
Make use of secure connections: Be cautious when shopping online and steer clear of crucial transactions on public Wi-Fi.
