Credit Card Fraud

When you apply for a credit card, you do not really think about the consequences of falling prey to any fraud. However, if you are not cautious with your credit card information, you may suffer huge losses. While the prospect of a credit card fraud can be frightening, there are several ways to protect yourself and your hard-earned money.

Review your billing statements

Keep a close eye on your monthly billing statements and make it a priority to check them against your receipts. It’s easy to ignore this task when you’ve made multiple purchases at different places, but that’s when it is all the more essential.

If you notice a charge you know you didn’t make, report it to your credit card issuer. Unauthorized charges on your credit card are the first sign of credit card fraud and you should not overlook them no matter how small.

Don’t keep personal information lying around

Credit card thefts occur only when your information is in the hands of others. Don’t simply toss away your credit card billing statements into the trash. To ensure your information is safe, shred everything that has your address, full name, credit card number and any other sensitive information on it.

Stay away from public Wi-Fi

You should never use public Wi-Fi to make online payments or to log in to your financial accounts. Hotel Wi-Fi should also be avoided because some of them have an open connection that doesn’t use end-to-end encryption. It’s easy for anyone to obtain your credit card information that you enter on your phone, laptop or tablet while using an open network.

Signature and PIN

Most people forget to sign the back of their credit card and you should sign yours now if you haven’t already. Many merchants match the signature when big transactions are made and it’s a safe practice to sign the back of all your cards. Another safe practice is setting a hard-to-guess credit card PIN. You want to avoid using your birth date as your PIN at all costs.

Keep your card safe

Physical safety of your credit card is the most basic cautionary step you can take to ensure you don’t fall prey to credit card fraud. Don’t leave your credit card exposed for longer than necessary because skilled thieves only need a quick snap of your card with their phone for credit card frauds.

Ensure that you keep only one or two credit cards that you frequently use in your wallet. Keep the rest at home, especially when you’re going out to high-traffic places like a mall.

Make use of technology

Technology developments and the cyberspace have made credit card frauds all the more rampant. However, you can use the very same technology to prevent cyber-crime. For example, the Bajaj Finserv Credit Card comes with in-hand security and zero-fraud liability cover to negate the threats of cyber-crime.

Account security

Visit the online account of each credit card you own and tighten its security. Enable email and text message notifications for each transaction. You can also look up an option to lock your card if purchases cross a certain amount within 24 hours.

By undertaking these simple precautionary measures, you can significantly reduce the risk of falling prey to a credit card fraud.

To avail easy finance, you can apply for credit card with Bajaj Finserv and check out the various pre-approved loan offers by entering a few basic details.