Protect Your Plastic Money: Essential Tips To Prevent Credit Card Frauds
With the rising credit card usage, it is important to be careful of your credit card debt as well as its safety to avoid any irreparable financial ruin.
Credit card fraud is one of the most significant contributors to the increasing number of financial cyber crimes in India. In the last four years, fraudsters have cheated Indians of Rs 33,165 crore, including Rs 22,812 crore in 2024 alone, according to data compiled by the National Cyber Reporting Platform (NCRP).
As more people opt for services like credit cards, the number of scam attempts is expected to rise as well. The number of credit cards in India is projected to reach 200 million by the financial year 2028-2029 (FY29).
It is important to be careful of your credit card debt as well as its safety to avoid any irreparable financial ruin.
Here are some tips to prevent credit card fraud:
Safe Use On The Internet: While using credit card information online, it is always advised to avoid clicking on random links. These could be phishing attempts, as many scammers use the web to target cardholders. One should also always be mindful of the web addresses they are using. Some of the addresses are made to look legitimate but they are impersonations of legitimate sites.
Be Alert Of Phishing Calls: These days scammers pose as officials, police and even customer service representatives to convince you to give them sensitive card information. To be clear, companies never ask for your card details over the phone call. These are scammers’ attempts at making you vulnerable to seeking help. Thus, always be cautious in such instances.
Monitor Credit Card Statements. This helps in not only keeping track of one’s expenses but also alerts about any potential scams. Any unauthorised or suspicious transactions should be immediately reported to the bank and officials.
Create Strong Passwords: It is also advised to be careful with creating your password for digital transactions. It is important to create strong and unique passwords, featuring a mix of letters, numbers, and special characters, to avoid any identity theft. Two-factor authentication is a popular method to double-lock your sensitive details. Always keep your OTP private and never share it.
