The Government of India along with the RBI is encouraging the nation to go digital, use chip-based cards and proper authentication measures. Holding debit and credit cards is a virtual necessity these days.
While banks are continually strengthening their network security, it is essential to keep an eye out when transacting to avoid being conned.
Credit card fraud vs Debit card fraud
When a debit card fraud occurs, cash leaves your bank account immediately. With a credit card fraud, the charges are included in the credit card statement and no money leaves your account immediately. Skimming, card trapping, and shoulder surfing are common techniques to steal card information. Similarly, watch out for suspicious-looking links from unknown contacts, keystroke logging, and malware when transacting online. Ensure websites use the ‘https’ protocol, and thus are SSL certified. Do not save your card details on any site.
When reporting a loss of the card or fraudulent transaction, use the card-issuing company’s toll-free numbers that round the clock. In addition, a follow up via email or a letter is advised. This should include your account number and the date you noticed the card missing/came to know of any fraudulent attempt to use your card.
A few simple steps can help mitigate the risk that you will be held liable for unauthorized use of your credit or debit card. Carry only those cards you need, and destroy the old ones. Do not provide your card details over the phone or online to unauthorized callers/websites.
While choosing a PIN, ensure it is not easily guessable and memorize it. For online accounts, make sure you scan the transactions at least once a week. If you notice a transaction not initiated by you, report it to your credit card issuer or company right away.
Install anti-virus software, do not use public Wi-Fi networks, register for alerts, log out from all online accounts always and change passwords frequently. Maintain a list of important numbers and information relating to your debit and credit card separate from the cards themselves. This will make it easier to report a missing card / suspicious transaction quickly.