With the increasing use of credit cards, the white collared criminals are on the prowl to steal by misusing the credit cards of others.
Credit card fraud occurs when details are stolen by hacking online websites or by collecting details from places where the card was used. The prospective criminals steal the credit cards data including its 16-digit number, its three- or four- digit CVV (credit verification value) and expiry date. CVV is an anti-fraud security feature to verify that the credit card is in possession of its genuine owner. The account number, CVV and expiry date are required to complete a transaction.
The data is stolen usually at petrol pumps, shopping complexes and bars and restaurants where the customers are not alert. Hackers steal the data from unsafe websites or at internet cafes
The following are a few Dos and Donts to prevent credit card fraud:
- At outlets where you use the credit card, watch as your card is swiped.
- Avoid using credit or debit cards at cyber cafes.
- Don’t shop online on unprotected websites.
- Never use the card on pornography sites.
- If the bank offers SMS alerts for credit and debit card transactions, subscribe to it.
- Make sure your credit card company has your current phone number so they can call you if they see a suspicious pattern of transactions.
- Don’t use a debit card over the Internet. Your credit card fraud liability is limited but debit card fraud could drain your account.
- Keep track of transactions. You should remember at least the last five transactions. Also check the monthly statements and make a random check of transactions.
- Keep receipts and check your credit card statement against them.
- Lodge a police complaint and inform the bank if you suspect fraud.