Secure Shopping: Understanding Credit Card Fraud Protection Online and Offline

Credit cards have been around for a long time, and with every new year comes new advancements in payments, as well as new credit card frauds.

From card skimming, data breaches, phishing attacks and account hacks, there are numerous creative ways scammers may defraud you. So how can consumers stay vigilant, and what steps should they take if they fall victim to such frauds?

Preventing Online Credit Card Fraud

Indian consumers make digital transactions on the daily, be it UPI or credit cards. This shift to online payments has also led to a rise in credit card fraud and we need to stay vigilant and ensure safety every step of the way. Below are some ways you can be safer while making online payments.

1.      Use Secure Websites Only

Ensure that you are completing your credit card online payments on secure websites with a HTTPS encryption and a lock symbol in the top left corner. Check for these before entering your credit card details.

2.      Activate Two-Factor Authentication 

Most banks and credit cards have a two-step authentication process, and all credit cards like the IDFC FIRST Bank cards operate with an OTP (One-Time Password) sent to your registered mobile number. Never share this OTP with anyone, even if they claim to be from the bank as banks never ask for OTPs.

3.      Avoid Public Wi-Fi for Transactions

Public Wi-Fi networks are prone to hacking, and your personal and credit card details are always in danger of being misused when connected to these. For critical transactions, always use your personal wi-fi connection or mobile data and avoid using public Wi-Fi for banking transactions. 

4.      Use Virtual Cards

You can opt for the IDFC FIRST Digital RuPay Credit Card for online transactions. These cards use a temporary card number instead of your actual credit card number, adding an extra layer of protection.

5.      Monitor Your Bank Statements

Keep a regular check of your credit card statements through the your card issuer’s mobile app. It’ll help you stay on top of your payments and identify unauthorised transactions swiftly.  For example, all IDFC FIRST Bank credit cards come with a robust app that lets you be on top of your transactions and card controls.

Preventing Offline Credit Card Fraud

Fraud isn’t limited to the internet; even when you’re paying with your card in person, you’re not completely protected from scams. You need to practice caution at every step in different ways.

1.      Be Cautious at ATMs

When using an ATM, always ensure to cover the keypad while entering the pin and try to enter the ATM alone. Avoid using ATMs situated in poorly lit or deserted areas alone.

2.      Never Share Your Card Details

Never share your credit card details like your pin, credit card number, expiry dates or CVV. Always keep this information confidential. Please note that banks or financial institutions never call or email asking for your card details.

3.      Go Contactless

Whenever you can, switch to contactless payment methods to add an extra layer of security. Because your card stays with you, the chances of skimming or misuse are much lower. Using features like Tap-to-Pay makes payments faster and safer, helping you avoid handing over your card and reducing the risk of fraud.

Steps to Take If You are a Victim of Credit Card Fraud

Despite our best efforts, we might unexpectedly become victims of credit card fraud. Taking the right steps after this is of utmost importance to save yourself from further damage.

●      Update your online banking password immediately to prevent further unauthorised access. Choose a strong, unique password and avoid reusing old ones to keep your account secure after the incident.

●      Instantly block your card and report the incident to your bank’s customer helpline.

●      Check your credit card statements and keep a track of all unauthorised transactions, reporting them to the bank.

●      File a police complaint, especially in cases of large sums for legal proceedings and insurance claims.

Conclusion

Credit card fraud is certainly a scary predicament but staying informed and aware is most important to avoid such cases. With the right tools and support, credit card fraud can be effectively managed or avoided.