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How To Protect Yourself From Credit Card Frauds

How to protect yourself from credit card frauds?

by Holistic Leave a Comment | Filed Under: Credit Card

I received a call recently from a close friend of mine in a hurried voice saying that someone had purchased a jewelry from a famous jewelers in Bangalore for Rs.1,15,000 using his credit card. That too, when he is having his card safely in his purse. I consoled him and asked him to talk to the bank immediately. Even though he was not charged by the bank after they confirmed that the purchase was not done by him, the mental torture he undergone was unbearable.

How can we protect our credit cards from such frauds?

Is there really a way to escape from credit card cyber attacks?

Will RBI and banks do something to stop it?

Yes, RBI has implemented key measures to enhance better security on credit and debit cards.

  • Banks must issue international credit and debit cards that are EMV (Europay, Mastercard and Visa) chip-based with a pin enabled
  • Magnetic strips are no more issued in the new cards. The active cards with magnetic strip will have a newly set daily limitations
  • The terminals used by the traders and the infrastructure must have payment-data security standard certificates
  • If any suspicious purchases are witnessed, easy to use and quick modes are implemented

– for customers to block the card
– for banks to check with the customer if they witness any

Ok, Banks are taking actions. Does it mean that I am 100% safe from credit card crimes?

Unfortunately, the answer is no. You are not 100% protected just by banks implementing safety measures in their systems.

It is like locking your home safely when you go out. Will you keep the house doors open while going out just because you have police patrolling the area? No, right. Likewise, you must take responsibility to protect yourself from such crimes. You must take precautionary measures while using ATM cum debit cards and credit cards online and offline.

Minimize the chances of being a victim of ATM cum debit card card theft. What should you do while using your cards in ATM machines?

  • Always scan the area before entering the ATM room. If there is only one machine, do not allow anyone to enter in while making a transaction. You can politely tell them to come in after you are done. If you suspect any threat, come out quickly and get into a safer place where there are people around you.
  • In case of two or more ATM machines in the same room, always cover the area with your hands while entering pin number and do not allow others to view the same.
  • Do not use ATM machines that are located in dark or isolated area. Always use the machine which is associated with a bank or where a security guard is present.
  • Check with your banks and register for SMS alert whenever the card is being used. You will be notified on each transaction. In case of anyone else using your card, you will be notified immediately.
  • Keep the transaction receipts safely until verifying the same with your bank statements

Carelessly used pin numbers are the reasons people become a victim of debit card crimes. What can be done to protect the pin?

  • Change the pin numbers as frequently as possible
  • Do not write pin numbers anywhere, definitely not on the card
  • Do not keep the card and the pin number you received from the bank in the same valet or bag
  • Do not keep the easily recognized numbers like your birthday, marriage day as your pin
  • Always use strong passwords as advised by the banks

How to protect your credit and debit cards while using in retail outlets, shops, restaurants or petrol pumps?

Most of the times the employees in the restaurants or petrol pumps join hands with the group to commit such cyber crimes. They swipe your card in the skimming machines where the details are recorded to make duplicate cards.

  • Present yourself while the employees in the retail outlets swipe your card for billing. Check your card after swiping in the retail outlets. If you feel any changes like glue, damaged part while touching or if you are not able to insert it in ATM machines, inform your bank immediately and block the card from using.
  • Try to swipe the card by yourself while trading in shops. Cover CVV number with your hands so that the person at the receiving end cannot view it or hide the cvv number with a marker before using it.
  • Always check for the correct amount in the receipt before signing it. If you see a blank space between net and total amount, cross the space before signing.

How to protect your credit and debit cards while using online?

Online purchases also lead to credit card thefts.

  • Always use the secured website where the url starts with https://. Check for ‘s’ and do not use the sites that have just http://.
  • Always use the virtual keyboard to enter the info. Banks also offer virtual credit card. Opt for virtual credit cards and avoid being a victim.
  • Keep track of all online transactions and cross check with bank statements.

If you are changing the address, inform your bank immediately, so that any communication from the bank does not reach wrong hands. Never use your credit or debit card with or without your photo as your id proof. Be it through emails or in person, do not give your bank details, credit card numbers along with passwords to anyone even they identify themselves as bank employee.

Precaution is better than cure. The above discussed precautions will save you from credit card frauds if practiced.

Apart from being credit card smart, if you want to be completely financially smart, then you need to begin with an end in mind. That is you should decide in the beginning itself, what are all the financial goals, you need to achieve at the end.

In order to do that properly you need to create a financial plan for yourself and your family. If you want to create a workable financial plan, then I firmly vouch for you to take advantage of

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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