While on one hand, the number of credit cards and their usage is rapidly increasing in India, incidents of credit card fraud are also on the rise. How can fraud occur through credit cards and what measures can you take to protect yourself from such fraud? Let’s find out.
Firstly, let’s talk about the different ways in which fraud can be perpetrated through credit cards. It includes methods like card skimming, phishing, data breaches, and social engineering.
Thieves use small devices installed on card readers or PoS machines to steal card details.
Scammers use emails or phone calls to trick people into updating their credit card details. They often claim there is a security issue with the credit account and ask for sensitive information.
This type of fraud was seen in the Axis Bank credit card case a few months ago. Data was stolen simultaneously from many cards. Unauthorized international transactions were made from many users’ cards.
Cybercriminals deceive people by posing as reputable organizations or companies and obtain their credit card details. This can happen through fake lottery or reward notifications where recipients are asked to click on a link, leading to malware attacks that steal financial information.
To protect yourself from these types of credit card fraud, here are some steps you should take:
By following these guidelines, you can secure your credit card and protect yourself from falling victim to fraud.