Save your card from getting cloned!

New Delhi: The dangers associated with credit and debit card fraud have evolved significantly beyond traditional threats. Previously, fraudsters limited themselves to card skimming and phishing. A relatively new and particularly insidious form of fraud known as credit card cloning is rapidly gaining popularity. It is now posing serious risks to unsuspecting consumers worldwide.

What is credit card cloning?

Credit card cloning involves various methods that leaves behind no hint for the user. This whole process can leave individuals completely unaware of the theft of their card details. Fraudsters have also upgraded this entire process from the traditional theft they used to commit. Earlier, traditional theft involved physical possession of the card. Although, cloning operates through a covert process using small and portable devices.

These devices are capable of scanning and duplicating card information remotely. Even when the card remains securely stored in a wallet or purse. This new process is very easy for fraudsters. This process allows them to access sensitive data simply by being in close proximity to the device.

Recent incidents serve as stark reminders of the ease with which such fraud can occur. Recently an  individual simply standing in a public place with their wallet fell victim to this type of fraud. Unbeknownst to them, nearby perpetrators equipped with a cloning device successfully captured the details of an international debit card. Subsequently, fraudsters swiftly executed an unauthorized transaction amounting to ₹12,000 in another country. Due to the nature of international transactions not requiring OTP verification, the fraudsters could proceed unhindered.

Fortunately, in this instance, prompt reporting enabled the victim to recover the stolen funds. However, such outcomes do not always guarantee, emphasizing the need for proactive measures to safeguard against credit card cloning fraud.

Steps that can help you protect yourself

Disable International Transactions

Unless necessary, consider disabling international transactions on your debit or credit card through your banking app. This simple step can prevent unauthorized usage across borders.

Utilize RFID-Blocking Technology

Invest in an RFID-blocking wallet or card holder. These products shield your cards from electromagnetic signals, thwarting attempts at remote scanning and cloning.

Enable Transaction Alerts

Stay informed by enabling transaction notifications via your banking app or SMS alerts. This ensures that you receive immediate alerts for any transaction, allowing you to detect and report unauthorized activities promptly.

Monitor Account Activity

Regularly review your bank statements and transaction history for any unfamiliar or suspicious transactions. Early detection is crucial in minimizing potential losses.

Educate Yourself and Others

Spread awareness about the risks of credit card cloning and share preventive measures with family and friends. Remember, awareness is key to collectively combating financial fraud.

There is definitely advancements in technology. It has also enhanced convenience in financial transactions. They have also opened avenues for sophisticated cyber threats like credit card cloning. You can avoid such traps by adopting vigilant habits and leveraging available security features. Stay informed, stay alert, and take proactive steps to protect your financial well-being in an increasingly digital world.