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Be Aware and Be Cautious Of Credit Card Frauds

July 13th, 2015

Credit card fraud

We live in a virtual world where most of our wants and needs can be fulfilled within the comfort of our homes, right at our fingertips. While shopping online, we are spoilt for choice, not only with a variety of brand options, but also with different payment options to choose from. Cash on delivery, bank transfers or payments through credit and debit cards; we have it all, at our convenience. Universally, credit and debit card payments are considered to be the most convenient and preferred mode of payments.

However, with all the convenience, comes, the high risk of fraudulent transactions. Here, we have listed down a few tips on how to safeguard your online payments and prevent credit card frauds.

• Always transact through a trusted website

To ensure that your money does not fall into the wrong hands, it is important to do a background check on the website, before you make a payment. Ask your friends, research and read up on consumer forums to see if the website has any history of credit card scams.

• Ensure that the browser is secure

When on the payment gateway page, ensure that it is an https secure browser, for a secured transaction. Any other browser could pose as a threat and may eventually fall prey to fraudsters.

• Generate an OTP (One time password) option with your bank

This is indeed one of the best ways to avoid a credit card fraud. Each time you initiate a payment, an OTP will be sent to your mobile number that is registered with your bank. Only after you provide that OTP, your transaction will be completed.

• Do not save passwords and clear browsing history

One of the most common mistakes that leads to credit card scams is allowing the browser to save your password. An automatically saved password makes it easier for a hacker to retrieve your details. If you can spend hours looking for the right shoes, it will just take you a few extra seconds to manually type that password. While you are at it, spends a few more seconds to clear your history after you finish.

• Monitor your monthly account statements

Cross check all your online payments with the monthly account statement that your bank sends you. This will help you keep track of finances as well as provide credit fraud alerts – mainly, payments that were not initiated by you.

• Do not trust anyone with your passwords

This should be the first rule in all our rule books. Your money and personal belongings are the safest only with you. To avoid financial mishaps, secrecy of passwords is of utmost importance. Similarly, do not share your bank account details or credit card numbers with strangers.

Though preventing all credit card scams is beyond your control, these few tips will definitely come handy and help you safeguard your own interests, to the best of your capacity. Always remember, that ‘Safety begins with you’.