India Markets closed

Credit, Debit Card Fraud: Here is how you can avoid it and stay safe

Priyadarshini Maji
card fraud, credit card fraud, online fraud, UPI, UPI fraud cases, UPI fraud transaction, UPI fraud prevention, HDFC bank, AnyDesk, Team Viewer, UPI and Collect Request, fund transfer

Frauds related to cards and digital transactions are always evolving. Credit and debit card frauds are increasingly becoming common. Frauds like cloning, phishing, cyberstalking, identity theft, malware attack, email spoofing, cyber extortion, and loss from IT theft are a few of the cases most people fall prey to.

According to the data of National Payments Corporation of India (NPCI), last year when one of India’s largest financial breach took place, 90 ATMs were impacted and a minimum of 641 customers lost around Rs 1.3 crore in fraudulent transactions.

Large banks like the State Bank of India (SBI), ICICI Bank, HDFC Bank, and Yes Bank keep warning their customers from time to time to keep themselves safe and make them aware of frauds like these.

Other than banks, insurance companies including Life Insurance Company (LIC), SBI Life, and HDFC life, also send out warning messages to their customers. They also share various measures and guidance that people should follow to stay away and avoid such frauds.

Falling victim to such fraud cases can be frustrating, hence, take measures to avoid being a victim of credit card fraud in the first place.

Here are safety tips you can follow to stay clear of card frauds;

  • Do not share card’s confidential information with anyone, even if the person asking you claims to be from your bank. Confidential information such as card number, card expiry date, CVV number, OTP, card PIN or Internet banking password, should not be shared.
  • Calls informing you about reward point offers, gift vouchers, holiday coupons, lottery, etc. that you have won and thus seeking your confidential card information, password or OTP, should be avoided.
  • Do not reply to emails or SMS asking for personal information.
  • Sensitive financial information should not be shared on social media.
  • While handing over your card to anyone/anyplace and ensure that card is used in your presence.
  • While using internet banking, check for https: when accessing your account.
  • Stay alert of SMS’s or transaction alerts or OTPs that are sent to your registered phone number, by the Bank. Report to the bank immediately in case of any discrepancies.
  • Disable international usage if you are not traveling. This way you limit yourself from out of the country scammers. It can be done through the mobile banking app, net banking or by calling the customer care of the bank.
  • Review your card and bank statements regularly, and in case of any discrepancy, report it to the Bank.