How to protect yourself from Credit Card Fraud?

Credit card fraud is on the rise, and it is time to have a look at tips on how end users can protect themselves from Credit Card fraud.


Here is a compilation of some tips on how to protect yourself from credit card fraud:


Tip 1 – Never provide your credit card information on a website that is not a secure site. Always ensure that the site where you are entering credit card information is a “https” site.


Tip 2 – Never respond to emails that request you to provide your credit card information via email.


Tip 3 – Don’t write down your PIN number on your credit card or on a piece of paper that is kept in your purse.  Change your PIN number at reasonable intervals, and always shield the PIN keypad with your hand or body when entering your PIN.


Tip 4 – Most credit card issuers provide a free facility of mobile and email alerts.  If available, subscribe to them.


Tip 5 – Most credit card issuers have a provision for you to login to your account and review your card transactions including unbilled transactions.  Make it a habit to login and review the transactions once a week to ensure that no unauthorised transactions have happened.  In any case, when your credit card bill comes, do ensure that you review it immediately and ensure that no bogus charges appear therein.


Tip 6 – In case you find any charge that you do not recognise, report these charges promptly in writing to your credit card issuer.  You are usually not required to pay for unauthorised charges, especially if you call the credit card company immediately after discovering a problem.


Tip 7 – Always draw a line through blank portions of the receipt.  Typically, in credit card slips for restaurant payments, there will be a portion for Tips.  Ensure that you either fill it or strike it out and enter the final amount that ought to be charged.


Tip 8 – Do not provide photocopies of both sides of the credit card to anyone. The card verification value (CVV) which is required for online transactions is printed on the reverse of the card. Anyone can use the card for online purchases if the information is available with them.  If any service provider insists on photocopy of both sides of the credit card (some airlines do insist on it), ensure that the CVV number is completely scratched out from the photocopy.


Tip 9 – If you have multiple credit cards, try and earmark one for Point of Sale purchases and another one for online transactions.  For the POS card, strike out the CVV from the card and save it maybe on your mobile for emergency use.


Tip 10 – If you don’t receive a replacement by the time your card expires, call your card issuer. Destroy any old cards as soon as a new or replacement card with new expiry dates is received.


Tip 11 – When canceling a valid card, cut it into small pieces and cancel the card with the issuer. Ask for a written confirmation that the account has been closed and write down the name of the person you spoke to.


Tip 12 – Ensure that the contact details available with your credit card issuers is always current.  Inform changes immediately.


Tip 13 – Keep a list of your card numbers and help desk numbers in a secure place.  Update this list at frequent intervals.  This will be very useful when you actually lose a card and need to call the help desk to report the loss of card.


Credit card brings with it a lot of convenience.  Use it wisely and benefit from it.