Fraudsters steal money by obtaining credit card information through various methods such as email, phone calls, ATM and reward points.
Be careful to avoid credit card fraud. Fraudsters can steal your personal information like OTP, CVV, and PIN by sending fake links in emails, phone calls, or luring them with free rewards. They also steal data by installing devices in ATM machines. Avoid using public Wi-Fi and never click on unknown links. Set spending limits, use tokenization and check statements regularly to protect your card.
1. Fraud through email, message
Fraudsters can obtain credit card information through spoofed emails or text messages, sometimes even through WhatsApp. By clicking on scam links sent by fraudsters, your personal data can be stolen and money can be looted. Do not click on unknown links.
2. Betrayal through phone call
This is called voice phishing. By posing as bank officers, police officers or RBI employees, they can cleverly obtain your card and bank account details. Such callers may ask you for information like OTP, CVV number of credit or debit card, ATM PIN etc.
3. Fraud while withdrawing money
ATMs or swipe machines can steal your credit card data. Then, they can duplicate it and withdraw money from your account. Therefore, before using your credit card in public places, check suspicious devices carefully.
4. Greed is also a problem
They may trick you into believing that you have won free rewards points for purchasing an expensive product or using a service, and may lure you with bonuses, cashback or discounts. Then, they may ask you to click on a link to save it, saying that the reward point is expiring. On clicking that link, they may pressure you to provide credit card details.
Keep in mind that banks or financial institutions never ask for your personal card details through the link for reward points.
5. Public Wi-Fi or Apps
It is becoming common to steal private documents from your mobile via public Wi-Fi. App-based credit card scams are also on the rise. Smart tricks to get your credit card or bank details through apps and then steal money are increasingly emerging.
keep credit cards safe
1. Set spending limits. Set up settings to receive messages as soon as your card is used.
2. While making payments, use only the machines of trusted banks. Do not use the card in suspicious places.
3. Tokenization means that when you shop online or pay in apps, use a unique token instead of your 16-digit card number. It is more secure.
4. Do not keep credit card details in mobile galleries or less secure locations.
5. Check your credit card statements regularly.