Protect Your Card

Credit cards are a great convenience but they can be easily used to defraud you. Someone else could spend thousands of dollars on your credit/debit card, before you realize it. Credit card fraud happens when someone obtains your credit card account number and uses it. Here are some scenarios in which you could be cheated and the precautions you should take:

A dishonest person at the cash counter might make an extra imprint of your card. A thief can get your account number and expiration date from a discarded receipt. Someone pretending to be a telemarketer might ask for your card number by offering you some goodies. A restaurant cashier might swipe your credit card in a small hand held device, known as a skimmer, which copies the information on your card, including your CVV, to make a counterfeit copy of your card. Though dishonest people constantly discover more innovative ways to commit fraud, here are some simple steps you can take to minimize these risks.

Ø  On receipt of a new card, ensure that it is sealed and that the seal has not been tampered with. Sign the back of a new credit card immediately on receiving it.

Ø  Make sure you do not forget your card at work or elsewhere.

Ø  While making a purchase, ensure that the card is being swiped in front of you and that you get the right credit card back.

Ø  Don’t tell your credit card pin to the person swiping the card. Instead, insist that he swipe the card in front of you and you will only input your pin number.

Ø  Know when your statements should arrive. If one of your credit card bills is late, call the card issuer right away. A missing statement may indicate that your statement has been stolen and your details can be misused. To avoid this, always opt for email statements and cancel physical statements.

Ø  Check your cards periodically to ensure that none is missing.

Ø  Destroy and dispose all documents that mention the card number, such as copies of receipts, airline tickets, travel itineraries etc.

Ø  Make a comprehensive list of all your cards and their numbers. Include the expiration dates and the phone numbers to call if there is a problem. Keep the list in a safe place. Do not keep the list in your wallet or purse. Also, do not keep such list in your computer.

Ø  Whenever purchase alerts come to your mobile, check whether the amount matches and you have made the purchase.

Ø  While shopping on line, make sure of the security of the site. Use a secure web browser and don't enter your card number, unless the little padlock is displayed on the lower right-hand side of your browser. Also make sure that the web address starts with “https” rather than just “http”.

Ø  As soon as you realise that you have received an alert for a purchase you have not made, immediately call the bank at the phone number mentioned on the credit card. Tell them the details of transaction and raise a dispute right away. After raising the dispute, file a complaint in the local police station and obtain the copy of the FIR and keep the same handy in case the card issuer wants you to submit the same.

Ø  No card issuer or bank will call you and ask for your date of birth, card number, date of expiry or cvv number. Hence, in case any person calls you and asks you for any of these details, don’t tell him. Just disconnect the phone. Don’t be fooled by the person telling you your name and that you hold the credit card issued by a particular bank. Even if the other person gives you a number to call and tell these details, don’t call the numbers given by the person on the other end of the line. Instead, take your card and locate the customer care number printed on the card and call. In case you are calling on your own to the customer care number mentioned on the card, it is ok to tell these personal details to the customer service executive.

The above precautions are equally applicable to debit cards also. However, the only difference being that on a debit card fraud, the amount of loss will be limited to the amount available in your account. In case of credit card fraud, the loss will be up to the credit limit (more than the credit limit if your card issuer permits over limits).