Credit Card Frauds

Beware of These Frauds Credit Card Users

How do you use your Credit Card? To shop online, to dine at restaurants, to pay your shopping bills at a fashion store, and the list goes on. So you are happy that you do not need to pay cash and need not worry about paying the bills immediately until you get your salary! But do you know you may become a victim of Credit Card fraud?

How secure is your Credit Card? The RBI (Reserve Bank of India) and banks have introduced several security features, including chip-based cards and two-factor authentication, yet fraudulent practices are on the rise. Credit Card users should take the initiative to prevent being conned.

How?

Know about the fraudulent practices generally followed and stay cautious:

Online Transactions

online shopping has indeed taken the world by storm. When you e-shop, paying of online bills happen through the computer or smart phone. There have been numerous cases of identity theft leading to unauthorized transactions. Ensure that your chosen online shopping platform uses a safe payment gateway. Make online payments cautiously.

Pharming

Fraudsters use the pharming technique online by rerouting you to a fake website that looks similar to the original. They steal your Credit Card details once you make an online payment through the fake platform. Beware of pharming techniques!

Skimmer

Dining in a restaurant is humdrum today. How often have you swiped your Credit Card through the restaurant’s own point-of-sale system and then through a skimmer? A skimmer is a small device that attaches to a reader. It captures the magnetic field when a Credit Card is swiped. It then collects the data and saves it. Do you know using skimmers fraudsters can actually rob you of your card details? Fraudsters can de-magnetize and then re-magnetize a simple gift card using your stolen card’s information. Hence, be cautious when you use your card in a restaurant.

Keystroke Logging

Many fraudsters run downloadable software. If a computer user accidentally downloads such software, his Credit Card or net banking details are at stake. Through the software, fraudsters can trace your key strokes and steal your card details.

Public Wi-Fi

Have you ever used public Wi-Fi? If you happen to use public Wi-Fi on your smart phone at places like airports, shopping malls or wherever the facility is made available, do not make any online transactions. Carrying out transactions using public Wi-Fi makes it easy for hackers and fraudsters to steal your card details.

Hacking

There have been several instances of fraudsters hacking their way into the database of chain restaurants by installing programs on their payment-processing devices. Through the programs hackers collect card details, especially those that have been swiped. Beware when you use your Credit Card in a restaurant or other place like gas stations, etc.

Point-of-Sale Theft

Shopping is fun! When you shop at retail outlets or anywhere that involves swiping of your card for payment, you may get duped. Information from the magnetic strip of your card can be copied, which can be later used for illegal transactions.

Besides, apps are vulnerable to fraudulence. Almost everyone uses a smart phone today. And with just a few touches on the screen transactions happen in seconds. Be careful about the authenticity of the apps you download. Consider the aforementioned factors and prevent yourself from being conned.

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