Be aware of credit card fraud!! Know the protection mantra!!
Every year, millions of innocent people fall victim to credit card fraud that costs billions of dollars to banks and credit card users. It can wreak havoc on personal finances of a victim. Luckily, there are many protections measures financial institutions have placed in whole financial transaction to protect you from credit card fraud. People who are using credit card must follow certain security measures to protect themselves from being a victim of credit card fraud. This article will provide you some tips to avoid credit card fraud. You just need to follow them.
- Amaan Nizam, 11th, New Horizon School, Nizamuddin New Delhi
- Visakha G Rajeevan, 9th, Navy Children School, Ezhimala
- Keisha, 7th, DPS, Pune
- Aryan Mishra, 9th, DAV School Jasola Vihar, New Delhi
- Riya Singh, 10th NCS, Kochi
- Shiv Dutt Choubey, 12th, Army Public School, Jabalpur
- Ansh, 6th, Navy Children School, Arakkonam
Cartoon Contributed by:
Aaditya Singh, 8th, Navy Children School, Delhi
How does credit card work?
A cardholder begins a credit card transaction by presenting his or her card to a shopkeeper's “point of sale” machine for goods or services. The acquiring bank (or its processor) captures the transaction information and routes it through the appropriate card network to the cardholder's issuing bank for approval. Once the approval is done which is based on certain predefined authentication and authorization mechanism, payment completes, and shopkeeper receives a successful transaction receipt.
How Credit Cards Information is stolen?
Cyber criminals are using many ways to steal credit card information. Few of the methods are:
- Mail and trash are the old-fashioned hazards. Thieves can get Your Name, Your Address, Last 4 digits of you card just by a thrown bill for example the bill printed on Amazon Package.
- Phishing emails and phone calls are a common tactic used to get your information by asking you some tricky question only as they pretend to be from company or bank asking detail for KYC or you have won some lottery etc.
- Spyware and Malware are other risks credit card holders should be aware of. Be careful what you download because hackers can put keyloggers on your mobile and computer to capture everything you type.
- Public WiFi is awfully handy, but it can be trap, set up by cyber criminals to capture your information.
- Card skimmers are devices that will allow thieves to capture the digital information in credit cards.
What to Do if You're a Victim?
- Immediately contact the credit card company
- Change your online passwords and PINs
- Closely monitor account activity
- Keep an eye on your bank statements
- Request a copy of your credit report
Credit Card fraud protection mantra:
- Keep your wallet or purse secure at all times to protect your credit cards from theft
- Only carry the credit cards you actually need and use
- Shred anything with your credit card number on it
- Erase CVV number from credit card
- When shopping online, only buy from reputable companies and/or ones whose security measures you can verify
- Never give your credit card number or personal information to anyone