As the country is accelerating towards a cashless economy, Credit Card users must take the necessary precautions to protect themselves from fraud. And the first step towards prevention is to be aware of the types of frauds that can take place.
Credit Card fraud is when someone uses your card or its number and PIN to make a financial transaction without your knowledge. These scams are a type of identity theft and have become increasingly common in the fast-paced digital world.
Some of the most common types of Credit Card fraud are:
Credit Card skimming is the process of stealing Credit Card information through a 'skimmer.' It is an electronic device that captures card information from its magnetic strip. The data is then duplicated for cash withdrawals and purchases on a different card.
In a Credit Card phishing scam, you generally receive an email or SMS similar to those from trusted entities. It includes a link to a genuine-looking duplicate website. Your card details are stolen when you enter the details on such fake websites.
Scammers contact your mobile operator requesting a replacement SIM for your mobile number. The mobile operator deactivates your SIM and activates the new SIM, which is then used for receiving OTPs of unauthorized transactions done with your Credit Card.
In this type of Credit Card fraud, scammers trick users into downloading malicious apps or software. When the user enters their card details while using the software/app, it is stored for making unauthorized purchases.
With AU Credit Cards, you get a Card Liability Cover wherein you are protected against Credit Card Skimming/Counterfeit and other online frauds. In fact, if there is any fraudulent transaction in the event of loss of a Credit Card, you carry zero liability.
Scammers generally steal card information by:
Your Credit Card is stolen and used for unauthorized transactions.
Servers of companies with which you've performed Credit Card transactions are hacked to steal card information.
Credit Card cloning chip and PIN are commonly used in skimming fraud to use your card's information to create a duplicate card.
Documents or bills with your card number are stolen to commit fraud.
If you believe you've been scammed, ensure that you get in touch with your card provider at the earliest to block the card. Your immediate response could protect you from significant financial losses.
At AU Small Finance Bank, we help you avoid such frauds by helping you block your lost or stolen cards immediately. For placing such a request, you can easily get in touch with us by calling on our Customer Care at 1800 1200 1500.
Here are some tips to prevent Credit Card fraud:
AU Small Finance Bank offers an exciting range of Credit Cards with world-class security features, rewards, privileges, and more. Visit the bank's official website to know more and apply for Credit Card today.