Credit Card Fraud: Types & How to Prevent Frauds | AU Small Finance Bank
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Credit Card frauds and How to Prevent Them

    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.


    What is Credit Card Fraud?

    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. 


    Types of Credit Card Fraud

    Some of the most common types of Credit Card fraud are:

    • Skimming

    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. 

    • Phishing

    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. 

    • SIM Swap

    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. 

    • Keystroke Capturing

    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.


    How is Credit Card Information Usually Stolen?

    Scammers generally steal card information by:

    • Credit Card Theft

    Your Credit Card is stolen and used for unauthorized transactions. 

    • Hacking

    Servers of companies with which you've performed Credit Card transactions are hacked to steal card information. 

    • Cloning

    Credit Card cloning chip and PIN are commonly used in skimming fraud to use your card's information to create a duplicate card. 

    • Dumpster Diving

    Documents or bills with your card number are stolen to commit fraud. 


    Credit Card Security and Importance

    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.


    How to Prevent Credit Card Fraud?

    Here are some tips to prevent Credit Card fraud:

    • Use chip-based Credit Cards as they are safer than magnetic strip cards
    • Never click on the links you receive in emails or SMS messages if they are from dubious sources
    • Check the website URL before entering your card details
    • Use genuine antivirus software on your computer/laptop
    • Review your Credit Card billing statement
    • Immediately report lost or stolen Credit Card
    • Never share your card details with anyone
    • Avoid paper trails of your card number and transactions

    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. 

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