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Credit Card Safety: Tips to Protect Your Finances From Fraud

Given the fast-paced digitalisation and growing use of credit cards as payment modes, people should be more concerned about their credit card safety. However, many people fail to take simple precautions to prevent fraud while making any online credit card payment.

Banks like IDFC FIRST Bank take extra measures and precautionary steps to prevent and stop credit card fraud. Although many customers know how to pay credit card bills, they don’t know how to secure themselves from fraud.

For instance, many people carelessly share their credit card details while making payments. So, the first step to avoid credit card fraud is customer education. Here are a few easy steps customers may take to educate themselves and prevent credit card theft.

Tips to Protect Your Finances From Credit Card Fraud:

Keep Your Login Information Private

Never give out your internet banking, mobile app, or credit card PINs to anyone, not even a close friend or family member, by email.

Never Pay in Advance

Online con artists send arbitrary emails asking credit card holders to pay taxes or fees to get a sizable prize, inheritance, or foreign investment. If you hold an international lounge access credit card and travel frequently, you may be their easy target, given your busy travel schedule.

Since they are online scams, never pay in advance for such schemes. You may end up risking both your credit card details and money to future scams.

Limit the Use of Cards

Banks now allow you to set a credit card limit to control your expenditure. You can set different restrictions for using ATMs, swiping cards at retail locations, making purchases online, using contactless technology, and making overseas transactions. Make good use of this facility.

Pay Close Attention to Alerts and Your Monthly Credit Card Statement

Check all SMS notifications you get from your bank regarding Credit Card transactions. Make sure that payments are authorised. You should carefully review your bank statement in addition to alerts. This guarantees you don’t overlook any shady transactions that may have escaped your prior notice.

You May Like to Read: Why Using Credit Cards with UPI is Truly Innovative?

Don’t Save Your Data on Arbitrary Websites

Secure payment channels are available from reputable and well-known platforms like Google Pay, which also have strict security measures to safeguard sensitive data. So, relying on such reliable payment portals to save your card number is commonly accepted. Regardless of its reputation, avoiding such portals’ “remember card details” feature is an even safer strategy.

If Someone Steals Your Credit Card or You Lose It, Immediately Report It to the Bank

The earlier you report to the bank about a lost or stolen credit card, the faster you prevent yourself from any fraud. Save your bank’s customer care number handy to connect with them immediately.

Final Thoughts

In today’s digital age, protecting your credit cards against fraud and scams has become difficult because scammers are constantly developing new ways to defraud people using credit cards.

So, follow these helpful tips to prevent you from credit card fraud. Also, compare credit cards to pick the one featuring the best-in-class safety measures and customer service.

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