Beware of Card Frauds
Financial Planning

Beware of Card Frauds

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In today’s scenario, all online transactions are paid by credit card.Credit card details should be protected while making any kind of payments.

Sugandh is worried about credit card frauds and identity thefts that have become rampant. She frequently uses her credit cards online to pay bills, make travel reservations, book movie tickets and shop. She also gives her credit card at petrol pumps and restaurants where they are swiped away from her sight. 

Sugandh wonders if the information she provides when making these payments can be misused. She wants like to make sure that she has sufficient checks and balances in place to detect any fraud.What all can she do to ensure her financial safety?

To prevent frauds, Sugandh must protect any confidential information that she shares online. To start with, she should conduct her online transactions only from her own computer, which is password protected.

She should ensure that the Internet settings do not enable auto-filling of details. It is advisable to avoid card transactions on public computers. While transacting, she should avoid using the keyboard, and instead use the virtual keyboard. She must also verify the sites and payment mechanisms before using them—the url should begin with https and the task bar at the bottom should feature a lock

She should sign up for the online verification facilities offered by card providers, which secures Internet transactions by seeking a user-defined password. She should be aware that the combination of her card number, expiry date and the CVV number at the back of the card can be used for transactions. Information available on the card, such as validity date and CVV number can be noted elsewhere and erased from the card. This way the information cannot be misused in case someone accesses her card. 

She must get into the habit of verifying her monthly statement to make sure there are no unauthorized transactions, and reporting to her bank if there is a discrepancy. Other hygiene factors include updating change in address with banks and other credit institutions. It is important for Sugandh to realise that as long as she protects the information relating to her financial transactions, the security that she desires will be taken care of.

Courtesy: ET Wealth Date: -26 Nov 2018

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