What is Credit Card Fraud?
It is the unauthorized use of a credit card for transactions without the cardholder’s consent. Fraudsters can steal your physical card or obtain card details to conduct fraudulent transactions. International transactions don’t require an OTP, making them riskier if your details are compromised!
Types of Credit Card Frauds & How to Avoid Them
1. Phishing & Vishing
- Fraudsters pretend to be from banks & ask for card details via email, SMS, WhatsApp, or phone calls.
- Common scams:
Your card is expiring; provide details to renew!
Your reward points are expiring; claim them now!
Re-KYC required for your card!
Banks NEVER ask for card details! Do NOT share them!
2. Skimming
- Fraudsters install hidden devices on ATMs or POS machines to steal card details.
- Always cover the keypad when entering your PIN.
- Prefer tap-to-pay/contactless transactions where possible.
3. SIM Swap Fraud
- Fraudsters get a duplicate SIM of your mobile number to intercept OTPs and make fraudulent transactions.
- Contact your telecom provider immediately if your SIM suddenly stops working.
- Enable real-time SMS/email alerts for transactions.
4. Application Fraud
- Fraudsters misuse stolen PAN, Aadhaar, or other KYC documents to apply for credit cards in your name.
How to Protect Yourself from Credit Card Fraud?
Disable Unused Transactions
- Disable international transactions if you don’t use them.
- Set transaction limits for POS & online payments.
Monitor Your Credit Card Statements
- Review your monthly statements for any unauthorized transactions.
Regularly Check Your Credit Report
- Check your credit report every 3-6 months for any suspicious credit card/loan entries.
Transact on Secure Websites
- Avoid public Wi-Fi for financial transactions.
- Do NOT click on unknown links in emails, SMS, or WhatsApp.
In case of fraud: Immediately contact your bank & block your card!