The festive season in India invites a carousel of shopping deals and the ringing up of cash registers, with credit cards often being the preferred method of payment. However, the increase in transactions also opens up avenues for scammers looking to cash in on the season’s spending surge. Here are five vital tips to keep your plastic money safe.
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1. Stay Alert to Impersonators: Fraudsters are known to impersonate bank officials, particularly during the festive season, to trick customers into revealing sensitive information. “While one should block or report suspicious callers, you can verify their authenticity with your bank or the provider they claim to represent,” says Vipin Surelia, Head of Risk Services, India and South Asia, Visa. It’s important to remember that genuine bank officials will never ask for your card’s OTP, CVV, or password, he emphasised
2. Monitor Your Card Statements: Regular scrutiny of your credit card statements allows you to catch unauthorized transactions early. If you notice anything amiss, report it to your card issuer immediately. This practice should be a routine one, not just limited to the festive months.
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3. Think Before You Click: Emails and messages with incredible offers can be lures used by scammers. “Do not succumb to the temptation to act fast because they said, ‘deal only for today’ or ‘share the OTP/your account details or we’ll close your account'[…]Similarly, beware of downloading any app that seems suspicious, that could make you vulnerable to unsolicited data sharing or remote monitoring,” Vipin Surelia cautioned. Always verify the source before clicking on any links or downloading apps, and ignore requests that demand immediate action or personal details.
4. Secure Your Online Transactions: Use secure and private internet connections when shopping online. Public Wi-Fi networks can be hotspots for cyber thieves to steal credit card information. Additionally, consider using virtual keyboards to enter card details to prevent keystroke logging.
5. Set Transaction Limits and Alerts: Many banks offer the option to set a transaction limit on your credit card. Setting a lower limit can minimize the impact in case of fraud. Moreover, activating transaction alerts will ensure you are promptly informed of any charges to your card, authorized or otherwise.
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Following these guidelines can help you celebrate the festive season without the added worry of credit card fraud.
