If you are an owner of a credit card, there is a chance that you might be subject to fraud. Statistics suggest that credit card cases in Mumbai alone have risen by 42 percent in the past two years.
The biggest reason behind these rising frauds is the lack of awareness amongst masses. Many card owners are completely unaware of the fact that their insecure use of credit cards makes them an easy target for criminals.
From impersonating as a bank official to bribing a store worker, a fraudster can steal your card details in different ways. Below-stated are five such methods, read on to know more.
1. Keystroke Logging
Most of the credit card frauds today happen online. Fraudsters use the keystroke technique to trick you in providing them with personal details. Many times, you might open something online on your phone, and an unknown file starts downloading, you ignore that file finding it useless. But it's not.
The downloaded file is malicious software that can record any activity that the users perform. So, whenever you use your credit cards to make any payment online, the software will send the password and other payment details to the hackers, giving them complete access to use your credit cards.
2. Impersonating a Bank Official
There have been many cases where fraudsters call cardholders and impersonate themselves as bank officials. They will try to persuade you that there has been some activity on your card and you must change the details for better security.
They may also ask you to reveal your payment details promising you that they will upgrade your credit card. Once you are influenced, they will ask for your CVV, PINs and OTP for the verification process.
3. Phishing Emails
Online fraud via phishing emails or messages involves theft of personal details and financial information through promotional communications sent by someone impersonating as a bank official.
These emails may ask you to provide or change your details by visiting a link that is provided in them. When you submit your card details, it becomes easy for them to use the card as their own.
4. Card Skimming
Card skimming or point of sale fraud is one of the simplest and effective credit card frauds. In this, fraudsters use data skimming devices (Small electronic equipment) to read and copy the information when you swipe your credit card at any store.
These devices automatically update every detail of your credit card to the fraudster's device. Once they receive all the essential information, it is easy to create a clone or fake card.
5. Free Wi-Fi
Fraudsters set up free Wi-Fi in public places that do not require a password to connect. Once you connect with it, it becomes easy for them to access any information that you send over the network.
If you log into your bank portals, check your card balance, or even shop for something connected to that Wi-Fi, the scammer can get your details. They can also access all the information your browser history and decrypt the data even if it is sent over through highly secured websites.
With the development of technology, fraudsters are continuously coming up with new ways to scam credit card holders. Being on a lookout for these scams can and taking precautions can help you in preventing your hard-earned money.
Precautions to Be Taken
• Never provide your credit card details to anyone
• While opting for an online transaction choose a secure operator
• Never open an unknown link on a spam mail
• Monitor your account regularly
• Never write your PIN on the card
• Do not give your credit card to anyone for making payments
Moreover, for better protection, you can purchase a credit card that provides fraud liability cover.SBI Card, one of the leading credit card providers in the country offers complimentary credit card fraud liability cover of Rs. 1 lakh with its leading product: SBI Card PRIME.
In addition, they also provide the best card for lounge access, E-Vouchers, Club Vistara membership and other privileged benefits. So, get a card which offers access to best airport lounges, great offers, rewards and comes with a fraud cover among other benefits.