Tips for Credit Card Security

Although the RBI has circulated some rules and regulations to secure credit card customers, still frauds happen within a blink of an eye. There are many ways to safeguard your credit card against theft or other instances of security breach.

 

Image Source: http://bancadom.net/wp-content/uploads/2012/10/credit-card-security-tips.jpg

 

Some tips are:

• Lost and stolen card report: If any of your credit cards is stolen or lost, report it immediately to customer care. Make sure they stop the card immediately so that no transactions can be done till the time you receive a new one. Also, ensure that you tell them the date, time and place the incident happened, in case you remember it. This will ensure that your card issuer knows the time since your card was not in your possession.

• Online safety: Banks will never send emails to you, asking for your credit card number. If you receive any such thing, it is undoubtedly a spam mail. This is one of the easiest tricks that scammers deploy to phish your login information for a bank. Whenever you log on to the bank site, you will see disclaimers with the same information. This is only to inform customers of these kinds of frauds. Also, it is imperative that you request for an OTP (One Time Password) for all your online transactions.

• Guard your credit cards: Always ensure that you carry your credit cards in a closed compartment. Whether you are a man or a woman, you should carry a zipped purse or wallet for keeping credit cards. It is better to carry only those cards that you will need at the time of shopping. Carrying all of them would surely be a mistake.

• Look before you sign: At the time of shopping, always ensure that you are signing a valid receipt. Many a times, it has been seen that merchants and shopkeepers give you receipts that are completely blank. It is better not to sign on them. They will feign no ink and all other stuff, but always stick to the fact that you will sign a valid receipt. They can easily write any amount on a blank receipt after you sign it.

• Safeguard your card number: You should only give your credit card number and other sensitive information to the customer care. Do not disclose your card numbers to people who have left their phone numbers on your answering machines. Your card issuer will never call you to confirm your card number as they will already have it their database. They would just confirm the last 4 digits of the card.

• The billing statement review: It is very important to check the billing statement every month. This will ensure that you know what all charges have been added in the current billing cycle. If you see any out of league charge, then you can always call the bank and check with them if the charge belongs to you or not.

• Shred your card number: Many credit card customers throw their billing statements in the trash without shredding them. You should shred your statement, rather than just throwing it away. This way, nobody can read the card number from your billing statement.

Caution is the best way of securing your credit cards. Always ensure that you keep a track of all the transactions done by you.