- 1 Introduction to Unauthorized Credit Card Transactions
- 1.1 Ways to protect your credit card against unauthorized or fraud transactions
- 1.2 Share and Enjoy !
As the usage of credit cards is increasing in India, unauthorized or fraudulent cases are growing at a considerable rate. Financial institutions come up with preventive measures such as the one-time password to authenticate transactions online; despite that, there are various types of unauthorized transactions that still take place. As a responsible consumer, you must be well aware of how to use credit cards correctly.
The following are several ways by which you will be able to know how to use credit card aptly:
Stay cautious while processing a transaction in ATM
If you are transacting in an ATM, check carefully and ensure that no device is attached with the card slot. A skimmer could be present, with the help of which the details of your credit card can be stolen the moment you swipe. Inform the respective financial institution if you come across any such skimming device in an ATM.
Check your mobile alerts
You must opt to subscribe to email or mobile phone alerts to follow all the credit card payments. In addition, you must always go through the entire text message, sent on your phone to rule out any fraud transaction. If you notice such an issue, immediately contact and report to your card’s customer care service.
Review credit card statements
Another important tip on how to use a credit card wisely is keeping a check on the mobile notifications; you must also review your monthly credit card statements.
For instance, if you come across an unexpected transaction, you must report to your credit card issuer. However, if it is difficult for you to remember all the expenses, you must keep all the receipts safe and check with the statement at the end of every month.
Inspect the website
When you are sharing your credit card details on the web, make sure that the website’s URL must begin with ‘https’ (s denotes ‘secured’). Moreover, if there is a lock icon, it implies that the website is safe.
- Do not share any credit card detail
Various financial transactions take place over phone calls, and you may get asked to mention your credit card number and some personal information.
In such circumstances, there is a high chance of your data getting misused. You must avoid making such phone calls in the public area, and refrain from posting photos of your financial card.
However, if it is mandatory to share a picture of the credit card, conceal the last ten digits, as they are unique for every account.
Always update your information
If any of your data gets changed or modified, make sure to inform the financial institution or your credit card provider. This ensures that financial statements and associated information will be sent to your updated address.
What is the next step if you misplace your credit card?
There are specific steps that need to be taken in case of a credit card loss or theft. First, you should dial up your card issuer, and inform them about the same. Notify about the last transaction you made with the card, and ask them to block it and process a replacement card. Also, you must also check other statements to verify unauthorized charges.
Further visit: 5 Reasons: Why Credit Card Bill Payment Before The Due Date?
Avail the right card along with a protection plan
You must know how to choose the right credit card for yourself. Refer to the credit card comparison sheet provided by the issuer, and select one according to your requirement.
A prominent credit card provider will advise you to opt for a card protection plan as well. This will assist you in the event of any card theft, loss, or fraudulent transactions.
You can avail credit cards like Bajaj Finserv RBL Bank SuperCard, which is stacked with security features like Zero-Fraud Liability Cover, In-hand Security, and several other benefits.
Furthermore, you can check your pre-approved offers by providing certain personal information like name and contact number.
Protecting your credit card from any fraudulent transaction is not difficult; all you need to do is be aware and follow the above-mentioned tips about how to use credit cards safely.