How to Protect Yourself from Credit Card Frauds

In the present day scenario of exceptionally high dependency on the internet for conduction of business, as well as for small and big-ticket purchases, it has become extremely convenient for fraudsters to steal your Credit Card information. This may not only result in a threat to your hard-earned money, but it may also lead to the bigger issues of identity theft. Hence, you need to pay due diligence to ensure the safety of your Credit Cards.

To assist you in this endeavour here goes a must checklist to guard against Credit Card frauds in 2024:

1. Sign New Cards Immediately

When you get your new Citibank Credit Card or any other Credit Card for that matter, make sure you sign it as soon as it arrives. Doing so will make it extremely tricky for a fraudster to erase or forge your signature, as the difference in handwriting will have them being put in question. This will ensure that your card doesn’t get misused even when lost or stolen.

2. Safeguard Your Credit Cards

With a flurry of smartphones all around, it is difficult to judge when a thief takes a picture of your Credit Card. Hence, whenever you use your Credit Card at a point of sale terminal, make sure you expose it only for as long as it is absolutely required. Once you’re done swiping the card and making the payment, put it in your wallet immediately.

Moreover, do not carry all your Credit Cards with you all the time. Every time you leave home, take a minute to think whether you’ll need your Credit Cards, and if so, which Types of Credit Cards will best serve your purpose for the day. Only carry the ones you know you’ll need. This will help mitigate the risk of theft to a large extent.

Pro Tip- You can carry a compact cardholder, or a smaller purse inside your handbag, as it will make it harder for a thief to steal your Credit Card.

3. Don’t Let Your Credit Card Number be Seen

In addition to safeguarding your Credit Card number from the prying eyes of thieves when you shop, you must also ensure complete care when handling documents having your card number. Right from your monthly credit statements to your bills, if a document carries your Credit Card number, tear it off meticulously or, if possible, shred it before throwing it away. 

If not, miscreants who reach out to the trash cans in search of such documents may get their hands on your Credit Card details and use them to their benefit.

4. Be Sure of Who You Share Your Credit Card Information With

As a rule of thumb, never share your Credit Card information over the phone with anyone, especially when you’re on the receiving end of the call. Please understand that no bank or Credit Card provider would ever ask you to share your Credit Card details over the phone, email, or text message.

In case you do receive such a call, mail, or message requesting you to share these details, make sure you do not disclose anything. If possible, also report the phone number or the email address to the customer care department of your Credit Card provider.

5. Take Extreme Care when Signing Credit Card Receipts

When you make a purchase or wish to pay a bill, the merchant will need you to sign their copy of the receipt. When you sign the receipt, make sure that the amount mentioned therein matches the actual amount of your purchase. In some cases, the merchant may change the amount to a higher one with the motive to con you. Cross-checking the amount will help save you from such a discrepancy.

6. Use Your Credit Card Online with Caution

Many times, you’ll get email links that seem as if coming from your bank or Credit Card company. The scammers use email links into coaxing you to share your personal information. Hence, regardless of how genuine such links look, never click on them. Instead, visit the website of the bank, Credit Card Company, or any other establishment on your own and then log in to your account for any task you may want to accomplish. To ensure that the website you’re visiting is secure, look for https:// in the address bar. Moreover, you can also try spotting a lock at the lower right corner of your browser to check the authenticity of the website.

7. Lost or Stolen Credit Cards? Report Immediately

Every Credit Card provider out there offers either a 24×7 helpline number or an internet chat service, where you can report your lost or stolen Credit Card as soon as you become aware of the situation. Once you report the case, there is no liability of paying for any charges on the Credit Card on you that might be made after the incident. Instead, it is for the Credit Card provider to look after.

8. Take a Close Look at Your Billing Statements

When you get your monthly billing statement for your Credit Card, make sure to cross-check the same with the purchases you’ve made. To make this task as simple and efficient as possible, you can save the receipts of all Credit Card transactions you do in a month, and then reconcile them with the statement.

In case you find a questionable charge on your card, no matter how big or small, immediately report the matter to your card issuer.

9. Make Strong Passwords

When you store your Credit Card number on a shopping or e-commerce portal for added convenience, make sure to protect it with a strong password. Try having different passwords for different accounts, and avoid sharing your password with anyone, either verbally or in writing. These simple steps can help you avoid any fraudulent charges on your card, which may become a cause for trouble.

10. Beware of Credit Card Skimmers

In today’s times, most vendors, including grocery sellers and roadside carts, accept Credit Cards. While this ensures astounding convenience, it also puts you at additional risk. Sometimes, the Credit Card readers (swipe machines) may have skimmers installed in them, which can read and store your Credit Card information. This information can later be used by thieves to make charges on your card at a later stage. Hence, you should be on the lookout for any swipe machines that look odd or dubious. And if possible, make cash payments at places you don’t trust.

By putting up the aforementioned measures to practice, you will successfully avoid any Credit Card frauds that might come your way!

Also Read: Protect Your Credit Card from Frauds & Phishing with Simple Tips

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