How To Keep Your Credit Card Safe From Fraud

Indian credit card providers offer a range of cards with valuable perks. However, the increase in digital transactions has also led to more fraudulent activities. Daily reports highlight individuals losing substantial amounts due to digital thefts. To avoid falling victim to such scams, it is crucial to take specific steps to secure your credit card. Here are ten practical tips to protect your credit card against fraudulent activities.

1. Create robust passwords - Your password should not be easily guessable, such as your name or birth date. Use a combination of uppercase and lowercase letters, numbers, and special characters. Change your password regularly to enhance security.

2. Shop on secure websites - Before entering your credit card details online, ensure the website is secure. Look for "HTTPS" in the URL and a padlock icon, indicating a secure connection. Be cautious of suspicious links that may lead to phishing traps.

3. Enable tokenisation - Tokenisation is a process that replaces your credit card number with a unique digital token. By enabling tokenisation on your online shopping apps, merchants cannot store or transmit your actual card details, reducing the risk of fraud.

4. Cover your CVV - Cover the three-digit CVV code on your credit card with a sticker or opaque tape to prevent unauthorized physical access. The CVV is required for online transactions, so covering it can help prevent unauthorized purchases.

5. Turn off cash withdrawals - Credit cards often provide cash withdrawal facilities, but these come with additional charges. If your card is lost or stolen, a fraudster could withdraw cash using it. Disable cash withdrawal options on your app immediately after using them and enable them only when necessary.

6. Activate real-time alerts - Once you receive your credit card, activate SMS, app, and email notifications for every transaction. This feature allows you to monitor your account for any unauthorized charges and report them promptly to minimize potential losses.

7. Avoid public Wi-Fi - Public Wi-Fi networks at cafes, restaurants, and airports are susceptible to hacking. To safeguard your credit card information, avoid logging into banking apps or making transactions using these unsecured networks. Stick to your trusted private network connections instead.

8. Use virtual cards for online payments - Many banks now offer virtual credit cards for online purchases. These cards are disposable, with the card number expiring after a short period. Using virtual cards for online transactions reduces the risk of fraud, as the actual card details are not exposed.

9. Disable international usage - When traveling abroad, enable international usage for your credit card to make purchases. After returning home, immediately disable international transactions. Fraudsters may use overseas servers to bypass OTP-based security measures, so disabling international usage reduces this risk.

10. Set transaction limits - Your bank's mobile app allows you to set daily limits or caps on various types of payments, including online, in-store, and contactless transactions. Based on your spending habits and preferences, set appropriate limits through the app to minimize exposure in case your card is compromised. By following these ten practical tips, you can significantly reduce the risk of credit card fraud and ensure the security of your financial transactions.