How to Protect yourself from Credit or Debit Card Frauds?

credit-and-debit-card-fraud

Every now and then we hear or see news regarding credit or debit card frauds. People have been cheated with the macho amount, though they have not used their cards at all.

We should acknowledge Reserve Bank of India (RBI) who has provided key measures to strengthen security on credit or debit card.

  1. It has been made mandatory for the banks to issue international credit and debit cards that are EMV (Euro pay, Master card, and Visa) chip-based with a pin enabled.
  2. The new cards to be issued must not have magnetic strips. The active cards that already have magnetic strip will have daily limitations.
  3. The terminals must have payment-data security standard certificate that is used by the traders and the infrastructures.

In case, any in-doubt purchase is witnessed, there are some tricks that can be implemented:

  1. For a customer to block the card.
  2. For banks to check with the customer if they spot anything.

Apart from bank or RBI we must also circumspect from our end. Here are certain ways you can use while using your card in ATM machines:

  1. One should always use the ATM machine which is associated with the bank or at least has a security guard present.
  2. In case of only one machine, make sure nobody else is around you when you are using the machine. In case of more than 1 machine, always cover the area while entering your pin.
  3. Register for SMS alert whenever the card is being used. This will be helpful because in case anyone else uses your card, you will get a notification.
  4. The transaction receipt must be kept safe until it is verified with the bank statement.

It is vital that one must protect the pin. Below are few tricks that you can use to protect your pin:

  1. One should not write pin numbers anywhere.
  2. The pin number and the card received from the bank must not be kept in the same bag.
  3. The pin number should not easily recognize like birth date or anniversary date.
  4. Keep changing the pin numbers frequently.

In this article, we have tried to indulge into the said matter as it is always better to take precautions than cure.

Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws.

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