Simple Steps to Avoid Debit and Credit Card Fraud

  • 20 November 2017 | 379 Views | By Mint2Save
Credit and Debit Card Fraud

Your hard earned money is the only resource which can create multiple resources for you. It is thus, a prime requirement that this resource is kept safe and sound in our bank accounts or wallets. Thanks to the consistent upgrade in financial technology, money has evolved itself from paper to plastic and now to binary. But, as it goes with technology, with boon, a hidden curse is always attached. To our plastic money, this curse is in the form of credit card and debit card fraud.

Card fraud is a very common problem which can occur at any point of time. Basically it occurs due to breach of security. It occurs when someone steals of the confidential information from the cards. After that the information is then used to withdraw a grand sum of amount from the bank account in a fraudulent manner. There are some ways by which card fraud theft can take place. They are as follows:

  1. Skimming–  This is a technique by which a data skimming device is attached with the card reader slot for stealing information from the magnetic stripes whenever a person swipes his or her card. Additional cameras are also set up for the knowledge of the PIN.
  2. Trapping of cards– It is a technique by which once the card is swiped, it remains in the slot itself and it is retrieved later.
  3. Surfing via shoulder– If someone wants to help you regarding the withdrawal of money from the ATM, you must be aware of such a person because he or she can stealthily know you confidential PIN.
  4. Leaving a card in the ATM– If you leave your card at the ATM counter forgetfully, then it is a virtual scam. Anybody can steal money by using it.
  5. Online transactions– Stealing of an identity of an individual can be done by the usage of computer and smartphones. After the theft, it can be used for such transactions which are not authorised by the individual.
  6. Pharming– It is a technique by which the fraudsters show way to you to a fake website which looks exactly the same as the original one. So, whenever you make any kind of transaction on that particular website, the card details of yours are stolen.
  7. Keystroke logging– Suppose a person downloads a software unintentionally. This paves the way to the fraudster to steal passwords and details of net banking.
  8. Wifi for public– Public wifi provides a great platform for the fraudsters to steal information. They can easily hack out all the information. So, it is recommended to each and every person to avoid using the wifi which is made for public purpose.
  9. Malware– It is a harmful software which hacks the computer systems and ATMs and turns them to a non-working condition. After that the fraudsters steal out all the personal information.
  10. Point of sale theft– Suppose a person went to the shop to buy some products. Due to some cash issues, he or she wants to pay the amount by card. After that the person gives the card to the sales person to swipe it off. The fraudulent activity happens right there. The information from the magnetic stripes are copied off from the card and are used for transactions which are totally illegal in nature.
  11. Vishing and Phishing– Phishing is a fraudulent activity which occurs by means of spam mails while vishing is another fraudulent activity which occurs by means of messages or SMSs through the careful usage of mobile phones. These are some tricks which are helpful to the fraudster to bring out the information like PIN, passwords and many more.
  12. SIM card fraud– It is a very dangerous kind of fraud which is carried out by the fraudsters. They call up the particular network provider with fake identity proof and generates a new duplicate sim.card. Now, what the operator does is that it deactivates the original sim card and the fraudster creates an OTP or one time password for making online transactions.
  13. Apps which are not at all safe– Mobile apps which are not from any kind of authorised seller can easily access the person’s personal information like passwords and make unauthorised transactions by using them.
  14. Interception– It is one of the oldest form of fraudulent activities which is very commonly done these days. If the person’s card is stolen, then, the thief can easily steal out the money by the careful usage of passwords and PIN.
  15. Duplicate card fraud– This is another fraudulent activity which are carried out by the fraudsters. They use fake id proofs and generate a duplicate card by which at first they block the original card and then steal money by the usage of the new duplicate card.
  16. Loose slot– If it is found that the slot for entering the numbers are shaky or loose in nature then it is a trap created by the thieves to steal out all the information and the money as well.Credit Card and Debit Card Fraud

There are some basic preventive measures that can be taken into consideration in order to save your hard earned money. They are as follows:

  • Safeguarding from the ATMs– A person must stay away or avoid using such ATMs which appears dirty or are not repaired properly. They can be traps set by the fraudsters.
  • Machine check- One must avoid using a machine which requires to enter PIN twice. In general, no such ATM demands to enter the PIN twice. So, do not use such a machine for making any kind of transactions.
  • Keypad cover– It is recommended to cover the keypad with your hand while you type the PIN or any other kind of detail.
  • Say NO to help– If a person gets stuck somewhere while using the machine, it is advised to not to take the help of any person who is inside the ATM counter or loitering outside the ATM. Try to use the ATM counter which is attached with the branch of the bank so that if a person faces any kind of problem, he or she can immediately seek the help of the professionals who are working in the branch.
  • It is advised to use sites which are safe for online transactions.
  • It is recommended to stop the usage of debit cards for ecommerce transactions.
  • Upgradation of the mobile number on a time to time basis must be done so that if any breach occurs an alert message can be forwarded to the concerned person.
  • It is mandatory to log out of the sites if you are using the cyber cafe.
  • Please do not reveal the details of your card to anyone. It should be known to you only.
  • Signatures should not be done on any kind of blank sheet.

If any fraudulent activity occurs, then, immediately lodge a complaint in the nearest police station. After that consult the bank. If the bank does not respond within 30 days, then, immediately call for the nodal officer. Stay safe!!!

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