How to prevent yourself from Credit Card Scams?


Even with zero or no liabilities on credit cards, however, a fraudulent transaction or identity theft can create a mess for both the customer as well as the bank. Moreover, with the increased dependence on plastic cash Credit card fraud could cause a lot of damage. But, people tend to ignore the most basic precautions to prevent fraud with credit cards. It is essential that every person takes the necessary steps to stay away from the dangers of scams on credit cards.

The banking industry has taken a number of steps to protect against credit card fraud. But, education for consumers is an important factor in avoiding fraud. 

Here are a few easy methods that consumers can learn on their own and prevent fraud with credit cards Scam

1. Keep your credit cards safe from Scam: The most important step to take for security against credit cards scam is to store your credit card in a safe place that is not readily accessible to others. Make sure the new kit or envelope for credit cards isn’t tampered with. Following every purchase, one should not forget to take the credit card away as quickly as they can, as thieves may keep a digital impression that is associated with the credit card using photos taken by cell phones. Also, Don’t divulge your credit card PINs, mobile app passwords, or internet Banking passwords else, whether a close friend or an individual from your family or through an email. 

2. Keep monitoring credit card transactions: Standard Chartered allows you to keep track of the transactions of your credit card through SMS and email alerts, as well as through SC Mobile or Online Banking. You will receive real-time alerts which allow you to track the amount you spend on credit cards.

3. Don’t make your payments upfront: Do not give the PINs of your credit cards, interest bank passwords as well as mobile banking logins to anyone, be it a family member or a friend. Even if you get an email or message asking you to share the details of your credit card it is best to not share it with anyone. Be aware that any type of bank will never request such information. In addition, online scams send emails asking credit card holders to pay fees or taxes to get a huge amount of money from a prize as well as an inheritance or foreign investment. Don’t pay for these schemes in advance as they are frauds that happen online. There is a chance that you will lose not just the money, but also your the details of your credit card to facilitate additional fraud.

4. Beware of phishing and viruses: Phishing is a scam that aims to get consumers to reveal personal information, such as details about credit cards. It could be done through phone, email text, snail mail, or even text. Phishers often attempt to win trust by using logos and names of companies by misrepresenting themselves. Be cautious of requests to collect personal information regardless of where they came from. You can independently verify the legitimacy of the person who is asking for your credit card information.

5. Set credit card limits: You can now set the maximum amount you can spend on credit cards. You have the option to set limits that are separate for ATM use and swipes at merchant outlets’ electronic transactions, contactless use, and international transaction limits. Make use of this feature wisely. Be aware that you are able to close a specific facility and restart it when required, for example, international transactions are only available when you travel abroad.

6. Identify skimming: The term “skimming” is used to describe when a burglar or thief steals the card number in a regular transaction and makes an untrue card or conducts transactions that don’t require a physical card, for example, transactions made online. Skimming can occur when a thief is able to steal a cardholder’s credit information during a legitimate transaction through a PoS device and uses the information to make a counterfeit card. With this card, a thief is able to make online purchases when the physical card is not needed. Don’t let your card go disappear when handing it to the cashier in restaurants or petrol stations. EMV chip cards can help reduce the risk of fraud caused by devices that skim. It’s important to pay special attention to payment terminals that are not monitored. If you spot something strange within the card slot do not use it, and notify an employee.

7. Make payments through mobile wallets: Pay-by-phone services that are based on smartphones are considered secure shopping as they employ tokenization technology that alters the details of payment with each transaction. They only save the amount of cash in the wallet required to make the transaction. So, the seller will not have access to information about your credit card. The phone typically has a fingerprint, swipe, or password-based authentication system. This makes it impossible for anyone to use the phone to pay.

8. Be alert: It’s a good practice to examine your credit card bills each month. Check your bill for any irregularities, unusual transactions, or charges and report it to the credit card company. In case of theft or fraud, report the event immediately in order to avoid paying for the transactions made on the card. So, it is advised to always check your monthly statements to look for any suspicious activity on your account.

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