Do Not Be Game to Fraud Attacks

By BankBazaar | May 11, 2012

As we are becoming increasingly dependent on plastic money for all our transactions, one cannot fail to ignore the penetrating force of fraudsters and fraudulent transactions. Constant vigil and precautions are important in order to safeguard your privacy and interests. With the two-factor password authorization being introduced by the Reserve Bank of India, it has become difficult to hack into the privacy of credit card users online. However, dark forces need to be tackled on the offline front too. Most of the crimes concerned with plastic money occur due to our negligence and ignorance. For instance, there might have been innumerable times when you have handed over your credit card to a store clerk to pay for a transaction, and he goes off for a while and returns with your card. How secure is such a transaction? Although this seems like an obvious thing to do, this short span of time can entail a whole wide web of fraudulent transactions. As we get to sign the counterfoil slip, we think everything is in our control. However, your card could have been cloned with all the information on its magnetic strip retrieved, or it may just have been deemed to be lost. Since the card holder’s sign is included in the card, merchant establishments have good reason to believe that the card is original. However, sometimes miscreants may forge your signature too, making it difficult to trace such minute changes in signature. It may take a while before you realize that such fraudulent transactions have taken place with your card. Thus, in order to avoid such discrepancies, ensure that the transaction takes place in front of your eyes, verify the amount on the slip before signing it, and save all such receipts to check them against your monthly credit card statement. There have been various instances in the past where people have borrowed debts like personal loans or any other type of loans to repay the debt on their credit card, which pinched them hard for a long period of time.

While at the ATM to carry out transactions, there are quite a lot of chances where you can misplace or forget your card. Always remember to never reveal your PIN or Personal Identification Number to anyone. When your card is lost, matters can get worse if your password has also been compromised. Whenever you key in your PIN at an ATM or at the Point of Sale terminal at a store, place your hand above the keypad to hide the number from the eyes of unethical fraudsters. In the online world, phishing is a common danger where fraudsters urge individuals to hand over sensitive information by portraying themselves to be the bank or the regulatory authority themselves. Banks never ask users to communicate such information through online modes. Thus, always be cautious with your financial information while dealing with online transactions. If you are indulging in an online transaction with an international website, you need to take extra precautions and measures. The two-factor authentication may not be applicable over them, thus making you more vulnerable to fraudulent attacks. If the website is a one created by miscreants for unethical reasons, then you may have just offered all your credit card or debit card information to them on a platter. Your CVV number or Card Verification Value is a 3-digit number printed on the back of your card. This is an essential security measure that should never be compromised. Many users fail to understand its importance, and in the long run, they tend to fall prey to fraudulent transactions. In certain situations where you are compulsorily asked to submit a photocopy of your credit card or debit card, then strike off the CVV number before submitting the copy to anyone.

Always refrain from making any online transactions in public arenas like cyber cafes. Your information will be under huge risk of compromise owing to the lack of anti-virus software applications in such places. Use your own personal computer or laptop while indulging in online transactions to avoid such scams. As plastic cards are increasingly said to be the torchbearers of safety, security and convenience, you cannot fail to ignore your responsibility while using them. If you are suspicious about any transaction or activity, then report the same to your bank immediately.

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