5 Ways to Protect Yourself From Online Fraud When Using Credit Cards

First published June 11, 2022 at 11:47 a.m. IST

According to a recent report by the Reserve Bank of India (RBI), the number of bank fraud cases doubled in the financial year 2020-21, despite the fact that the sum involved in the cases was half of what it was in fiscal year 2021-22. According to the study, the total number of fraud cases in fiscal year 22 was 9,103, compared to 7,359 in fiscal year 21. Credit cards, on the other hand, can protect their information and avoid fraud and money loss by following five simple steps.

Online fraud has increased in India in recent years. For example, according to a recent report by the Reserve Bank of India (RBI), the number of bank fraud cases doubled in the financial year 2020-21, despite the fact that the sum involved in the cases was half of what it was in the fiscal year 2021-22. According to the study, the total number of fraud cases in FY22 was 9,103, compared to 7,359 in FY21.

Here are 5 ways to secure details and stay safe from scams

1. Customers should avoid entering their credit card information on dubious websites, as this information may be stolen. Check the URL for ‘https’ to make sure the website has an SSL certificate. SSL certificates are not used on unsecured websites.

2. These days it’s essential to have your credit cards handy. You should also be careful of thefts, especially when traveling by public transport. After taking your cards, thieves can use the credit card’s contactless payment feature to purchase low-cost items.

3. Credit card customers should keep an eye on their credit card statements for unauthorized transactions. Cardholders can also use this practice to check for illegal charges or fines issued by the bank.

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4. Many credit card providers offer a feature that allows customers to opt out of offline, internet or overseas transactions. You can use the option to limit your trades and avoid incurring losses.

5. Many credit cards have a fraud protection plan that protects your money in the event of fraudulent activity. Cardholders can also purchase additional insurance to protect their credit card against fraudulent use.

Read also | RBI raises electronic money order limit for recurring credit and debit card payments to Rs 15,000

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