Protect yourself from credit card fraud
Ensure your financial safety with these credit card fraud prevention tips. Learn the best practices when using a credit card to avoid theft.
With the increasing dependency on plastic money, credit card frauds can prove to be extremely damaging. Yet, one tends to neglect basic steps to avoid credit card frauds. It is imperative that every individual take necessary steps to avoid the perils of credit card fraud.
Modern-age frauds can range from theft of cards, account takeover, counterfeiting, to email/telephone order (MO/TO frauds) and more. The banking sector has taken multiple steps towards prevention of credit card frauds. However, consumer education is a key strategy when it comes to avoiding fraud. Here are some simple ways a consumer can self-educate and help avoid credit card fraud.
Keeping the Credit Card Safe
The primary step for credit card fraud prevention is to keep the credit cards in a place which is not easily accessible for others. First, make sure that a new credit card kit/envelope is not tampered with, and sign on the back of the card as soon as you receive it. Always keep the credit card secured in a small wallet which will make it difficult for snatchers or pickpockets. After every purchase, one must never forget to put the card away as soon as possible because thieves can store a digital imprint of the credit card through snapshots using cell phone cameras. It is also recommended to confirm the possession of the credit card in your wallet from time to time, even if you have not used it in a while.
Monitor Credit card transactions online
Standard Chartered allows you to monitor your credit card transactions via SMS and email alerts and also via Online Banking or SC Mobile. You can get real time alerts that enables tracking of credit card spends.
Avoid Paper Trails of your Credit Card Number
This is another simple step for avoiding credit card fraud. Credit card billing statements usually have the full credit card number printed on them. As a credit card user, one must always remember to shred the statement before dumping it into the bin. Expired and cancelled credit cards should also be shredded.
Signing of Blank Receipts
The amount on the credit card receipt should be thoroughly verified before signing the bill. In case of a credit card receipt with blank spaces, it is advisable to fill the blank spaces with zero/s (0) or scratch through before putting the signature.
Never Make Credit Card Information Public
Always be aware of scammers and potential threats of phishing. Credit card number and other sensitive information related to the credit card should never be provided over the phone or through text messages. Credit card scammers usually pose as new service issuers or providers of lucrative business offers while tricking the unsuspecting user into leaking sensitive information about the credit card. Ensure that you memorise your PIN and change it frequently to avoid misuse. You can change the PIN for your Standard Chartered credit cards online, by following simple steps here.
Double-Check Your Online Transactions
Credit card providers be aware of the phishing threats posed through email links that mimic bank logos, credit card provider or businesses that require personal information. A general rule of thumb is to verify the legitimacy of the online website that you are making the purchase from. This can be done by checking if another website of the same or similar name exists. Always make sure that the website is secure by checking for the ‘https://’ in the address bar of the site. Exercising caution goes a long way to avoid credit card fraud.
Immediate Reporting of Lost or Stolen Card
It is advisable to report a lost or stolen card to the service provider as soon as possible. As a customer, you must remember, the sooner the intimation of a lost card, the quicker the credit card fraud prevention. Always keep the credit card company’s customer service number in your phonebook to avoid delays in informing the service provider in case of credit card loss or theft. Only with prompt reporting can one avoid credit card fraud in such cases.
Review the Billing Statement
Another necessary step for credit card fraud prevention is consistent review of the billing statement for each month. Unauthorized charges are a sure sign of credit card fraud. Under such circ*mstances, the extent of the fraud is immaterial, as even a small unauthorized charge should be reported immediately to the credit card service provider. Usually, in this case, the service provider will instruct you to close the account and apply for a new account number. At Standard Chartered, the user gets an SMS and email notification each time the credit card is used. In case of unauthorized transactions, it is recommended that you report it immediately and block the card. Click here to know how to do this yourself via Online banking or SC Mobile.
Making Strong Passwords
In this digital age, credit card numbers are usually stored online for the ease of access and one-click purchases. A basic rule for making a strong password at some of the most secure websites is to use a combination of both upper and lower case characters and numbers. It is also advisable to memorise the password and avoid jotting it down on a piece of paper for future reference.
Using RFID-Blocking Wallets
Contactless credit cards usually come with RFID chip embedded in them which allows for a smoother operation where the users do not need to swipe the card. Credit card fraudsters can scan the RFID data of a card while standing next to a person. Investing in an RFID-blocking wallet can be pivotal to credit card fraud prevention.
Credit card fraud protection starts with the customer. Being aware is essential for every credit owner. Quick intimation protocols are usually provided by the card service providers, and it is essential to use them to inform the service providers, in case you notice something out of the ordinary as soon as possible. To know more about Standard Chartered credit cards, click here.
