The attacks on credit cards target the number, expiry date and other important information like CVV on the card. If the card has been charged fraudulently, the cardholder must take some quick actions in order to minimise the damage.
Types of Credit Card Fraud
Physically Stolen In case of this, the card can directly be used for transactions and in order to control the damage, the customer needs to report the lost/stolen card right away.
Skimming Using electronic devices and machines that read and duplicates the information is called skimming.
Phishing Stealing the information through deceptive e-mails is called phishing. In phishing, the theft is done by making the e-mail look like an official one with fake company logos and website addresses. The same can be done telephonically with fraudsters disguising themselves as bank officials and asking for the card details from a customer.
How to Prevent Credit Card Fraud
One should never reveal their details or information to any telecaller and should never reply to any suspicious e-mail. The fraudulent e-mails and calls are very commonly occurring instances nowadays. In these cases, the customer must contact the bank or report the number.
One should always report a lost/stolen card right away in order to prevent the Consequence. The blocking will prevent any further misuse. The banks have a dedicated helpline that provides its customers, the much needed support in these cases. The customer should inform the bank as early as possible in such cases.
One should always monitor his statements from time to time. If he notices any transaction that was not initiated by him, he should report it to the bank and https://twitter.com/dvthetindung get the card blocked as early as possible.
The cardholders are also recommended to install virus protection on their computers and use caution while shopping online or paying bills online. The suspicious looking payment pages and online shopping sites should not be used for online shopping.
Banks can prevent such cases by monitoring the charging behaviour of the customer on the card. If they notice something unusual, then the card needs to be blocked till a proper verification with the customer.
The merchants can help preventing such fraudulent cases by issuing receipts for the transactions without the full card number on them and by not storing the information in their computer systems. They can also request for additional information and perform geolocation validation.
It can also be minimised with the latest technological features for payments like 3-D secure, EMV, Point to Point Encryption etc.
I am Siew Kuan an avid reader and a prolific writer and work for BBazaar.my. An Investment Banker by profession and a writer by passion. Mostly I write on subjects related Financial stuff.