How to Protect Credit Card from Online Fraud

Credit cards are used by a large number of people today. This is because they allow them to make cashless payments, improve CIBIL score, and purchase expensive items under an EMI arrangement. However, you have to be careful if you are a user as credit card frauds are also quite common today.

When you are shopping or paying for bills with credit cards online, then you become vulnerable to certain risks. The following are some of the ways you can avert them and continue using the cards without a worry:

1. Shop Only from Reputed Websites

There is nothing wrong with shopping online. However, you should not be lured towards unrecognized platforms that offer huge discounts and instead stick to just popular ones like Amazon and Flipkart. This is because reputed ecommerce stores take the online privacy and security of their customers seriously. The small online stores, on the other hand, may not go that extra mile to safeguard your financial information.

2. Use Technology

Before mobile banking was a thing, i.e. a decade ago or so, managing bank accounts was quite tedious. You had to pay a visit to your bank branch to deposit or withdraw money, open a new account, invest in a particular scheme, etc. Today, you can use technology to perform a variety of personal banking tasks effortlessly. For instance, you can monitor your credit card transactions via your bank’s official app that can also update you when new transactions are made or when abnormal purchase activities are identified in your accounts.

You can use a mobile app or your online banking account to enable security features that can alert you about unrecognized transactions and prevent frauds.

3. Check Credit Report

Finance experts highly recommend that you check your credit report every once in a while so that you can keep tabs on your financial activities. For instance, you can check the details of the payments of credit card bills, loans, etc. that were made in the past. You can also identify discrepancies and mistakes in the report so that you can have them removed and improve CIBIL score.

Checking your credit report can help in prevent credit card frauds. This is because if there are transactions made with your cards but without your approval, then you can find them in the report. In the same way, you can learn if there is a new credit card under your name, which is often the case with identity thefts. At any rate, this information can help you prevent credit card frauds to a huge extent.

Note: As per new rules, all the credit rating agencies including CIBIL have to provide their users a free CIBIL score and report at least once every year. So, in case you haven’t got yours this year, then you can apply today for free!

4. Avoid Sharing Credit Card Information Online

All the top online stores and merchants allow you to store your credit card details on their websites so that you don’t have to enter them every time you need to buy or pay for something. This is to make your experience more comfortable, and the websites promise the highest level of security. However, if you don’t want to take any chances, then it’s best to avoid storing the details in the first place. This is because you never know if a major cyber attack may take place that compromises all the records. The only way to protect your information is to keep it to yourself and share only at the time of payment, even if it’s a little inconvenient.

5. Avoid Sharing Credit Card Details on Public Computers

When you are traveling and use a computer in a cyber café or a library, then avoid accessing websites where you need to share your credit card details. You should also keep the same in mind when you connect to the Internet with a public Wi-Fi connection. This is because these connections can be tapped into by hackers.

Credit cards have their uses but they can also be misused by fraud entities. So, if you want to prevent financial frauds online, then be sure to follow the tips above.

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