Keep your credit card SAFE from fraudsters!

Credit card as a financial instrument has changed the way we shop forever. It provides easy access to money without having to carry bundles of cash notes or to know exactly how much you will need. In today's age and time of online retailing, it would be near impossible to imagine shopping online without a credit card.

While credit card has great advantages as a medium of currency payment, it may also be vulnerable to misuse if not safeguarded in a right way. We list down some of the precautionary measures you must keep to prevent any misuse of your credit card:

1. Keep a copy of your card

You can either take a photocopy of front and back of your card or at least note down the card number and the CVV number in a secured place. Credit card numbers are 16 digits long and it is not possible for you to remember the same and tell the bank in case of loss.

The author is chief evangelist, Perfios.com

2. Scratch the CVV number

CVV number is a 3-digit number at the back of your card just above the space you sign in. This number is crucial for online transactions and is card specific. There have been cases where people have secretly noted the CVV number at the time of swapping the card to be used later for fraudulent purposes. While introduction of practices such as One Time Password and additional Internet password have helped in curbing such misuse, it wouldn't harm to continue with the good practice of scratching the CVV number from the card, once you have memorised it or noted the same in safe place.

3. Online safety

Refrain from accessing any e-mail links pretending to be from your bank or credit card company, which asks for your personal information, even if the e-mail looks legitimate. These links are often phishing scams designed to trick you into entering your login information on a fake website. Be careful while entering your credit card details online and ensure that the websites on which you are entering these details are 100 per cent secure. To be sure a website is secure, look for a lock in the lower right corner of your Internet browser.

4. Create an Internet banking password or OTP

As mentioned above, this practice was introduced to plug the gap of card being used online without having the same physically by noting information like card and CVV number. This is a good initiative and keeps your card safe from unauthorised use online.

5. Report loss of cards immediately

If you find your card to be stolen or lost then you must report the same to the issuing institution immediately and request them to block the card. This will help you absolve yourself of any fraudulent liability created on the card. Also, if you were travelling during the loss of the card, do not destroy your travel tickets as it can be used as vital information to prove authenticity of your claim, when you lodge FIR with police as well as dispute the charges with the bank.

Evolution of credit card industry has assured that the instrument is far more robust in safety features now then it was in earlier years. However, no amount of institutional measures can absolve the owner of the card from the safety measures to protect the card from misuse. It is your belonging and you must take care of it like any other asset of yours.