Credit card fraud refers to a scammer using your credit card number and PIN or your stolen credit card for financial transactions from your account and without your knowledge.
When an individual uses someone else’s credit card information illegally or for uninformed personal spending, it is classified as credit card fraud. Credit card scams fall under identity theft and have become increasingly common nowadays. Scammers use your card details to perform unethical activities and initiate transactions from your account without your knowledge. Such events have led to the need for credit card security.
By securing your card and its related information, you can prevent yourself from falling into the trap of severe financial losses. People must opt for credit card security options that are readily available and accessible to ensure the safety of their transactions and financial statements.
Get coverage up to Rs. 2 lakh in case of a fraudulent transaction done using your lost credit/debit card with Wallet Care from Bajaj Finserv. Buy Now.
Credit card security is of utmost importance to secure your account from any unwanted threat of identity theft. You must check your account statement at regular intervals to check for any irregularities. Contact your bank if any discrepancy is traceable and take the required actions.
By securing your credit card, you can control the transactions taking place through your card. You can also get your cards blocked if you receive any notification related to an alarming fraud. If your card falls into the wrong hands, you can prevent yourself from the loss that may follow.
When your credit card is used for a transaction by someone else without your knowledge, it is known as unauthorised charge. This can happen when you lose your card or when your card or card information gets stolen.
A counterfeit credit refers to a fake card that has actual credit card information on it. The card information will belong to the victim and it will have encoded magnetic strips and the logo of the credit card issuer.
Moreover, you can buy an credit card protection plan to protect yourself against financial losses in case of fraud.
Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?