The festive season is upon us. Dussehra, Diwali, Christmas, and New year – the celebrations bring with them so much cheer and joy. Giving and receiving gifts, buying clothes, accessories for the family, home décor items personalised gifts for our loved ones add to the charm of the festive season. This is also the season for promotional offers, flash sales, and significant discounts. Several e-commerce sites run shopping festivals that lure us to buy goodies and the attractive offers that come with it. There are, however, many things to look out for in the interest of our financial safety.
Too good to be true deals
Always shop at reliable stores and e-commerce sites. Do not fall for unbelievably low prices from sites that charge you in advance but may not be as prompt with their deliveries or service commitments.
Credit card fraud
Credit card frauds are all too common, particularly during the shopping season. Do not share your credit card details with shopkeepers and keep a watch when your card is being swiped. If you shop online and have been receiving calls asking to share your card number, CVV, OTP, etc., it is a red flag.
Data farming
Do not share your credit card details online or through social media. Data farms collect personal details and sell them to scammers or use them to make unauthorised transactions. No matter how attractive the ad or how large the discount is, do not share your account number, or personal/ financial details with anyone claiming to be from a bank.
EMI offers
Avail EMI offers but only from trusted NBFCs sources. If you are not sure about your eligibility for an EMI, it is best to call or email the authorised customer service contact and check before you choose any service.
Tips for safe online shopping
Stay aware of increasing credit/ debit card frauds, online shopping frauds, phishing attempts. India’s central bank, the RBI, has launched a large-scale awareness campaign, and banks, NBFCs, including Bajaj Finserv are creating awareness by sending mailers. Keep yourself updated.
Set transaction limits on all your credit and debit cards and net banking services. It keeps you within budget and prevents large-scale financial fraud.
Watch out for fake websites of reputed e-commerce platforms. A safe way to detect these are by looking for the Https:// prefix instead of http://. The former is considered insecure.
RBI has made it mandatory for credit and debit card companies and banks to offer customers multilayer authentication. This means that you will be receiving an OTP on your registered phone and updates when you swipe your card. Pay attention to these and stay protected.
Do not click links sent to you in your email or through text messages unless you are completely sure of the sender’s authenticity. Use good authentication software, firewall, and antivirus on your mobile device or computer. These keep malware in check.
Grievance redressal
Despite the best precautions, it is possible that you may have grievances against the e-commerce site, retailer, shopping site, etc. Be aware of the grievance redressal process before you make a purchase. If you believe that you have fallen prey to credit card fraud or cybercrime, block your card immediately. Lodge a complaint with the nearest police station and with your bank/ credit card company. Also, call up the Ministry of Home Affairs Cybercrime Helpline Number – 155260. Help is always available; reach out.
Enjoy your festive shopping but stay safe.
