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Types of Credit Card Fraud You Must Be Aware of

  • Highlights

  • Impersonating employees of financial companies and coaxing people into carrying out ‘urgent actions’ is a classic credit card fraud 

  • Gullible people who disclose information easily are easy targets for credit card frauds

  • Companies are not allowed to ask for confidential information such as CVV, OTP, and PIN

  • Avoid using your credit card at both deserted places and overcrowded areas

Credit cards have become a chosen payment option for consumers over the years. The ease, convenience, and short-term credit line it offers enhances the cardholder’s purchasing power. Credit cards offer deals, cashback, and rewards, offsetting the need to rely on cash and debit cards as payment options. The pandemic also fueled the increasing adoption of these cards. While there is everything to love about the credit card, it ends up giving criminals yet another avenue to dupe unsuspecting innocent people and make them victims to their con techniques.

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Credit Card scams to be aware of 


‘Your Bajaj Finsurv credit card KYC update is pending. Please click on www.bajajfinsurvKYC.com to update the details. If not done within 24 hours, the card will be blocked. 'Fraudsters ask victims to click on an authentic-looking link to redirect them to other websites by impersonating legitimate companies. Here the victim is asked to enter confidential details or answer security questions, which gives the fraudsters unauthorised access to the card. Such messages will always create panic and require time-bound action from the victim’s end.

Physical theft of the credit card 

The easiest way to gain unlawful access to information on one’s credit card is by stealing it. With all the information such as expiry date, CVV, cardholder’s name, and credit card number handy, stealing money becomes easy.  


A credit card skimmer is a small device attached to a POS machine or an ATM machine to steal credit card details. Once you swipe the card, the credit card skimmer scans and stores the credit card details. Scammers target crowded areas such as malls, petrol pumps, and busy ATMs, where customers are always rushing. 

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Malware Attacks 

Crooks install malicious software on the targeted person’s device. This is done to track their activity and steal any sensitive data stored or typed on the device. When the victim uses their credit card, the hacker can read the CVV, OTP, PIN, etc., and misuse the details. 

Identity Theft 

Fraudsters steal documents containing confidential information such as ID proof, ITR, address proof, etc. These documents authenticate their identity to be the victim’s identity, and they apply for a new credit card in their name. The card is then misused for fraudulent transactions.

Tips to Prevent Credit Card Scams 

  • Set a transaction alert for all your credit card purchases, so you are intimated as soon as an unauthorised transaction takes place on it

  • Never share your OTP, PIN, CVV with anyone. Customer care of legitimate companies will never ask for this information 

  • Check for any devices attached to the POS or ATM machines

  • Do not click on unsolicited links or links that require ‘immediate action’

  • Do not disclose confidential information on a spontaneous call

  • Use effective anti-virus software and keep your devices up to date to protect malware from being installed

  • Do not overshare information on the internet 

  • Avoid online payments using public Wi-Fi

  • Purchase only from secure websites – look for padlock signs and SSL (HTTPS)

If you realise your credit card has been stolen or misplaced, call your issuer and block it. This prevents you from any liability against the subsequent fraudulent transactions. If unauthorised transactions have already been carried out, follow the same and register a complaint at your nearest police station.

Call the national cybercrime helpline number at 1930 or visit the website https://cybercrime.gov.in/to make a complaint.

Knowledge is the first step towards preventing yourself from such deceitful acts. After getting acquainted with the kinds of fraud being carried out, it is also wise to remain cautious and not fall prey to credit card scams.

Savdhaan Rahein. Safe Rahein.

Read more:
• Cautionary Note - https://www.bajajfinserv.in/cautionary-notice-new.pdf
• Infosec Page - https://www.bajajfinserv.in/infosec-pages
• Fraud Awareness Blog - https://www.bajajfinserv.in/insights/fraud-awareness

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