Protect your credit card from FRAUD : 5 Tips to Protect your Credit Card
As digital payments grow in the US and India, it becomes important to protect your credit card from fraud. While many banks will take care of charges after you report your card lost or stolen, you may be taken for a ride if someone uses your card and the bank deems it to be your responsibility. There are some common sense tips you can use to ensure the security of your credit card. Some of these tips are common to the US and India, however most cards in US are much better protected against fraud even though they have much less security features.
1. Get a CHIP and PIN card. This is easier said than done in the US. Most banks in US are sending these out in batches but give your bank a call and ask them to send over a chip card. CHIP cards are harder to skim. In India, do the same. Many banks will want to charge you extra for a replacement. Tell them to go and pound sand. I had an encounter with Kotak Mahindra bank who wanted to charge me Rs.100 to get a Chip card. After I invoked their social media team at Twitter, I was able to get the chip cards sent to me for free.
2. Scratch that CVV out. Another way to do fraud is to memorize your card number and write down the expiry and the CVV. An easy way to prevent this fraud is to scratch out the CVV from behind your card (after memorizing it ofcourse ).
3. Swipe it in front of your eyes. Never let the waiter or the barista disappear with your card. Don’t get conscious or be embarrassed to ask the waiter to swipe the card in front of your eyes. A moment of inconvenience can prevent a large future loss. A lot of waiters would make a copy of your card using a skimmer while they take it to swipe it.
4. Turn on mobile alerts. Most banks and credit card companies allow mobile alerts. These mobile alerts serve as an early warning system to you incase your card ever gets compromised and banks can immediately shut down fraudulent use of your card.
5. Never share your OTP. This is mostly with the Indian context. OTPs or one time passwords are issued by banks in India to authenticate card not present transactions. Never share those passwords with anyone including someone claiming to be from your bank. Also never share your card number, expiry or any other sensitive information with your bank either. They will never call asking for such information.