Debit and credit card frauds have lately been on the high with increased dependency on plastic money. If a criminal gains access to your credit or debit card details, there is a high chance that you are going to lose your money. In the case of your debit card, your entire account balance could be wiped off whereas, for a credit card, transactions of up to the allotted limit could be made.
Although the banking sector has taken numerous safety measures to ensure awareness of fraud, you also need to take certain steps such as opting for wallet insurance for increased security. In this article, let’s go through some tips as to how you can protect yourself against the risk of debit and credit card fraud.
Sign Up for Banking Alerts
Most banks now offer SMS and email alerts of transactions that may occur throughout the day. Even though you might check your account balance often, banking alerts help you track any suspicious activity that may take place. Furthermore, such alerts not only notify you regarding the transactions but also other account changes that you might not have requested.
Immediately Report Loss of Cards
It is possible to forget your payment card at the ATM or at a store and never get it back. During such an event, it is recommended to report the loss of your payment card immediately. You can contact your bank or use their online services to block the card so that no fraudulent transactions happen.
Secure Contactless Payment
Contactless payments have become quite popular due to the ease of completing a payment without entering your safety PIN. However, enabling contactless payment on your card can put you at risk. To steer clear of any such threats, you can choose to disable the tap and pay feature for your payment cards. But if you prefer it, make sure you set a limit to the debit or credit card for contactless payment and opt for an RFID blocking wallet.
Properly Discard Old Payment Cards
Sometimes payment cards go through certain changes which require you to get a new one. In this case, ensure you have discarded the previous card properly and you don’t have it lying around. A shredder can easily help you with this!
Beware of Phishing Scams
You must have noticed that certain banks have taken measures to ensure that you can confirm the official banking pages. However, there are chances of becoming a victim of a phishing scam. The scammer shall get access to your bank details and personal information the moment you enter it on the fraudulent portal. So, it is requested to beware of such frauds and double-check the website you are logging onto.
Use a Secured Network
Another step to take towards protecting yourself against online risks is to connect to secured networks. While using your mobile phone or laptop for banking transactions, it is vital to use a secured WiFi connection. Moreover, you can also make use of VPNs or Virtual Private Networks if you are using WiFi in a public place.
Going paperless allows you to avoid any chances of your bank account mail going into the wrong hands. It’s also good for the environment and you can reduce the risk of experiencing any payment card fraud. So, going paperless is definitely a win-win!
Review Your Billing Statement
Apart from checking your balance regularly, it is advisable to review your credit card billing statement. Suspicious or unauthorised charges can be easily identified in the statement. You can simply inform your bank provider regarding an unknown transaction and protect yourself against other fraudulent transactions.
Do Not Save Card Details
We tend to save our payment card details online to avoid filling up the details every time you need to make a purchase. Or, you might save your card details someplace to remember the PIN. But this could be an issue in case of security breaches, so do not save your card details anywhere.
With these tips, you can steer clear of any fraudulent transactions that can easily leave you with a financial burden. But it is recommended to keep educating yourself regarding phishing scams and frauds to be updated. However, having a backup against such threats is always necessary which is possible with insurance. On Bajaj MARKETS, you can avail Wallet Insurance to protect yourself from the loss of payment cards. With a 24×7 card blocking facility, PAN card replacement feature and more, Wallet Insurance has got your back in the time of need!