Credit card information is privy and prone to theft. Therefore it is your responsibility to keep it safe from miscreants, who may illegally use it and make you pay the price for the same because after all, you are the owner of the card. So it is important that precautions are taken so that you do not have to pay financially for the misdeeds of others.
Don’t give credit card information
Credit card thieves are known to pose as credit card issuers to trick you into giving your credit card number. Therefore give your credit card details only on the calls initiated by you to the customer service number. Also do not submit your credit card number through email. As a general rule, most banks and credit card companies will never request your account numbers via e-mail. No matter how official, credible an e-mail or website appears to be; if it is asking for sensitive information you can safely assume that it is not genuine. In fact, most banks explicitly state that they will never approach you for such information through email.
In order to prevent anyone from getting their hands on your credit card number, make sure that all documents carrying your credit card number are destroyed.
Report lost/stolen cards immediately
The sooner you report a missing credit card to the credit card issuer, the less likely it is that you will have to pay for any fraudulent charges made on your credit card.
Review your bills on a monthly basis
The easiest way of determining any credit card fraud on your card is by spotting any unauthorised transaction. If you notice a charge that does not belong to you, no matter how small the amount, report it to the credit card issuer. Your credit card issuer will then guide you on what the future course of action should be.
Immediately sign
on the card
The moment you receive your card, make sure you put your signature on it. Although, it is mandatory to do so, some of us tend to ignore it, and it then can be easily misused if it falls into the hands of some miscreants. That’s because the person can put his own signature on the card and start using it.
Keep your PIN secure
Make sure you do not write the PIN on your card or you do not keep it accessible anywhere in your wallet. In a scenario, your wallet being pick pocketed, both your card number and pin number will be available and cash can easily be withdrawn on the credit card.
You also need to be careful of your CVV number. The CVV number can be used for online transactions. So anybody knowing your card number and your CVV number, can do online transactions such as purchase of air tickets, equipments, etc. So, do not give a photocopy of both sides of your credit card to anyone. Also make sure that the websites on which your transacting online is safe and secure. For that, look for the lock on the bottom right corner of the screen.
Opt for a card
protection plan
In case you have lost or have been robbed off your card, you would be charged for sombody’s fraudulent purchase and also you lose the convenience to pay through the card. A card protection plan help you in thise senario.
What is a Card Protection Plan?
It is card protection service that can be used anywhere in the world when your card has been lost or stolen. All you need to do is call the CPP toll free number and inform them of the loss or theft. CPP in turn will inform all the issuers and get the cards cancelled.
In addition, CPP will also help you in your travel, hotel bill payments to the extent of the coverage of the product you have chosen. Also you will get help on getting your documents done such as passport.
You need to buy this product by paying annual charges. Then you need to register all your cards and all the documents you deem necessary.
Depending upon the product, customers can be covered for fraud loss on their cards for an amount up to Rs. 1 lakh prior notification and Rs. 20 lakh post notification; overseas emergency assistance for payment of hotel expenses of up to Rs. 1.2 lakh and Rs. 60,000 in India; and replacement travel ticket advance of Rs 1.2 lakh while overseas and Rs 60,000 whilst in India.
This plan doesn’t cover online frauds. So if your card is misused for online transactions by a third party, CPP does not protect you.
There is no cap on the number of cards that you can register for protection under one registration/membership. You can choose to register all your financial and non-financial cards such as membership/loyalty cards as well as other valuable documents such as driving license, passport, PAN card and any financial certificates.
(The writer is CEO of bankbazaar.com. He can be contacted at adhil.shetty@bankbazaar.com [1])
Links:
[1] mailto:adhil.shetty@bankbazaar.com