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How to protect yourself from credit card fraud
Manage episode 327704396 series 3346141
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With the increasing dependency on plastic money, credit card fraud can prove to be extremely damaging. Yet, one tends to neglect basic steps to avoid credit card fraud. It is imperative that every individual take the necessary steps to avoid the perils of credit card fraud.
Modern-age frauds can range from theft of cards, account takeover, and counterfeiting, to email/telephone orders (MO/TO frauds) and more. The banking sector has taken multiple steps toward preventing credit card fraud. However, consumer education is a key strategy when it comes to avoiding fraud. Here are some simple ways a consumer can self-educate and help avoid credit card fraud.
Click on this link to know more about how to protect yourself from credit cards:
https://telegra.ph/Ways-To-Protect-Your-Credit-Card-From-Online-Fraud-05-05
Keeping the Credit Card Safe
The primary step for credit card fraud prevention is to keep the credit cards in a place that is not easily accessible to others. First, make sure that a new credit card kit/envelope is not tampered with, and sign on the back of the card as soon as you receive it.
Monitor Credit card transactions online
Standard Chartered allows you to monitor your credit card transactions via SMS and email alerts and also via Online Banking or SC Mobile. You can get real-time alerts that enable tracking of credit card spending.
Avoid Paper Trails of your Credit Card Number
This is another simple step for avoiding credit card fraud. Credit card billing statements usually have the full credit card number printed on them. As a credit card user, one must always remember to shred the statement before dumping it into the bin. Expired and canceled credit cards should also be shredded.
The signing of Blank Receipts
The amount on the credit card receipt should be thoroughly verified before signing the bill. In case of a credit card receipt with blank spaces, it is advisable to fill the blank spaces with zero/s (0) or scratch through before putting the signature.
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