In an increasingly online and digital native world, the risks associated with credit card fraud are on the rise in India. For customers, especially first-time users of credit cards, there may also be some anxiety over how to act quickly in case of fraud.
We explore a few quick checks you can make to identify potential fraud, what immediate steps to take, and how to improve caution for the future.
Act swiftly, try to keep emotional reactions to a minimum
If you suspect a fraudulent transaction from your credit card, try to regulate your emotional reaction so that you can act to swiftly tackle any issue. Keeping your head during financial and emotional distress can help significantly minimise your losses.
First, keep in mind the Reserve Bank of India (RBI) norms do not place liability for unauthorised transactions on the credit card holder. That’s while detailed and immediate reporting of the incident, with proper timeline and defined conditions (i.e. bank or system negligence) can help with how your grievance is taken forward.
As a responsible credit card holder, it is imperative that you to report suspicious transactions alerts (via SMS, email or monthly statements) to the bank or financial institution without delay.
How to protect yourself from credit card fraud?
- Activate transaction limits and instant alerts for timely updates.
- Use secure networks while making online payments.
- Continuously change your ATM PINs, credit card login passwords, etc, at regular intervals to boost security.
- Enable international and online credit card usage only when needed.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
