With the never-ending advancements in technology and the rise of the information age,
plastic money has penetrated every nook and corner of the world, with almost every
individual relying on debit and credit cards for their everyday transactions. However, as
strong as the privacy laws and penalties for defaults might be, there’s always going to be
some risk involved with the use of credit and debit cards.
For starters, your information is at a prime risk of theft, and then comes other types of card
frauds. You can prevent the occurrence of such instances by keeping your credit card
information extra safe and secure. One should always be on the guard for any scammers
who may end up tricking them into disclosing their financial information or card details.
Sounds a bit too much? Don’t worry, we’ve broken it down for you in our list of the 8 most
important tips that you need to know, to prevent credit card frauds.
1. Keep your credit card safe
Probably one of the most basic yet fundamental tips on this list is to keep your credit card
safe. It might sound very simple, but we assure you that once you think about it, you will
come across many instances where you’ve been negligent and not taken care of credit
cards. For instance, you kept it somewhere and forgot about it or you keep your cards in
such a place in your purse or wallet from where it is comparatively more likely to be stolen.
Ideally, your credit card should be kept in a place, purse, or wallet that is safe and not in the
direct reach of possible thieves.
These days, even thieves are getting creative! They can take pictures of your credit card
with their camera or phone and once they have your card details, fraud is likely to result
from it. So, make sure you don’t leave your card exposed for any longer than necessary.
2. You should shred anything that has your credit card number on it
You shouldn’t just simply toss your credit card statements or for that matter, your card itself,
into the trash, thinking it’s useless. Such credit card statements usually have your entire
credit card number printed on them along with your name and other relevant details and
these statements, if they fall into the wrong hands, can easily deliver sufficient information
for another person to be able to use the funds in your credit card account. To avoid such
mishaps, you should either shred your billing statements or manually tear them properly and
the same goes for your credit cards, that have been expired or canceled.
3. Never sign a blank credit card receipt
It is very important to verify the amount on your credit card receipts before approving or
signing them. If at all you are given a credit card receipt that has any blank spaces on it,
always make sure that you write AED 0 in those spaces or draw through them, before you
put your signature on the card and receipt. This is to avoid the cashier writing an amount in
those spaces and sending the receipt to your receipt card issuer. Otherwise, the cashier
could write in an amount and send the purchase to your credit card issuer.
4. Avoid giving out your credit card information
Wherever possible, avoid giving out your credit card information. Do not give your credit card
details to any random person who calls you requesting your card number. Not just that,
when you are calling your credit card issuer’s customer helpline, you should use the number
on the back of your credit card. Avoid returning calls to a phone number sent to you or left
on your answering machine and the like. You never know if the person who sent you the
message or email or called you is a scammer or authentic. So, you should only give out your
credit card information where you know that, under no circumstance can it be misused and
that the person you are giving this information to can be trusted with it.
5. Be safe in online transactions
We all receive links in emails or on texts from our banks, however, thieves have found
numerous ways to make their emails look legitimate, and therefore, it is advisable to refrain
from clicking on such links or entering your credit card information on such links and
platforms. Instead, what you could is to simply access the official website of your bank to
log-in to your account and that way, you can be sure of the legitimacy. You should only enter
your credit card number on secure payment gateways that you are sure, are 100%
legitimate and authentic.
6. Immediately report lost or stolen credit cards
It is very important for you to immediately report your lost or stolen credit card to the issuer
bank so that they can cancel it as soon as possible and prevent any fraudulent charges. This
greatly lowers the likelihood of you being made to pay any fraudulent charges because of
someone else using your credit card.
7. Review your billing statements each month
Remember what we said about shredding your billing statements? Well, don’t just go ahead
and shred them without first having a look at them! You must have a record of what and
where you’ve spent your credit card funds on and this will also help you catch any
unnecessary things that are charged to your credit card and you’re also more likely to
prevent any sort of credit card fraud from happening. Approach your credit card issuer if you
notice any wrongly charged expenses, no matter how small, in your statement and they
would guide you on what to do next.
8. Make strong passwords
Your credit card information may be saved by you on various websites and this information
can be hacked and utilized. Ensure that you are using strong passwords with various upper
and lower-case combinations and most importantly, it should be alphanumeric and you can
even add characters to it. Confused? Just make sure you keep the passwords safe and
avoid writing or sharing your password with anyone.
Now that you know these important tips, make sure that you stick by them, and make full
use of them, to save you some unnecessary worrying and additional expenses. We’re
positive that taking these precautionary steps will help you avoid possible credit card frauds
in time and also tackle them if they occur.
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