As per a report published in 2016, every one in ten residents of UAE has been a victim of credit card fraud. Now it is possible to pay for almost everything using a credit card. It is therefore all the more important to be aware of all kinds of fraud and stay alert and careful.
Let us look at the essential terms that are used in these frauds. Skimming and phishing are often used while referring to credit card scams. They may appear to be the same but are two very different types of fraud.
Skimming is done by in-person way of committing fraud. In this, the thief uses a device that helps him to copy the information of the card by scanning it and transfers it to a magnetic strip.
While on the other hand, phishing is conducted online. It is done by sending emails to gather the personal information of the people including usernames and passwords. Further, this information is used to scam money out of the accounts of the participants. Both these terms are associated with credit card scams.
Staying alert and by taking necessary measures, we can protect ourselves to some extent from these online and offline traps. So here are some ways of, how to protect yourself from these frauds:
- Stay updated – Use the SMS and email service of the bank to stay updated on any kind of purchase or withdrawal that is made from your credit card. Keeping track will help you spot any unusual thing which will take place from your account.
- Some things to avoid – Avoid using free-standing machines because they are more prone to scams. You can rather use ATMs in banks and inside malls because they are much more protected.
- The concept of covering – Make sure no one is watching you or standing behind you while you are entering your PIN. If someone is standing behind, cover the keypad with your hands to avoid suspicion.
- If you face the issue of the card being jammed or confiscated, contact your bank immediately to ensure quick resolution and safety.
- Say no to strangers – If you are in any situation like a card being stuck, do not rely on strangers and get in touch with the bank.
- It is more about the pin – If you have the tendency to forget your PIN number, then it is important to note it down. Remember not to write this on a piece of paper that can easily go into the wrong hands. Rather, note it down in a secured diary or a protected mobile application.
- If you are facing any problem issues with your credit card, keep in mind that not hand it to any unauthorized person.
- Remember, no bank will ever ask for sensitive information like PIN code or password over a phone call or via email.
- Always trust your instincts – If you feel that the environment of the ATM is not usual or something is strange, walk out without delay.
The trend of these frauds: scams, skimmers, and phishing, have risen drastically with the growing times.
According to a news report of Nelson, if we collect the data from worldwide and sum it up then annually the amount touched around $16.3 billion in 2014 only from frauds associated with credit cards, debit cards, and prepaid cards.
As the age of the internet and banking flourished in unison, the masterminds thief became more sharp and active in committing cybercrime. According to experts, these frauds are mostly untargeted, and random calls, SMS, and emails are sent. From there, if they succeed in gathering the relevant information, fraud takes place. These frauds now follow are huge network and chain and hence becoming more complicated to track. Many times, the cops are just able to reach the middle line and give up before reaching the mastermind. The reason behind this is the use of excess resources and time.
In 2015, Brazil and Mexico were at the top of the list in the cases of credit card fraud. The situation they faced was worst than any other part of the world. Even after developing to this stage, they were targeted in these traps. U
All in all the idea is very clear, that if you want to be safe from all these frauds and scams, you need to be alert in every step you take.
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