Credit card fraud has sharply increased in recent years due to the advent of cybercrime.
As per a report in April 2021, over 59% of adult Indians were victims of a rising number of cybercrimes related to credit cards.
The survey claims that identity theft affected a staggering 27 million Indian citizens in the previous year.
This is why it is essential to be vigilant about protecting your personal information when making purchases online and at stores.
By understanding your financial behaviour and where you spend your money, you can reduce your risk of becoming a victim of identity theft.
What are the don’ts to be protected from identity theft?
When someone improperly utilises another person’s personal information, identity theft happens.
Below are some don’ts to protect yourself from identity theft:
- Avoid transacting on public networks
Public networks can be vulnerable to hackers looking to steal a person’s information for their usage.
If a person does not know what network they are dealing with, avoid doing business with them.
Public networks without any password for their Wi-Fi can be vulnerable to theft.
An open network connection could be dangerous, whether in a coffee shop, a hotel lobby, or a friend’s house. Someone else could be stealing your information.
- Never share your credit card number on the call
Individuals must not give out their credit card details or PIN over the phone or via text messages, regardless of how legitimate the caller seems.
Be aware of unsolicited calls from unknown individuals asking for credit card information.
Never give out your credit card information over the phone unless you are the one making the call.
- Avoid using debit cards
Many customers use debit cards to make purchases instead of credit cards.
However, you must know that debit cards do not provide the same levels of fraud protection as credit cards.
You might be held personally responsible for payments if a criminal obtains your debit card and uses it without your authorisation.
- Don’t disclose your credit card number through Email
Hackers frequently target cardholders and attempt to gain access to sensitive information.
Delete an Email right away if it asks you to submit critical information.
This is because someone could intercept your messages and read the contents of your emails.
Thus, always ensure not to provide any card details via Email.
- Do not share pictures of your credit card online
To prevent unauthorised access to your credit card account, do not post any image containing sensitive information on social networking sites.
- Don’t provide unreliable representatives with any information
To deceive you into giving them your credit card number, identity fraudsters frequently contact and pretend to be from a company you know and trust.
However, give your card number only if you made the call or sent the Email.
What are the do’s to protect from identity theft?
The do’s to protect an individual from identity theft are:
- Manage your accounts and passwords
Always ensure to make secure and unique passwords, change the passwords regularly and log out after every transaction to avoid identity theft.
Moreover, do not share your passwords with anyone.
- Analyse your credit card spending
When making financial transactions, it is essential to understand how much money is being spent and what the credit card charges are.
Cardholders need to know what type of expenses they incur and where they come from.
Look closely at the different transaction amounts and ask yourself if they seem out of place.
- Sign up for additional protections
Make sure you have the necessary protection for your online shopping habits.
You may consider signing up for additional protection like fraud alerts and free credit monitoring services.
- Examine your credit reports
Cardholders need to ensure that they check their statements regularly.
Be aware of any charges that may seem suspicious, even if you do not think you placed the order.
Do not assume that someone else charged your account without your knowledge.
- Shred your documents
Always shred any paper documents before throwing them away.
Credit card-related papers could include delicate personal information you do not want to end up in the wrong hands.
People are becoming victims of identity theft at an alarming rate. And it is occurring more frequently than ever before.
Fortunately, it is easier to prevent these scams and recover stolen funds.
A person can rest more easily knowing that their information is secure as long as they keep an eye on their credit, safeguard their devices and accounts, stay away from phishing and other frauds, and keep their papers out of the wrong hands.