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Preventing credit card frauds and protecting financial information

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In spite of the fact that a credit card may have low or even zero obligations, fraudulent activity or identity theft can nevertheless result in unwelcome complications for both the clients and the bank. Users of credit cards are spared the burden of bearing the financial burden thanks to the zero-liability policy of the bank, provided that they report the fraudulent activity within sixty days. However, they are required to go through the laborious process of finding the theft, reporting it to the bank, obtaining a replacement card, paying the cost, and resetting all of the accounts that are set up to pay automatically. Know more about credit card transaction API

What measures may be taken to prevent fraudulent use of credit cards?

  • Be sure to keep the login information safe:

Your personal identification numbers (PINs) for your credit cards, passwords for mobile applications, and passwords for internet banking should never be shared with anybody.

  • Never pay any payment in advance:

In order to collect a significant sum of prize money, inheritance, or offshore investment, online scammers send random emails to credit card users, requesting that they pay taxes or fees. Credit card users should never pay any payment in advance. Given that they are online scams, you should never pay for such schemes in advance.

  • Think before you make any payment:

It is important to take your time before making a payment because quite a few advertising push consumers to “pay now” in order to receive a discount. Never allow yourself to be pressured into making a payment by such promotions until you have carefully considered the benefits and drawbacks of the product or service in question.

  • Watch out for viruses and phishing attempts: Phishing is akin to using bait to attract a fish. However, it takes place in the payments domain rather than underwater. Through emails, phone calls, texts, and snail mail, fraudsters deceive victims into divulging credit card details, expiration dates, and CVV numbers. They make use of well-known logos, email templates, and even authentic-looking web pages.
  • Identify skimming: This is the process by which a criminal obtains a customer’s credit card information from a valid transaction at a point of sale (PoS) device and utilizes it to create a counterfeit card. The thief can use this card to make purchases online without needing a real card. When giving your card to the operator at a restaurant or gas station, never take it out of sight.
  • For everyday purchases and autopay, use separate cards:

Set aside a different card just for online autopay subscriptions, phone bills, and utility bills. You can avoid having this card processed by several people at eateries, shops, or gas stations.

  • Pay using mobile wallets: By utilizing tokenization technology, mobile wallets ensure the security of payments made in physical stores.
  • Establish a payment limit: You can set restrictions for contactless, online/e-commerce, ATM withdrawals, Point of Sale, and other transactions with any credit card issuer. The maximum amount that is accessible on the card is the default setting for the limit. It is recommended that you adjust these values to reflect the bare minimum of daily transactions.

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