Protecting your credit card from frauds
Mandira Sahni is aware of credit card frauds and identity thefts. She frequently uses her credit card for bill payments, travel reservations, booking movie tickets and shopping on the Internet. Her credit card is also swiped out of her sight at petrol pumps and restaurants. She wonders if the information she provides at the time of making a payment can be misused. She wants to make sure that she has sufficient checks and balances in place to protect herself against such malpractices. What measures should Mandira take to ensure her financial security?
Mandira needs to educate herself on securing confidential information online. She should conduct online transactions only from her password-protected computer. She should ensure that the Internet settings do not enable auto filling of details. It is advisable to avoid credit card transactions on public computers. If she must, Mandira should avoid using the keyboard and choose the virtual keyboard. She must verify if the sites and payment mechanism are secure (the url should begin with https and the task bar at the bottom should feature a lock).
She should sign up for the online verification facility offered by Visa and MasterCard, which secure Internet transactions by seeking a user-defined password. She should be aware that the combination of her card number, expiry date and the CVV number behind the card can be used for transactions. She can note down the information on the face of the card, such as validity date and CVV number, and erase it from the card.
This will prohibit misuse of information by anyone who gains access to the card. She must habituate herself to verifying her monthly statement to stop unauthorised transactions and must report to her bank if there is a discrepancy. Other factors include updating changes in address with banks and credit institutions. As long as she protects the information related to her transactions, she will get the security she desires.
Source: Economic Times
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