The increasing use of credit cards and the rising number of frauds is going hand in hand from the past decade. In this scenario, it just requires some efforts as well as alertness from our end. In case, you are unsure of the same; it is advisable to take Fraudulent Charges Insurance Policy and delegate your burden to the insurance companies, in exchange for some premium amounts.
Tips to Avoid Credit Card Frauds
All your transactions are monitored on a daily basis, so it is advisable to take precautions while dealing with your payments and payment related information. Below mentioned are a few tips to save yourself from credit card fraud:
1. Verify and Sign Your Card on Arrival
As soon as you get your new credit card, it is advisable to sign in and change your pin. In the incident of loss or theft, you might end up in huge trouble.
2. Infuse Fraud Alert System
In case you are using your credit card through your computers or other electronic devices, it is advisable to install a fraud alert system. You can sign for Initial Fraud Alertand Extended Fraud Alert in your system. An initial fraud alert will protect your files for 90 days. You can then re-apply and opt for extended fraud alert which would help you straight for 7 years.
3. Do Not Share Your Pin or OTP
You should know that no banks or financial providers would ask you for your passwords or PIN. If you get a call from any fraudulent services asking for the same, you must make sure to stay alert. It is advisable to say a straight no, or you can end the communication right there. Only you can use your PIN and OTP for transactions.
4. Do Not Sign Blank Cheques
It is advisable to sign your cheques at the time of payment and not beforehand. It can be misused in case it gets lost or stolen.
5. Do not share your credit card information
It is advisable not to share your credit card information with strangers or even to known people in your circle. Also, never should you submit your credit card number online until you are sure about the security of the website.
6. Research before Making Payments to New Vendors
It is better to double check with others in the industry or research about the authenticity of the seller before making any payments. It may indulge you in huge frauds.
7. Use an RFID (Radio Frequency Identification)-blocking wallet
RFID- wallets have a chip for quick swiping and have electromagnetic security which would protect you from electronic pickpocketing like card skimming. Card skimming is illegally collecting data through a magnetic stripe of a credit or debit card.
8. Check Your Statements Regularly
It is advisable to check your bank and credit card statements daily. If not, you should at least keep a monthly check. It would keep you alert about any missing or fraudulent transactions.
Why is Bajaj Finserv Beneficial?
Bajaj Finserv has many affordable plans under its Pocket Insurance Scheme, and Fraudulent Charges Plan is one of them. Following expenses are covered under this plan:
It starts with a premium amount of just Rs.299 per annum and covers up to Rs.75000.
It covers expenses relating to card skimming. In card skimming, your card is swiped through the skimmer and all your information like card number, PIN, etc. are copied into the magnetic chip.
It covers expenses relating to card jackpotting. In card jackpotting, one can steal cash from the ATM reserves through hacking the software system.
It also covers expenses incurred due to the cloning of the card. In cloning, your card details are copied to another unauthorized card and used further.
Fraudulent scams, theft, lost credit/debit cards, etc. everything is covered under one single plan.