In a bid to advance towards a cashless economy, people in India use credit cards extensively. If you have a credit card, you know it is easy to use. Whenever you fall short of money but need to make a significant purchase, you can use it. Plus, it helps you avoid worrying about paying any interest on your expenses.
Indeed, there are several benefits of using a credit card, be it rewards, improvement in creditworthiness and ease of paying bills. Moreover, you can apply for a credit card online in a few simple steps. However, you might have also heard of credit card frauds, which simply means unauthorized use of your card. These frauds instill fear and discourage people like you from using credit cards, even when they are so useful in today’s time.
If you use your credit card for frequent online and offline transactions, there’s nothing to worry about. All you need is right knowledge to avoid being a victim of such frauds. So, follow these four ways to ensure safe usage of your card:
- Enable Credit Protection Feature
One of the high-risk events that can lead to credit card fraud is when it gets lost or misplaced. It may reach into the hands of a fraudster who would use it for his own benefits. One way to prevent fraudulent transactions on your card is to block it immediately after it has been lost. However, you can add another layer of security by enabling the credit card protection feature. Ask the customer support executive for activating that feature for your card and enjoy greater security. Although it comes at a price, the security you get in such a situation makes it totally worth it.
- Use Your Card on Reliable Online Portals
Unlike buying things from a local market, doing online shopping is a better alternative. There are endless websites on the Internet today, including unsafe ones to attract you towards things you need.
Buying stuff online at any unreliable website may give your card’s details to its owner without asking for your permission. This will expose you to the risk of facing a fraud when that individual may use your credit card for his/her personal use.
So, make sure you always shop online at the renowned portals and avoid falling into the trap of ‘best deal’ scams running at various websites. It is a good practice to check for the “https” prefix in the website’s URL, which says it is protected with an SSL security certificate.
- Avoid Giving Your Card to Others for Use
When you have family members and friends who know you have a credit card, they may ask you to use it for making transactions. Along with the card, you will then need to share your transaction PIN with them, as well.
As a good practice, avoid sharing your credit card with others. Instead, get it swiped in your presence in the offline stores. Similarly, use your card details by yourself while buying stuff online.
- Avoid Accessing Internet on an Unsecure Network
Internet has become more like a necessity these days. Everyone wants to access it all the time and in all places. Also, you might have found people feeling attracted to free Wi-Fi or Internet connection offered at different locations.
In some cases, these public Internet connections are insecure and are highly vulnerable to a host of frauds. To be at the safe side, avoid accessing unsafe Internet facilities, especially while using your credit card for online shopping.
Responsible Use of Credit Card is Your Responsibility
A credit card comes with a host of benefits for you, provided you know how to use it sensibly. Protect yourself from possible frauds by following these ways. Also, make sure you choose trusted banks, like Axis Bank, to apply for a new credit card, along with equipping yourself with the right know-how to stay safe and secure.
