Contrarily, the amount of payment card fraud in India has also reached a new high with over 50,000 cases reported in FY 2020, with a total value of approximately Rs.228 crore. A lion’s share of these frauds and unauthorized usage of payment cards are easily avoidable by following some fundamental rules.
5 Rules to follow while using credit cards online
Here is a set of tips that you can follow to avoid becoming a victim of credit card fraud and shop safely –
1. Shop from authorized websites only
Several websites on the internet retail similar product types. However, not all of them are trustworthy. Using the online security loopholes, unreliable websites often come forward and trick shoppers into believing in their authenticity and acquire their confidential account details for unauthorized use.
An easy way to counter this issue is to check the URL of the website and read reviews about that particular site. It will present a fair idea of whether it is a reliable platform to shop from or not.
2. Avoid storing card details on multiple sites
Shopping websites often ask their users to save card details for future use. Even though it may seem like a convenient idea, but in reality, it comes with its set of risks like compromised data during security breaches.
Thus, making an effort to enter the details of your best credit card for online shopping with every transaction can be worth the trouble. Additionally, some of the best credit cards also come with advanced security features to abate any such security threats.
3. Use private connection and secure devices
Individuals who use public Wi-Fi networks should refrain from this practice when shopping, as they are not always secure. Since these terminals are open to all and free to use, they are often vulnerable to various cyber threats. Additionally, using unsecured devices is not a great idea for online shopping too.
Instead, shoppers should use their private computers and Wi-Fi networks while using their instant credit card online to make payment. Along with that, using a VPN or virtual private network is also a useful idea.
4. Opt for instant alerts and notifications
Credit card users can enable alerts and notifications against their transactions to stay updated on their payment card’s activities. In the event of any unauthorized usage, they will receive a notification instantly and can act accordingly for an ultimate recourse.
5. Check credit card statements regularly
Even though it is not a technique to keep a credit card safe from misuse, but reading the credit card statement correctly and regularly can help users identify any unauthorized usage in time for the necessary action. It will also help stop that card from further abuse.