Real Fraud Call Recording Asking For Bank And Credit Card Details

Two level authentication for online transactions. 1st level when you enter Credit Card details & CVV. 2nd level authentication is implementation of 3D Secure Code (Verified by VISA and Mastercard SecureCode)

2. Issuance of EMV Chip & PIN enabled Credit Cards

3. Option to select / set limit for International usage

4. Data Security standards for POS Terminals

5. SMS Alert to customer’s registered mobile no for every Credit Card transaction

6. OTP for IVR based transactions

Awesome, Isn’t it. In India, the probability of Credit Card fraud is negligible except due to negligence of user. An example of negligence is that user lost the wallet with Credit Card and in the wallet PIN of Credit Card was written on piece of paper.

Unfortunately, International scenario is not as secured as in India. Most of the credit card frauds are executed offshore i.e. Credit Card information is stolen in India and then the Credit Card is used outside India. Best part is for international transactions, you only need Credit Card No and 3 digit CVV No. Unlike India, there is no multi layer security authentication/verification. Its quite easy to carry out credit card fraud outside India. RBI or any law enforcement agency does not have any jurisdiction outside India. Last year, one of my friends credit card was used to make international transactions on dubious e-commerce website of African country. Now he has lost all the hopes to recover the amount. The double whammy for him was that he had to pay the amount else his CIBIL Score would have been impacted adversely. Moreover with stricter norms in India, no one can escape under the shield of Credit Card Fraud. The only point of consolation is that if the user prove his innocence by proving that credit card fraud happened due to bank or its employees ignorance/fault/collusion. In this case, Bank will compensate for the loss due to credit card fraud.

I am sharing 11 most important tips which can help you to avoid Credit Card fraud

Mask CVV No

Immediately after receiving the Credit Card, Remember CVV No and Mask/Scratch the same. You can mask with Permanent marker and than apply whitener coating over it.

Never Store Credit Card information online

Storing Credit Card Information online is most dangerous practice. Its an open invitation to credit card fraud. Recently while booking movie ticket on BookMyShow, the merchant offered me to save the Credit Card Details for next transaction. These e-commerce sites claim highest data security standards but recently Ebay’s 145 mn accounts were compromised so its safe to conclude that “WEB is not a safe place”.

A word of caution: On some e-commerce sites, the option to save Credit Card information for future transactions is by default selected. If you overlooked than without your knowledge, the information will be captured by merchant. The user has to very careful while making online transactions.

Avoid International Transactions, Avoid Credit Card Fraud

It is advisable not to use your Credit Card abroad and even avoid using Credit Card on International E-Commerce websites. If you are 100% sure about the merchant’s credibility & reputation than you may consider. I am currently using my credit card to make payment to Amazon for using their business applications. Offline transactions are also risky as Credit Card Skimming is very common at POS terminals in countries like Thailand, Indonesia, African Countries etc

Credit Card Transactions at Petrol Pump

According to recent study, Credit Card Transaction at Petrol Pump is most unsafe. It is one of the favorite location for credit card skimming thus credit card fraud. We tend to handover Credit Card to pump attendant and Credit Card is unattended for 10-15 mins. The probability of Credit Card Skimming is high at Petrol Pumps specially the petrol pumps on highways & remote locations. Crux is that Credit Card should not be unattended and all Credit Card transactions should be in front of you. Secondly, don’t us

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