Keep your credit card safe

Keep your credit card safe
Highlights

The number of credit card scams and frauds being reported has escalated over years. There is a high chance of someone stealing information or the card itself being stolen and misused. Therefore paying attention towards the security of your credit cards is a must. Here are eight easy ways to keep your credit card safe and secure:

The number of credit card scams and frauds being reported has escalated over years. There is a high chance of someone stealing information or the card itself being stolen and misused. Therefore paying attention towards the security of your credit cards is a must.
Here are eight easy ways to keep your credit card safe and secure:
1. Store unused cards in a safe:
These days having a number of credit cards is not all uncommon. It is best to leave those credit cards at home which you use rarely or have assigned for specific things like travel. In case you lose your wallet, this strategy would certainly be of help. As then you would have to get lesser number of cards replaced.
2. Opt. for secure websites:
Online shopping is where most credit card frauds occur. Credit card numbers should only be entered on a secure website. The address of authentic website uses 'https' rather than 'http'. Also, the website should display the secured lock either at the bottom right corner or on the top. Use a website that has solid encryption software. Also, in order to avoid getting duped do not make use of public computers to shop online.
3. Sign your card:
Another thing to pay attention to, is to sign at the back of your credit card. This will prevent somebody else from making use of your credit card in case it gets stolen.
4. Monitor your Cibil Credit report:
It's also a good idea to keep checking your Cibil report every 6 months to check if there are loan accounts that do not belong to you. There are three ways you could spot suspicious activity. First is the credit inquires. Credit reports capture loan enquiries made in an individual's name as well as new loans being raised. Look for lenders which have accessed your credit report to process an application. If you do not recognize any of them it could be a fraudulent activity.
Secondly, look for unknown accounts. If you do not recognize an account there is high probability somebody else has raised a loan using your name. Lastly, look for addresses on your credit report. If it's not yours, it means a fraudulent application was used for credit.
To access your Cibil credit report that includes also your Cibil credit score, login to www.cibil.com.
5. Check your credit card statements:
Another way to keep your credit cards safe is to keep a check on your credit card statements regularly. Any unfamiliar purchase and debits of small amounts could be a sign of a fraudulent activity. Also, make sure your credit card bill arrives on time. A late arrival could be an indication of identity theft. It should be immediately reported to the credit card issuer.
6. Be careful at an ATM:
One needs to be cautious at an ATM. Ensure that there is no device attached to ATM slot as it could be a skimmer to capture your credit card information when you swipe it. If an such suspicious device is potted it has to be alerted to the bank immediately.

7. Keep an eye at the time of transaction:
If a cashier takes too long for transaction, there are high chances that your card might be getting scanned through skimming terminal to gather the information. Pay attention to the person who is using your card and take it back as soon as possible.
8. Buy Identity theft insurance and card protection plans:
Identity theft has become quite common these days. It means stealing somebody's identity to obtain credit in his or her name. Insurers like Tata AIG have come up with an identity theft and fraudulent charges insurance. It provides you coverage against any fraudulent charges made on your credit card by stealing your identity. You can also go for card protection plans offered by the banks like ICICI bank, HDFC bank, Axis bank etc. If you register with them you would be able to block all lost cards in a single call. You would also be provided lost card replacement assistance.
Follow these simple tips to safeguard your credit card from frauds.
Read: Why your credit card is declined at time http://bit.ly/1w4G8g9

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