Card frauds: Protect yourself now!

Plastic counterfeiting and frauds have increased at an alarming rate. So how do you protect yours from being misused?

The use of plastic money began in India as early as 1987, when HSBC first introduced their ATM cards. Since then there has been no looking back. Today debit and credit cards together generate sales of over Rs 1.5 lakh crore annually.

Also the increase in Internet coverage and rising level of disposable income amongst the middle and upper middle class has contributed to surge in the usage of cashless purchases. Convenience in terms of usage can be attributed to be one of the vital factors aiding to its increasing popularity.

One can now buy without worrying to take out and carry cash. From mobile phone recharges to airplane tickets; from a cup of coffee to a meal at fine restaurant, almost everything can now be purchased via credit and debit card.

The other side of the coin

Increased use of plastic money by consumers across the nation has also seen the rise in frauds and crimes related to credit and debit cards at an alarming rate. These crimes occur primarily because of negligence of the user, which makes the unsuspecting user a susceptible target of such miscreants who take benefits of their negligence and steal their hard earned money.

It becomes very difficult for the police and the bank to control such crimes because by the time one files a complaint and action is taken, a lot of damage has already been done. So the best way to secure lies in an old proverb: Prevention is better than the cure. That is the card users must take care of a few thumb rules to prevent themselves of becoming targets to credit/debit card cloning/counterfeiting.

The improvements in the field of technology has made improvements in security, but at the same time, unscrupulous people are getting access to advanced technology which can make counterfeiting/ cloning of cards easy.
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How to secure your debit and credit cards

By following certain simple rules, one can make transactions using credit and debit cards safe and secure.

Online security

People should be conscious enough to never disclose their card details to anyone, especially onli#8800 only shop on secure gateways, i.e. web sites with 'https//' and not 'http//'.

Online purchases should be done only from web sites which are certified by 'VeriSign' or 'Thawte', two online security certificates.

The customer should register with Verified by Visa or MasterCard SecureCode to make online shopping more secure.

Passwords and PINs

The card holders are advised to change passwords from time to time. For numeric passwords, like ATM PINs, one should not use sequence like '2345' or '5678', also using repititions should be avoided '2222' or '5555'.

Using the same PIN for more than one card should be avoided. In case of passwords, one should use a mix of special characters and alpha-numeric characters PIN/password should not be kept with the card, like in wallet or purse.

A few simple tips

One should limit the number of cards, and carry the ones which are really needed.

Swiping the card twice is risky and also on small machines claiming for a special scheme. In these cases the information on the magnetic strip can be easily replicated to make a clone (creating a duplicate copy).

Dos

The card must be signed upon the receipt, as it would prevent misuse, and would also be a proof in case of ambiguity.

Banks never ask for your card information, so the customer should be alarmed if any such request is sent across to him. S/he should first contact the bank before letting out his details.

Don'ts

Credit cards are still better to use than debit cards because discrepancies can be solved easier. Since in case of debit card, the account has already been charged, the amount gets debited leaving little scope of getting it back.

The customer should always check her/his card statements, and report discrepancies if any to the concerned bank without delay.