Credit card frauds in India can happen to anyone, but being informed is your best defense. Let's explore the types of credit card frauds and what to do if you become a victim.
Types of Credit Card Frauds -
First, let's look at the types of credit card frauds.
· Card Skimming: Card skimming is done by using devices to steal card information
· Phishing:
In this case, scammers send fake emails or messages, posing as banks, to trick you into revealing your card details.
· Lost or Stolen Card:
If your card is lost or stolen, it can be misused by unauthorized individuals.
· Online Fraud:
Online frauds are the ones where fraudsters make unauthorized online purchases using your card details.
· Identity Theft:
Frauds in which your personal information is used by fraudsters to open new credit card accounts in your name.
Stay tuned for the second part of this video where I’ll tell you about what are the things that you can do in case of any of the above-mentioned credit card frauds.
What To Do in Case of Credit Card Fraud Happen
We have already spoken about the different types of credit card frauds.
Now, let’s discuss what to do if you're a victim of credit card fraud in India.
1. Contact Your Bank
Contact your bank immediately. Report the fraud and block your card to prevent further unauthorized transactions.
2. File a Police Report
File a police report at your local police station. Keep a copy of the same for your records. Notify
3. Credit Bureaus
Notify credit bureaus like CIBIL, Experian, and Equifax to add a fraud alert to your credit report.
4. Monitor Statements
Monitor your credit card statements regularly for any suspicious activity.
5. Keep Records
Keep records of all communication with your bank and the authorities.
In conclusion, credit card frauds in India can be prevented and managed with vigilance. Stay vigilant, know the types of fraud, and take immediate action if you suspect fraud.
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