In this fast-paced age of technology your debit and credit card information is always at risk. Did you hear about the debit cards that were hacked recently and how ATM machines were jacked to capture your card information? Luckily, you can keep your card information extra safe to avoid any fraudulent activity. Always be aware of con artists who may try to trick you into giving details of your card away.
Replica card fraud
Sometimes a criminal may manufacture a replica or a fake card which is a rather difficult process, but many criminals are skilled enough to duplicate a real card. They will then use made-up names and trick shopkeepers into believing that it is a real card. This can lead to the criminal buying products and services against your name if the criminal uses your name to buy things.
This is not exactly credit card fraud, but identity theft. You should always be careful and always keep a lookout for identity theft. Any phone call, email, or text message out of the ordinary, or any search result out of the ordinary that does not relate to you, should make your suspicious and you should report it, in case your identity has been stolen. This is not quite popular in Pakistan as much as stolen or lost card usage is.
Stolen or lost card fraud
This is the most frequent type of fraud. This type of fraud happens when you accidently lose your card somewhere and it reaches in the hand of a criminal or someone mugs you and uses your credit card somewhere. In case of debit cards, nobody can use an ATM since they wouldn’t know your ATM pin code, however, any purchase that requires a swipe, is pretty easy, so are online purchases.
The first thing that you should do is call in the banks helpline and get your card blocked instantly after it is misplaced or stolen. Next, get a First Information Report (FIR) lodged so that any transactions, legal or illegal, that are done on your card, do not get associated with you.
After that, apply for a replacement card, as well as refund, in case any transaction was performed on your card during the time that it was stolen/misplaced and you getting it blocked.
Online and ATM frauds
These are also pretty common in Pakistan. Be sure, not to click on emails that look uncertain and shady that may use your personal information without your permission. Usually such emails have viruses or trojans built in, which result in your personal information being leaked out.
How many of us save our card details and our passwords into our computer? This is a goldmine for anyone who wants to borrow your information for their gains. Always make sure that you go on to legitimate business website before conducting any online transactions. Make sure that you are extra cautious when you are doing transaction via your credit card online.
To make sure that you do not become a victim of credit card fraud, go to the website of the business to logon to your account, to make sure that the business website secure, look for “https://” in the bar and lock that is present in the lower right corner of internet browser. Some extra step will help you to avoid any cases of fraud.
In all cases, you should take some standard precautions to ensure that you are not a victim of this fraud. Keep your cards and your pin code safe. Do not share your personal information that you put into your card. If you share any of this information with anyone, you put yourself at risk of fraud almost immediately.
Add only those people you know, on your social media, because the information you shared on your card, is all available on your profile! If you feel a fraudulent transaction is being conducted on your card, or if you lose your card, get it blocked immediately. Get an FIR lodged, and present that to the bank, for a replacement card. Ensure that you never write down your pin code anywhere and do not create simple to remember pin codes like 14th August or 25th December, or your birthday.
Credit card fraud is on the rise again these days, and with these precautions you can save yourself significant hassle.