What Are The Different Types Of Credit Card Frauds?

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Credit card numbers do get stolen, and in online and offline credit card fraud does happen. Indian credit card holders are increasingly becoming the target of online fraud.

Credit card frauds can happen in several ways. In many registered cases it is found that criminals are using latest technologies to come up with new methods of scams regularly.

Here are four types of credit card frauds:

Stolen Cards

This is a well-known credit card fraud. Many people came to know that they lost their credit card only after some time. The stolen cards will remain usable at this time until the owner call up the credit card institution to block the card.

Phishing emails

Credit card frauds are common via the internet. Phishing emails are the fraudulent practice of sending emails purporting to be from reputable companies to induce individuals to reveal personal information, such as passwords and credit card numbers. When you provide your card details it is easy for them to use the card as thier own cards.

SMS and calls

Criminals use various ways to steal information about the credit card. Fraudsters send SMS to the credit card holders asking to provide information on the cards. Phonecalls are also used to collect credit card information from the card holders. 7 Credit Cards With Best Rewards And Cash backs In India

Application Fraud

This fraud will take place at the time of processing application. Fake and stolen data will be used to open an account in the name of others. Criminals use utility bills and bank statements to open fake accounts.

How to avoid this?

Card fraud basically involves theft of identity or information on your cards. This information is then used to make ATM withdrawals or conduct online or offline transactions. The stealing can take place in the above-mentioned ways. Keep your card details safe and secure, and do not respond to unknown calls and emails asking your card details. How To Use Your Credit Card Wisely? Tips For The First Time Users

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Read more about: credit card, fraud
Story first published: Friday, April 21, 2017, 13:54 [IST]
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