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You Can Limit Your Loss In The Event Of Financial Fraud/ Data Theft: Here's How

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As we just forayed into the decade, there is again reported a high level breach of debit and credit card data of as many as 100 million users. And if knowingly or unknowingly we are among them whose such crucial financial data has been compromised over the Dark Web, here are some of the suggestions to limit your losses:

Now for your information again, the breach has been reported on a Juspay platform which processes transactions for several other big guns:

 

So, in such a situation, when you may land up in a possible financial mess because of likely phishing attempt is made on you

First here you need to know, if you had been the victim of this financial theft:

Check of such breach:

Check of such breach:

Through breach detect sites such as F-Secure, BreachAlarm, DeHashed, have i been pawned?, etc. Here you need to provide your email etc. and some of these sites are free while others are paid.

In case of compromise of data of financial data, report it to the financial institution:
 

In case of compromise of data of financial data, report it to the financial institution:

In case there is compromise of financial data, you need to contact the financial institution or the issuer and the card will have to be asked to be blocked. A new card issuance will no doubt involve some issuance fees but it is still better to expose your Rs. 5 lakh credit card limit to a possible or likely data breach.

Do also frequently review your credit report for any credit enquiries not authorized by you.

Change passwords of financial accounts and take measures to avoid future data compromise.

Password manager including 1Password come as help and may assist in generation of strong passwords.

Now make use of the lock and unlock functionality that has been kicked off lately to avoid such threats

Now make use of the lock and unlock functionality that has been kicked off lately to avoid such threats

For transactions such as for online payments, you can keep the card unlocked and for others such as overseas transaction it is advised to keep the card locked. Everyone should use the switch on/off facility on cards to mitigate risks. This has been advised for all such transactions as ATMs, online and debit or credit cards.

Set the limit on your card as per your use. Refrain from saving card details on sites while you shop or make some payments. But still, bigger institutions that deploy stronger security protocol can still be relied upon.

Mehta, co-founder and CEO, Decimal Technologies, says, "Typically, it's the smaller sites, where the chances of a data breach are higher. For instance, a large fashion site may be a big name in fashion, but may not necessarily have very strong security. Don't save your credit card details on it." Always uncheck the pre-checked box that permits such sites to save card details.

Other points to remember:

Other points to remember:

It shall come as a good security measure to have antivirus deployed on all your electronic gadgets. Also, use both debit and credit safely as some of the debit card holders tend to be careless with them. Also, another piece of advice is that do not open video messages from unknown people as they could be infected with malware capable of stealing your data.

Opt for a virtual card instead of a debit or credit card for online transactions:

These are one time cards that do not have any physical edition. This is a free service and for them the expense limit is established by the holder and there is an expiry timeline for such cards of say 48 hours or so. It comes with its own card number, validity, expiry data and CVV

GoodReturns.in

Read more about: financial fraud data theft
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