Protect yourself from Credit Card/Debit Card Frauds – Top 15 Security Tips

As you might heard, approx more than 3.2 million Credit/Debit/ATM cards have been leaked all around the India. Approx 19 banks have been compromised with a total deduction of unauthorized money is around more than 1 Crore till date. Even State Bank of India (SBI) blocked approx 6 Lakhs ATM Cards.

With this state, the finance ministry has immediate directed all the banks to cross-check their systems and immediately block the card if debit card fraud is detected. If you can renew your card/pin by visiting your bank branch and get the new Debit Card without paying any penny and also, Identity theft is a serious issue facing many citizens worldwide, it’s grown steadily over the years thanks to an increase in online shopping, social media, and internet scams. Identity theft insurance online is an identity theft prevention service to reduce the risk of identity theft.

By year 2014, approx more than 10000 cases have been registered in reference of ATM Frauds. By month June 2016, Even RBI had asked to put a Cyber Security Policy to minimize all cyber threats but as seems that no decision has been taken yet from all banks.

Here is how you can protect yourself while using ATM or Debit cards:

  1. Set a daily transaction upper-limit on your debit card to avoid large transactions.
  2. Change your PIN frequently to avoid detection and keep it confidential.
  3. Regularly check your bank statement and track each transaction.
  4. Avoid using ATM machine at a mall or in a nondescript location.
  5. While using ATM machine, cover the keypad with your hand to hide your PIN.
  6. Avoid using ATM of different banks, stick to your own bank.
  7. Update your phone number and email for instant transaction information.
  8. Never respond to any call which asks your personal information.
  9. Don’t reveal your personal details like Pin Number, Mobile Number, Card Number.
  10. If your are caught in the internet, then immediately call your bank and block your debit/credit card.
  11. If any unauthorized funds have been deducted, then the bank is liable for it.
  12. Lodge a complaint with the nearest police station and keep a copy of the report for any fraud detection of your money.
  13. You can also send a legal notice to the bank to settle dues if your unauthorized money has been deducted.
  14. If banks dismiss your case, you can approach ombudsman within 30 days.
  15. If you are aggrieved by ombudsman’s decision, then again you can approach appellate authority, the deputy governor of RBI. National Consumer Commission is also the another platform to address your grievances.
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