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Credit Card Frauds Rise in India: Protect Yourself

Many of us use credit cards, either for special purchases or as part of our everyday spending habits. They’re not only a convenient way to pay for goods and services but also, in the case of some credit cards, earning great rewards.

However, it’s concerning to learn that card fraud is on the rise and that India ranks among the highest instances of card frauds in the world.



A 2014 global fraud study puts India in the number two spot, after the United Arab Emirates, with a debit card fraud rate of 32 per cent. This shows a substantial rise on the 2012 figure of 21 per cent, which could be attributed to the increase of internet and online shopping.

While making your purchases online, and using your card to buy, is undeniably convenient, these figures could leave you wondering just how safe it is. The good news is that there are several things that you can do to increase your protection against card fraud and make sure that you don’t join the victim statistics, including:

Shop Safe
Where possible, shop from websites that you know, and look out for the secure padlock prefix to a web address. Bookmarking your favourite sites can also help to protect against phishing scams. You should also refrain from giving your card details over the phone or by unsecure email.

Password Protect
When choosing passwords, make sure that they are secure and impossible to guess. For example, instead of using your birthday or surname, use a random selection of numbers and letters. Just don’t make it so random that it’s impossible for you to remember as writing down your passwords is a big no no.

Monitor Your Accounts
Sign up to secure internet banking so that you can check your accounts regularly. You should also periodically check your credit files for any unusual activity that could indicate identity fraud.

Go Paperless
Going paperless reduces the risk of your sensitive information falling into the wrong hands. If you do receive paper statements for your cards, make sure that they are stored securely or shredded.

Choose the Right Credit Card
Choosing the right cards can play a big part in reducing your risk of falling victim to fraud. American Express, for example, has a range of security measures in place including pre-purchase verification, account monitoring, irregular activity alerts, personal security keys, automatic time outs and secure online banking which will encrypt your personal information. You will also be protected against losses in the case of fraud. Also, every time you shop with it, it will earn you many reward points.

Make the battle against rising card fraud a joint effort between you and your card provider and reduce the chances of becoming one of India’s fraud statistics.

This post is in collaboration with American Express.

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