Debit card, credit card fraud WARNING! 5 ways to save your money from fraudsters

Plastic money has made life easier for a lot of people. For instance, if you are carrying a debit card or a credit card in your wallet, there is no need to carry cash. However, if you are not careful, you will lose money to fraudsters who are always looking for an opportunity for card holders to make mistakes they can take advantage of. 

Digital economy has got a massive push from the government which is continuously bringing new initiatives to promote cashless transactions. It is now true that debit cards and credit cards are accepted at almost every shop and institution these days. That means the number of people using these cards has increased manifold. While there are certainly several benefits of the same, customers need to be vigilant to ensure that they are not robbed off their hard-earned money. SO, here we provide 5 simple methods you need to follow to keep your money safe from debit, credit card frauds -

1. First of all, you should only use debit and credit cards on trusted websites. Most cases of fraud are reported when customers end up sharing their card details on fake shopping websites. In case you have any doubt about the authenticity of the website, do not share card details. In fact, there are also many instances of fake websites of banks being created too!

2. A popular method of banking frauds, dubbed as phishing, involves fooling people by sending them fake calls, SMS or e-mails asking to share information regarding credit or debit cards. In certain cases, people panic and provide the secret numbers, passwords and usernames to fraudsters and end up with empty bank accounts. So, it is important not to share your bank account number, card number, PIN, CVV, or password in any situation at all.

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3. There have been multiple cases where people have lost money while withdrawing cash through bank ATM machines. This type of fraud is pulled off by placing a skimming device inside the machine. To stay safe, you should always check for such devices before withdrawing cash from ATMs. You should also never allow anyone to watch over your shoulder punching in the debit card or credit card PIN.

4. Since most of our transactions these days are done through smartphones, we end up sharing card information on several platforms without even realising. So, it is important to be aware of what apps are installed on your device. If you end you installing a malware, it might compromise the information stored on your device.

5. Lastly, even if you end up losing money, make sure you immediately report it to the bank or card-issuing company. You should also ask them to block the card so that more transactions could not be done. Doing nothing or reporting the same late will ensure you do not get your money back.