Using credit cards, debit cards to shop? Don't become a fraud victim, do this

The festive season is around the corner and all the e-commerce websites are hosting multiple sales on their platforms, offering several products under different categories at exciting prices. Flipkart, Amazon and Snapdeal are among few platforms that have successfully hosted sales on their platforms. All these websites also partnered with certain banks to offer additional discounts and cashback to their customers. Similar offers can be expected in the upcoming sales where customers need to make the purchase using credit cards or debit cards of select banks. However, you need to be extremely cautious to ensure that you card details are not misused by anyone.

"The credit and debit card purchases sky-rocket during this shopping sale season and as many of us use them, it is imperative for us to understand the precautions that we must take while using them. While the cards do replace the need to carry huge amounts of cash, one must be extremely cautious while using them, especially with a high-risk merchant," Rajesh Desai, CEO & Director, Lyra Network India.
 
He also advised customers to take certain precautions while making online payments to ensure that their money remains safe -
 
1. Using a password manager that encrypts passwords which would otherwise be in plain text

2. Avoid public Wi-Fi/computers

3. Keep your banking details to yourself

4. Avoid apps that you can’t trust

5. Buy from reputed merchants

6. Set a strong and complex password

7. Watch out for security vulnerabilities in your device

Desai suggests that one of the best ways to safeguard your credit card transaction is by keeping your PIN safe. He said that without the PIN number, very little can be done even if your credit card or debit card gets stolen. So, do not tell it to anyone and don’t write it at places where others can find it. "Whenever you use a credit card, you receive a receipt. It is advised to not leave the receipt at places from where it can be taken by others as that slip often contains the details of your card, like the number –  first or the last few digits, type of card - which can pose a fraud risk," Desaid added.

Lately, many spyware and malware have found their way to the smartphones. Even though Google is consistently removing such apps from its Play Store, you must ensure that the website used to place orders provides secured software for the protection of your card details. "Other such measures that help avoid the risk of credit & debit card frauds are — being there when a merchant swipes your card, double-checking the amount of the bill and the amount that is logged in by the merchant, destroying the unused cards, among others," he said.

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Also, in case you lose your credit or debit card, do make it sure to report about it to the bank.