Credit Card fraud: Are you aware of it?
Credit card fraud refers to unauthorized transactions done with of your credit card by any third party. Credit scams are mainly triggered by the intention to steal funds from other people. Because, it is the easiest way to enjoy services and goods using other people’s money. It can be defined as one individual stealing another person’s credit card number, details and personal details to perform unauthorized transactions without the consent of the cardholder. Credit card fraud is kind of identity theft that happens when someone obtains your personal details, credit card data or other crucial information to commit fraud.
How credit card fraud happens
There are multiple ways how credit card fraud can happen and fraudsters can steal your credit card details. Listed below are some of the ways credit card frauds usually take place in Malaysia:
- A fraudster may pick up your discarded billing statements from public places and collect crucial information about your card and personal details.
- If you are using your credit card at restaurants or shopping outlets, fraudulent clerks or waiters may take a photo of your credit card and use it for committing fraud. Sometimes, restaurants waiters may provide you with a duplicate credit card and steal your original card.
- You may get calls/SMS from fraudsters asking about your credit card details. You may also get calls offering you attractive and free travel trips or discounted travel package. They will ask you submit personal details or make payments and later on they will found nowhere. These are some of the common ways of robbing people out of their money by fraudsters.
- Fraudsters may hack your personal online banking site and collect your card bank/card details.
Credit Card theft/fraud in Malaysia
Credit card fraud has been a common occurrence across the globe as we are moving towards an increasingly cashless society. These days, people all over the world are greatly depended on this plastic payment card which comes with a lot of rewards and additional benefits.
Just like other countries, Malaysia has also become vulnerable to credit card thefts and experienced a huge loss over the couple of years because of fraudsters using advanced technical means to steal a cardholder’s personal and credit card information. When the country is heading to become a major hub of tourist and financial transactions, the banking industry becomes vulnerable to huge financial loss.
How to protect you card from fraudsters
You can actually prevent fraudsters stealing your card as well as personal details by being extra careful and treating your credit card like you treat cash. Listed below are some of the tips you can use to protect your credit card or credit card details from fraudsters:
- Sign on your credit card immediately after you receive the card.
- Do not share your credit card with anyone and provide your credit card details to anyone.
- Don’t respond to unknown calls/SMS asking for your personal as well as credit card details.
- Don’t let others take a photocopy of your credit card.
- Keep the customer care number of your credit card issuer handy so that you can immediately report any abuse or unauthorized transactions.
- In case there is a change in your address, immediately notify your credit card issuer.
- Check all your expenditures against your credit card statement when you receive it. Reconcile all your bills at the end of the month.
- Don’t respond to any charges asked over phone and report it immediately in writing to your credit card company.
- Tear your old credit card when it expires.
- Don’t forget to check your credit card when it is returned by a cashier/waiter to ensure that they have returned the original card.
- Don’t use public or unsecure computers for making online transactions or shopping.
- Don't write your credit card PIN on a note and carry it along with you.
- Don't leave your smartphone unlocked when you are outside. Anyone can open it and pick important information.
- Even if you have too many credit cards, don't carry all the cards with you. Carry only what you require. Because, if you lose your wallet, you lose all.
After all, if anything suspicious happens and somebody uses your credit card for unauthorized transactions, please report the same to your credit card provider immediately.