Tarun, a young IT graduate, working with a renowned IT firm in Gurgaon, was baffled to see his credit card statement showing transactions of Rs. 90, 000/- which he couldn’t identify. He digged through his belongings but could not find his credit card. That is when he realised that he was a victim of credit card fraud. His ordeal did not end here. Since the damage was already done he had to pay for them through his nose. Tarun paid 90k to the issuing bank for transactions he did not authorise.
Tarun’s is not an isolated case. If statistics are to be believed then at least 41% of cardholders in India were impacted by credit card frauds. With compromised credit cards and data breaches dominating the headlines in the past couple of years, it's hard not to have some concern about it. Whether you need to protect your cards or do you need insurance for your credit and debit card is a subjective matter. It varies from person to person and depends greatly on how vulnerable are you to such thefts.
This is a common notion. It is but of course, false. There is growing concern over card frauds across the globe. Although it is true that we all are exposed to card frauds but some of us are more susceptible to risk than others. For example, if you frequently travel abroad, or you journey in packed trains or buses, you visit crowded places where pick pockets prey on easy targets, you easily lose your valuables, you are a business owner and the information of your corporate credit cards are freely available to your employees who may copy it and use it without your permission, you often transfer money or transact online using public or shared computers, etc. then you are perhaps more prone to loss of cards than others. Any such instance can lead to damaging your credibility and leaving you to looking for bad credit personal loans.
People world over are anxious over such cons. This can largely be attributed to the catastrophic impact of the worst-case scenarios that run through people’s minds as well as because no one wants to find their hard-earned money siphoned away by criminals. It is better safe than sorry.
There are several ways by which a fraudster might obtain your card information.
Card Protection Plans or CPP are offered by almost all private and public banks, in association with CPP India (P) Ltd., as an add-on benefit to their card holders. The general coverages are way more than just blocking the card. Here is an overview list of the benefits under a CPP plan:
The key to protecting your plastic money is to call the issuing bank immediately and inform them of the loss the moment you realise it is missing. The sooner the call is made, the better your position will be. Apart from this we will share with you some easy – peasy ways by which you can steer clear of card frauds.
We overheard an old hag say, “Your safety is in your own hands”. There can be no truer words than these.
Be wise. Stay Safe.