Amount Credit card fraud globally has gone over $500 million a year. Anyone can be victim of this fraud. But a few simple steps can protect you from credit card fraud. Below mentioned three steps are the most important for a cardholder to protect him/her from a fraud.
Use only Photo Credit Card
Use only photo credit card. Photo Credit Cards has a cardholders photo embossed on the face of the card.
Merchants or shops are less likely to check for signature verification. The reason for this is, it is not possible for shop owners to verify the signature as they are not expert and moreover, shop owners do not want to heart the customers ego by asking a question about the signature mismatch, until the mismatch is too much. Shop Owners are also protected from fraudulent transactions until there is a gross mistake from their part.
In case of photo credit card, it is clearly identifiable if someone else is making a transaction instead of cardholder, and allowing the unauthorised cardholder to use the card is a gross mi9stake from shop owners part.
Remove CVV Number from the Back of the Card
Most common credit card fraud is using someone else card for online purchase. 80% of the total credit card fraud are of this nature. Whenever you use your credit card in a shop, petrol pump or restaurant, your credit card number get stored in the swapping machine and get printed on the slip. If anyone just remember the three digit CVV number printed on the back of the card, he can use your card for any online purchase.
To protect yourself from such kind of fraud, remove your CVV number from the back of your credit card. Either remember the number or note it in your personal diary.and keep it safe. Until someone get the CVV number and card number of the same card, no one can use the card for online purchase.You need this CVV number for online purchase only.
To know more about CVV number, Click Here.
Online Password Protection for Visa and MasterCard
Online password protection is another way to protect your credit card from fraudulent online transaction by an unauthorised person. Once you set your online password, at the time of transaction, a pop-up window will open and ask for the password. A transaction will not be complete until someone successfully enter the password. Any unauthorised person, even if he has card number and CVV number will not be able to complete the transaction. The advantage of password protection is that, it sends and sms to your mobile phone for every successful and unsuccessful attempt to use of your credit card, whether offline or online.
Click on the below mentioned link to register your credit card for online password protection :
Visa Cardholder - Click Here
Master Cardholder - Click Here
Follow the steps mentioned in the respective website to register your card and assign a password.
In case you find it difficult to register, leave us a comment. We will guide you to protect your card.
In the next article, we will give you another three ways to protect your credit card. Do watch this place and bookmark this web page.
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