In today's digital landscape, credit cards offer unparalleled convenience for shopping and payments. However, this ease also comes with the risk of credit card frauds and scams aimed at stealing personal and financial data. The threat is real and significant. According to RBI reports, credit/debit card, net banking, and wallet frauds have led to major losses. Despite the alarming nature of credit card fraud, it can be prevented with some basic precautions. This article will explore common credit card fraud types, effective prevention measures, and how AU Small Finance Bank secures your money against fraud with best-in-class security features.
Some of the Common Credit Card Fraud Types to Watch Out For, includes:
Skimming
When swiping the card, a skimming device illegally copies the credit card information from the magnetic strip. The data is then used to make counterfeit cards for unauthorised transactions.
Phishing
Phishing attacks use fake emails and SMS messages posing as legitimate businesses to trick users into submitting their confidential credit card details on duplicate websites.
SIM Swap Fraud
Scammers can obtain a replacement SIM card with your registered mobile number. The fraudster then uses the new SIM to receive OTPs for unauthorised online transactions.
Keystroke Logging
Malicious apps or software capture your keystrokes as you type sensitive information, such as credit card numbers, CVV details, OTPs, etc.
Credit Card Theft and Cloning
Your physical credit card can be stolen or skimmed to clone the card data on a different plastic card. These can then be used for in-store purchases.
Ways Credit Card Details Get Compromised
1. Companies and vendors compromised in security breaches expose customer data, including credit card numbers.
2. Phishing links in dubious emails and SMS messages steal confidential data entered by victims on fake portals.
3. Physical card theft, skimming devices, and cloning lead to counterfeit plastic cards.
4. Paper or digital documents containing credit card information discarded in trash or stored in unsecured systems.
5. Malware and keystroke logging software capture card details and OTPs on infected devices.
Protect Your Money with These Credit Card Safety Tips
1. Only enter card details on secured payment gateways having valid SSL certificates.
2. Review credit card statements regularly to identify suspicious transactions.
3. Have updated antivirus software installed to block malware and keyloggers.
4. Enable transaction alerts on phone and email for real-time updates.
5. Set transaction/ withdrawal limits and usage restrictions on your card.
6. Never click on links received via emails or SMS. Manually log in via the official bank app/portal.
7. Avoid using open/unprotected wifi or public devices for banking or payments.
AU Small Finance Bank Credit Cards – Completely Secure
AU Small Finance Bank credit cards are among the best credit cards that come equipped with best-in-class features and protocols to protect against fraud. AU Small Finance Bank offers an exciting range of Visa credit cards.
LIT Credit Card
The LIT credit card from AU Small Finance Bank is a customisable card that allows you to select features and benefits based tailored to your lifestyle. Enjoy the flexibility to switch features on or off as needed. In addition to standard rewards, the LIT Card offers enhanced cashback on spends in key categories like travel, dining, and groceries. LIT cardholders also receive complimentary subscriptions to leading apps like ZEE5 and Amazon Prime.
Vetta Credit Card
AU Small Finance Bank's Vetta credit card comes with domestic and international airport lounge access privileges. You also get complimentary railway lounge access in selected cities. It offers a fuel surcharge waiver on fuel transactions. The card is designed for small-town credit needs.
Altura Plus Credit Card
The Altura Plus credit card from AU Small Finance Bank offers its card members 2 complimentary railway lounge access per quarter in chosen cities. You can avail fuel surcharge waiver on your transactions.
Altura Credit Card
AU Small Finance Bank Altura credit cardholders enjoy two complimentary railway lounge accesses per quarter in select cities. The card offers additional cashback on cumulative annual retail spends exceeding INR 10,000. New users can benefit from cashback activation offers for significant savings. Cashback is also applicable on various merchant categories. Additionally, owning a RuPay credit card provides numerous advantages and benefits.
Credit Card Eligibility and Application Process
The eligibility criteria to apply for an AU credit card:
1. Age: You should be over 18 years old
2. Income: Have a gross monthly income > INR 15000
3. Credit Score: A CIBIL score above 650 is preferable
You can conveniently apply for AU credit cards online via NetBanking or the official website in a few simple steps:
1. Select your preferred credit card variant based on your needs.
2. Click on “Apply Now” and fill out the application form providing personal/financial details.
3. Upload identity proof, address proof and income documents.
4. Pay the processing fee using a safe payment gateway.
5. Application is verified and approved based on eligibility.
6. Receive your credit card safely delivered to your mailing address.
7. Activate and enjoy unmatched benefits and security with your AU Small Finance Bank Credit Card!
The Bottom Line
Credit card fraud threatens users, but some common-sense precautions can help them avoid falling prey. Choosing a secure credit card like those offered by AU Small Finance Bank with robust protection protocols, transaction alerts, and zero liability shields your finances. Being more vigilant and aware as a user also deters fraudsters from targeting you. With these measures, your money stays protected against unauthorised access even in the present digital age.