Don't Forget you are a Shining Star

Often heard/read horror stories about credit card frauds. How people end up footing huge shopping bills of items they actually never purchase. And now, with ecom taking off in the country, the realm of credit card criminals has expanded further.

Here we bring you a few tips that can help you guard against fraudsters.

Every credit card carries its expiry date, but we love to hoard them anyway. Some of us have multiple cards, multiple versions. It is but natural for a bulging wallet to beg for disposal of the dated beauties.

Before tossing them away swiftly, ensure that you have cut them up into four. Make sure the magnetic strip (the black strip) behind the card is not left intact since it holds key information that can be misused. The rule to remember is to lighten the wallet of credit cards, only in the presence of an obliging pair of scissors. Cut them up and only then throw them away.

There is a critical 3-digit number on the back of the card called CVV (card verification value). If you have detached the card from the fat mailer that came with it, and generally flung away the accompanying literature, read on.

The 16-digit card number, expiry date and CVV together, are enough to complete an Internet transaction. Modern card thieves are computer-savvy. Memorise, note-down (elsewhere please, not on the card itself) and blacken the CVV. Better still, hang around when your card is being swiped.

A card's magnetic strip has the basic details of the cardholder. But the card also comes with a blank space for you to sign in. The authentication of the card is done by you. Take a minute and sign in. Else anyone who may get your blank card, can sign in and use it. Needless to add, the bills will come in your name to your address.

PINs are 4-digit numbers that have to be used to draw money at the ATM. It is so difficult to remember them all, given the 8 different cards that you have. So you decided to simplify matters by noting that number on the card itself. The thief who got your card hit a double whammy - the card and the PIN, both in one piece - so money can be drawn with ease. Think before you ink that PIN.

Always browse through your billing statement. Yes, it is sad re-living all the impulsive spends, but identify each line there, all the same. If you are the organised kind, you will keep all charge slips with you and compare them with the bill. If you find that there is some spend that you cannot account for, call your issuing bank and complain.

If you own a card, take the trouble of noting down its number, expiry date, and customer care number in one place. If you lose your card, you can at least inform customer care, while hoping (or praying if you are a believer) that the card thief has not swiped away.

So, you worry that your card will be lost, have nightmares that someone will swipe away gleefully, and need help for insomnia. Ask your bank to send you an SMS, a mail, or to call you and alert you every time your card is used. You don't have to wait for the billing statement. Don't let it be known that this facility also lets you in on all the shopping that your better half has been doing with the supplementary card!

Reference: Indiatimes Infotech