Credit cards have changed the way we shop, dine out, manage our monthly expenses and vacation, as well. They are payment instruments that have high utility and when used intelligently, they open up a new world of rewards, cashback and fine experiences for us. However, just like any other payment instrument, it is also prone to frauds and manipulations, and unsuspecting users can fall for scams run by fraudsters and scammers.

However, there is no need to lose heart. While it is true that there are several ways of defrauding credit card users, adopting and integrating a few cautionary steps and safeguards can ensure that our capital is protected.

Without further ado, let’s dive into the different kinds of credit card scams and how we can protect ourselves from them.

• Anyone demanding to know OTP on call or via message or via email
• The download link for an application appears suspicious
• A device comes unfastened while using the PoS machine or the ATM.
• Transactions getting declined over and over again
• E-mail requests contain obvious spelling errors

1. Point of Sale fraud

In this scam, a small scamming device is fastened onto the PoS machine that hacks into the database and steals your information. Once you scan your card, these devices steal and store your card information. Usually, there is a shop hand or a store employee who is hand-in-gloves with criminal actors and shares that said information with them. Oftentimes, these scamming devices are also attached to ATM machines as well which store your card information while a secret camera is fixed over the keypad to read your card pin.

How to protect against this scam?

Keep an eye out for any suspicious device connected to the PoS machine. Give the PoS machine a nice jiggle to check if any device comes loose from the same. Additionally, when typing in the pin, ensure that you hide the keypad with your hand.

In the case of an NFC (Near Field Communication) ready PoS machine, one can tap the card to make the payment which reduces the chances of being defrauded,by a large margin. Transactions that are below Rs. 5,000 can be executed without keying in your pin which is not only efficient but also reduces the likelihood of your pin being seen by others.

2. Keystroke recording scam

Fraudsters have been evolving at the same pace as our technologies. Today the majority of transactions are carried out online and scammers have stepped up their game by hiding malware in suspicious links. A malware gets installed in your laptop or in your mobile or on any other device after you have clicked on an unsafe or suspicious link. Hidden inside this link is malware that secretly captures your keystrokes, and eventually, it steals your credit card information as well as ATM and online pins.

How to protect against this scam?

During digital banking operations, use the virtual keyboard provided by your bank or one that is pre-loaded in your operating system. Further, never download suspicious applications or any new applications from sources that are not credible. Use advanced antivirus software to prevent becoming a victim of such defrauding.

3. Phishing and vishing

Criminal actors impersonate bank officials in this scam and nudge you into clicking on a link that mirrors the look and identity of your bank but is, in reality, a counterfeit link propped up to fool you into entering your card details and passwords. Once conmen have your details they can pilfer your hard-earned money. Another manner in which fraudsters execute this scam is by calling you as bank officials and asking you to share an OTP for card verification or for availing of extra reward points.

How to protect against this scam?

As a matter of habit, always glimpse the URL of the bank website before executing any digital transaction. Never click on links that appear suspicious or from a shady source. Always execute digital transactions from the bank’s authentic website, and do report the fake numbers from which you have received the scamming calls.

• Immediately block your credit card by using your banker’s mobile app or by calling the bank’s helpline number.
• Remove all information about the card from any online shopping account or portal where it might be saved. Online fraudsters can gain access to your online account if they have access to your credit card details.
• Check if the portals or platforms on which your card information has been saved have adequate digital security. Refrain from using your credit card on portals or websites which do not have robust digital safeguards.
• Lodge police online complaint visiting https://cybercrime.gov.in/, their intervention can help solve online crimes faster. Update your credit report by talking to your bank and informing them about the fraudulent transaction. This will prevent any damage to your credit score.
• Revisit all the places where you might have used your credit card in the last few days. This might help you zero in on any suspicious links or abnormalities that you might have encountered while using your credit card.
• RBL Bank customers should report a fraudulent transaction at 022-62327777 or write to vigilance@rblbank.com