Credit card fraud involves withdrawal of funds and obtaining of goods and services by using an unauthorized account.
E-commerce has gained rapid growth and it has a significant impact on the markets of most nations. Today plastic money is the convenient, easy and fashionable alternative to paper money. With one swipe, plastic money has changed the way we live. As more and more people prefer debit cards and credit cards, due to the virtual explosion of credit card business through out the world, security has become critical in the entire process. Unfortunately, along with the convenience has come related crime.
Credit card fraud involves withdrawal of funds and obtaining of goods and services by using an unauthorized account. Even personal information stored on computers is stolen in order to use a card. However, by taking certain precautions, users can prevent their credit or debit cards from being misused both online and offline.
1. Never provide photocopies of both the sides of the credit card to anyone. The card verification value (CVV) which is required for online transactions is printed on the reverse of the card. Anyone can use the card for online purchases if the information is available with them.
2. Do not click on links in e-mails seeking details of your account - they could be phishing emails from fraudsters. Most reputed companies will ask you to visit their website directly.
3. While using a credit card for making payments online, check if the website is secure. The CVV will also be required.
4. Do not give any information to persons seeking credit card information over the phone.
5. Notify your bank / credit card issuer if you do not receive the monthly credit card statement on time. If a credit card is misplaced or lost, get it cancelled immediately.
Use Strong Passwords
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For each computer and service you use (e-mail, chatting, online purchasing, for example), you should have a password.
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Avoid common words or easily guessable words. Some hackers use programs that can try every word in the dictionary.
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Don't use your personal information, your login name or adjacent keys on the key board as passwords.
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You should neither write them down where it can be accessible to someone, nor should you share them with anyone, even your best friends.
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Computer intruders use trial-and-error, or brute-force techniques, to discover passwords.
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The password should be as long as possible (preferably more than eight characters). Use a combination of alphanumeric characters and special characters in your password.
–Ujjwala Sav, VSIT
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