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7 ways to protect yourself from credit, debit card frauds

Cloning machines at various restraunts can capture the entire data of your card. There are ways you can protect yourself from such frauds.

Vani Mehrotra Written by: Vani Mehrotra @vani_mehrotra New Delhi Updated on: March 06, 2019 15:45 IST
Debit cards – Tips to keep your money safe and avoid

Debit cards – Tips to keep your money safe and avoid debit card frauds and debit card cloning

With more and more people switching to online modes of making payments, the chances of credit card, debit card, ATM cards and banking frauds are on the rise. In what has become a regular phenomenon, most of the card frauds identify themselves as bank executives over the phone and convince card users to share confidential details about debit-card details in the name of providing efficient services. 

In a recent development, even the State Bank of India (SBI) has warned card users to stay alert in order to avoid card skimming frauds, which involves copying data of a credit, debit or ATM card illegally. In its mail to the customers, the lender warned cardholders of skimming frauds. 

Card skimming frauds are still reported even after the magstripe ATM-cum-debit cards are now replaced with EMV chip cards. 

Though online frauds can be controlled by keeping your card and banking details confidential, there are other steps that can be followed to avoid falling prey to debit card frauds. 

7 ways you can prevent debit card frauds

1. Avoid/report fraudulent calls and messages

Always get in touch with your bank through the official contact number printed on their website. Any suspicious calls or messages that demand you to divulge confidential banking details are sure fake and should be avoided or reported. Details like account, ATM PIN, passwords, OTP, UPI credentials, etc should not be shared with anyone on phone.

2. Keep your PIN safe

According to a recent guideline from the Reserve Bank of India (RBI), the banks have been instructed to not ask for card or account-related details from their customers. Never write your Credit card or Debit card PIN at the back of your card or card holder. 

3. Do not make ATM transactions in front of a stranger

Keypad of an ATM machine should always be covered, while you enter your PIN. Long queues are often witnessed outside ATMs at public places, which can make it difficult for customers to enter PINs confidentially. You must always ensure there are no strangers looking onto your transactions.

In addition, always remember to collect your ATM card from the machine after your transaction is complete. 

India Tv - Banking frauds

Image Source : PTI

Never make ATM transactions in front of strangers

4. Keep a check on your bank statements

Suspected activities in bank accounts can most easily be detected through bank account statements. Any cash withdrawals from your accounts will show up on your bank statement, which should immediately be reported to the concerned bank, if unidentified. 

5. Keep your mobile number/email updated

Banks send notifications to customers about transactions made from their individual accounts, which is the easiest way to keep a watch on your account activities. For this, you should keep your mobile number and email updated and inform the bank in case you switch to another mobile number.

6. The new 72-hour rule of the RBI

The new RBI guidelines say that if a customer reports any fraudulent activity in his account within 72 hours, the banks can’t make him liable. In simple terms you won’t have to bear any financial loss if you report your bank within three days. This rule now ensures that if a fraudster manages cash on a loophole in the system you won’t face the brunt. The banks are then liable to issue a refund to customer within 10 working days.

7. Banks will have to prove customer liability to deny refund in case of fraud

Bank can deny you refund if it finds that as a customer you shared your credit or debit card details or any information that eventually resulted in you losing your money. If bank, however, denies you a refund, the onus to prove your liability lies with bank. 

So, the next time when you enter a restaurant and hand over your card to a person for swiping, be vigilant. It is better to not give your card to the waiter at such places. Most us do the same but it can rob you of your entire saving. There are cloning machines that capture the entire data of your card. Safety of your money lies in your hands. 

If you have any query or suggestion regarding more steps to tackle online fraudsters, please do send it to us. You can hit the comment option and share your experiences. 

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