How to protect yourself from online card fraud?

Consumers aren’t the only ones who are in danger of falling victim to different types of fraud. Businesses are becoming more vulnerable to email and online card fraud, as seen by the latest data breaches at big retailers and an increase in the number of fake emails being sent. Unfortunately, many of the same online safety considerations that belong to consumers may also be used to safeguard companies on the internet.

 

Additionally, organisations must have a corporate security strategy to guarantee that workers contribute to protecting sensitive corporate data. Companies with committed IT teams put out significant effort to safeguard their sensitive information and are likely to have taken all essential steps. If you run or manage a small company without the benefit of an information technology team, here are five best practices to follow to keep your data secure from many types of fraud like pan card fraud.

Maintain the secrecy of your passwords

It would help if you never share your passwords with anyone, and any papers with access to financial information should not be left in an unknown location. You should frequently change the important passwords to provide greater security and use a mix of numbers, letters, and some special characters to ensure maximum protection. Change your wireless network’s default password and SSID and the default password and SSID of your wireless network. Avoid broadcasting your SSID and think about implementing encryption on your connection.

Separate your financial data from your data

For business customers, in particular, it is recommended that they utilise a separate workstation to conduct all corporate banking activities. Surf the website and perform non-banking activities on other computers other than your own. Remember to back up any sensitive information and wipe the hard disc before discarding the device that has been used to access business banking when it is time to retire it.

No Phishing

Keep an eye out for fraudulent emails. These emails are intended to entice you to click on links included inside the email to verify or alter your account information. Unfortunately, it is common for fraudsters to utilise links contained in emails to infect your computer or device with harmful software (also known as malware), which they then use to access your email. This malware may steal personal information from a victim’s computer.

 

Recognise the person who has inquired

As a general rule of thumb, banks do not send emails or text messages in which they request personal details such as bank and social security numbers from customers. As a result, banks will not need you to verify your account details in this fashion. Therefore, never send personal information, such as social security or tax identification numbers, account numbers, or password and login information, through text or email message to anybody. If you need to share sensitive data with your bank by email, send it via its secure online banking platform rather than using a public email address.

 

Emails to firms that purport to be from suppliers are also becoming more prevalent. These emails may seem authentic at first glance, but they will ask for critical financial information. If you get an email requesting you to disclose sensitive financial information, phone your bank or a supplier to double-check the message’s legitimacy before replying.

Maintain the security of your computer

With the increase in cyber threats, it is now more vital than ever to protect your computer or network by installing antivirus software. It is also critical to regularly run and upgrade this software to avoid viruses from infiltrating your computer. Additionally, installing and activating the software tools listed below can aid you in your efforts to prevent harmful cyber activity.

 

Spyware and adware protection prevent spam and junk email from getting into your inbox, which is beneficial in protecting you from phishing emails. Also, many card protection plans are available, which can save you from online fraud.

 

To prevent unwanted access to a computer system via viruses and malware, you need to install a firewall on your computer. In addition, using anti-spyware software, you can prevent spyware from being installed on your desktop, which may then be used to monitor or restrict your computer usage and send you pop-up advertisements or lead you to harmful websites.

Benefits of a Card Protection Plan

  • Round the clock blocking service: It helps to take immediate action if you find any fraudulent activities have taken place in your payment card or if you lose them.
  • A single call to block multiple cards: Another advantage of a card protection plan is that you get a single point contact to block all your lost payment cards. But through this service, you can block only those cards you have registered at the time of purchasing the plan. Hence, don’t forget to include all your credit/ debit/ loyalty/ membership cards in the card protection plan. Several card protection plans cover mobile wallets as well.
  • Coverage for wallet essentials: Many card protection plans such as Wallet Care cover your wallet essentials like your PAN card. In case of loss of your PAN card, the insurer will assist you in replacing the same. 
  • Emergency Cash Advances: Suppose you lost your payment cards and are stranded at a place, then your insurer will provide you emergency cash advances to pay for hotel bills, return tickets, etc. If you’re stranded in India, you’ll receive the cash assistance within 24 hours of the claim and in 48 hours for any foreign location. Usually, these advances do not attract interest if you repay them within a month.
  • Other Benefits are: 
    • Blocking of SIM card if you lose your mobile phone
    • Complementary fraud protection
    • Valuable document registration

Conclusion

Individuals and investors alike must exercise caution while doing financial transactions on the internet and should be on the lookout for active types of fraud activities. Immediately notify your financial institution if you believe your details have been hacked. Additionally, you can contact the National Consumer Helpline for grievance redressal.

 

Credit cards are often regarded as the most secure payment method while purchasing online due to the many consumer protections they provide. However, if you have a dispute with a seller or get a damaged product and cannot handle the situation on your own, you may file a dispute with your credit card provider.

 

It is also advisable that the website displays a little lock symbol, showing that the transaction is safe in the checkout browser. If you want to be alerted when purchases are made, you may also sign up for notifications through your bank or credit card company.