Credit/Debit Card Fraud Prevention Tips
In recent times, we have seen credit/debit card frauds have gone up significantly. Many of these happen in international transactions as the requirement of OTP is relaxed for international transactions.
There is a very simple way to avoid this.
In banking apps or internet banking, you can find card controls where you can easily where you can control your transaction size/limit for each kind of transaction both domestically and internationally.
I would suggest keeping International transactions disabled as generally there are very few transactions that we perform outside India or your country or websites which accept payments in foreign currencies. Whenever we need to do an international transaction, you can enable in-app, do the transaction and disable it immediately.
Even for domestic transactions, one should always set limits for transaction types.
For eg. Even if my card limit is INR 1 Lac, I keep limits of Rs 10000 per transaction for ATM withdrawal/POS transaction/Online transaction, etc, and Rs 2000 for contactless payments. Any time I want to do a larger transaction, I increase the limits, do the transaction and then again change the limits. These limits can be customized as per user requirements.
These steps will go a long way in avoiding fraud. International frauds can be completely eliminated. Domestically even If any fraud is committed on a credit/debit card, it will be reduced to the maximum limit set per transaction size (Rs 10000 in my case).
I hope this information helped you!
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