Unlike debit cards that witnessed a fluctuating growth across the last couple of years, credit cards underwent a steady year-on-year growth. 2018 alone saw a 26% increase in the circulation of such cards in India and is about to touch 100 million by the end of 2023. It is owing to the monetary convenience that it brings along with other multiple benefits, like providing rewarding points and welcome bonuses.
However, while various cash-back programs and diverse card variants catered to the specific spending pattern of individuals, there has also been an increase in the cases of card fraudulence and theft. Following such issues, cardholders often are unaware of the steps that they need to take.
Here are the types of credit card fraudulence and steps to take post the issue–
Credit card fraudulence and theft
Despite endeavors from RBI to come out with revised guidelines as a bid to limit the card duplicity, there has been an increase in the number of cybercrime issues related to this form of plastic money.
Mentioned below are a few types of credit card frauds and ways in which they can protect their credit card from being hacked –
- Phishing – Multiple cases are reported where cardholders disclose their card information to scammers impersonating agents from your lenders. This is often done on the pretext of making transactions or providing you with information about offers. This can easily be avoided by not disclosing any information to an unverified agent and by ensuring that all web and phone transactions are made via legitimate portals only.
- Carding – In this type of fraudulence, hackers hack into the servers of payment, and your card information is hence compromised. It calls for the need to go for cards that come with added in-built security features.
- Skimming information – Card skimming occurs when information of your card is stolen instead of your credit card. It can happen in 2 different ways – manually copying the card information, or swiping a card through an illicit/unauthorised card-reader.
- Card theft – This is the most common type of credit card fraud in which card information can be compromised. The only way to avoid this is to keep it safe while travelling and make sure that you have collected your card after each transaction.
Nonetheless, if you are already facing issues regarding credit card lost or fraudulence, here is what you can do –
Step 1: Contact Bajaj Finserv via their credit card customer care and inform them about the issue
Step 2: Keep the following documents ready to be provided –
- Copy of complaint filed with the police
- Copy of ID and address proof of the cardholder
- Bank account statement of the last 6 months
- Copy of the SMS received during an unauthorised transaction
Step 3: File a written complaint with the lender
However, potential cardholders can avoid this entire hassle by going for robust security feature-loaded cards like Bajaj Card. These credit cards come with innovative security features such as –
- Zero fraud liability cover
- In-hand security
These features give one more control over the usage of their cards that helps mitigate cybercrime threats. Also, this card issuing institution provides its cardholders with specific apps like RBL MyCard app that allows them to keep track of their usage.
Additionally, you can also contact them via their credit card customer care number or mail id –
- Contact number – 022-71190900
- Mail id – firstname.lastname@example.org
Bajaj Finserv also brings you pre-approved offers on their credit cards that ease the application process to avail them and makes it process hassle-free for the applicant. These offers are available on numerous financial products that include both secured advances like home loans, and unsecured advances like personal loans, business loans, etc. You can take a look at your pre-approved offer by providing a few essential details like your name and contact number.
Avoiding such feature-loaded credit cards can help you with security issues. They also provide you with industry-first features like interest-free ATM cash withdrawal for up to 50 days.