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 –

  1. Copy of complaint filed with the police
  2. Copy of ID and address proof of the cardholder
  3. Bank account statement of the last 6 months
  4. 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 –

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.

15 COMMENTS

  1. Wonderful items from you, man. I’ve remember your stuff previous to and you’re simply extremely great.I actually like what you’ve obtained right here, certainly like what you’restating and the way by which you say it. You are making it entertaining and you still take care of to keep it sensible.I can’t wait to learn much more from you. This is really aterrific web site.

  2. I look after a vape shop web directory and we have had a listing from a vape shop in the United States that likewise offers for sale CBD items. A Calendar month later on, PayPal has contacted use to say that our account has been limited and have requested us to get rid of PayPal as a payment method from our vape shop web directory. We do not offer for sale CBD product lines such as CBD oil. We only provide marketing professional services to CBD companies. I have taken a look at Holland & Barrett– the UK’s Major Wellness Store and if you take a good peek, you will witness that they offer for sale a somewhat considerable variety of CBD goods, specifically CBD oil and they also happen to take PayPal as a settlement method. It emerges that PayPal is employing contradictory standards to different companies. Due to this constraint, I can no longer accept PayPal on my CBD-related website. This has restrained my payment options and presently, I am greatly reliant on Cryptocurrency payments and direct bank transfers. I have checked with a solicitor from a Magic Circle law practice in London and they said that what PayPal is doing is completely illegal and discriminatory as it ought to be applying a consistent standard to all firms. I am yet to get in touch with another lawyer from a US law firm in London to see what PayPal’s legal position is in the United States. In the meantime, I would be highly appreciative if anyone here at targetdomain could offer me with substitute payment processors/merchants that work with CBD firms.

LEAVE A REPLY

Please enter your comment!
Please enter your name here