Credit card fraud is a major concern. (Representative image)
Your credit card contains sensitive information like your name, card number, and expiration date.
Credit card security is an essential layer of defence against financial crimes and identity theft. It empowers you to use your credit card conveniently while minimising risks and giving you peace of mind. Knowing your credit card is well-protected allows you to shop and make transactions online and offline with confidence. You won’t have to constantly worry about unauthorised activity or the potential consequences.
Also Read: How Many Credit Cards Are Right For You?
What’s Latest in Credit Card News
On March 26, numerous Axis Bank credit card holders reported instances of fraudulent international transactions on their cards. Additionally, even customers who had disabled international transactions received multiple messages prompting them to activate this feature, a Moneycontrol report said.
“Transaction on Axis Bank Card no. XXXXX has been declined as international online usage is not enabled. Enable via the control centre on Axisbank.com/CCusage or call our customer service centre,” read the message sent to card holders.
Many Axis Bank credit card holders took to social media to report such incidents.
Sanjeev Moghe, president and head of cards and payments, Axis Bank, told Moneycontrol that the bank suspects that certain merchants, flagged as unauthorised by customers, are behind this malicious attempt.
“We have seen a few such transactions hitting our system, but they have affected only a few cards. We have taken steps to block these transactions. These are international e-commerce transactions, hence they are not authenticated through the two-step authentication process,” said Moghe.
Why Is Credit Card Security Important?
Credit card fraud is a major concern, and robust security measures make it much harder for criminals to steal your card information or use it for unauthorised purchases. This protects your hard-earned money and your credit score from unauthorised activity.
Your credit card contains sensitive information like your name, card number, and expiration date. If this information falls into the wrong hands, it can be used for identity theft, which can be a huge nightmare to resolve. Strong credit card security helps keep this data safe.
Here are some steps you can take to help prevent credit card fraud:
- Monitor your statements regularly: Check your credit card statements for any unfamiliar transactions.
- Enable transaction alerts: Sign up for alerts from your bank that notify you of any transaction activity on your card.
- Be cautious about online transactions: Only shop on websites you trust and use strong passwords.
- Beware of phishing scams: Don’t click on links or open attachments in emails or texts from unknown senders, especially if they ask for your credit card information.
- Review your security settings: Consider enabling additional security features offered by your bank, such as requiring a PIN or fingerprint scan for certain transactions.
- Report suspicious activity immediately: If you notice any suspicious activity on your card, contact your bank immediately to report it and block your card.
By following these steps, you can help reduce your risk of credit card fraud.
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