Credit Card Fraud During Coronavirus: Here's What To Look Out For

Credit Card Fraud During Coronavirus: Here's What To Look Out For

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With the nationwide lockdown imposed to counter the threat of Covid-19, there has been a growing inclination among masses towards online shopping for essential items like groceries, medicines and more. There has also been a surge in individuals using online banking modes to initiate transa

With the nationwide lockdown imposed to counter the threat of Covid-19, there has been a growing inclination among masses towards online shopping for essential items like groceries, medicines and more. There has also been a surge in individuals using online banking modes to initiate transactions. 

All these practices have exposed every individual in India and across the world to the threats of online frauds. In a report generated by Fortune, it was marked that between February 2020 to April 2020, the attacks on the financial sector increased by 238%. One of the primary concerns, in this regard, was credit/debit card fraud in India, leading numerous users to fall prey to different kinds of scams. 

Amidst these growing threats of credit card frauds, it has become crucial to look out for the ways in which these are being executed. It has also become imperative to avail a credit card protection plan to maximise financial safety.

Things to look out for to avert credit card fraud

Listed below are some of the essential tips that must be followed while making any transaction during the pandemic to ensure financial safety -

  • Carefully check emails that have Coronavirus-as the subject line

Several hackers are using the spoofing techniques via which they are creating fraudulent download links, or document links related to COVID-19 updates, and sharing those via emails. Clicking on these links enable hackers to access the victim’s system, alongside all information related to credit cards saved online. 

In this regard, one can choose to avail the Wallet Care insurance plan extended under Bajaj Finserv Pocket Insurance Subscriptions to maximise financial protection in case of credit or debit card frauds. This insurance wallet will offer complete coverage for any kind of financial loss incurred due to cybercrimes, alongside the option to block all cards with just one call.

  • Verify the authenticity of any charity organisation emails 

Covid-19 has also led to the rise of charity or donation related scams. To effectuate a credit card protection plan, it is crucial to cross-check the legitimacy of a charity organisation before making a donation using a credit card. Further, it is always safer to avail an added cyber-security cover that will offer complete coverage in case of any financial loss due to third party website attack.

 

  • Audit credit card activity weekly

 

It is also crucial to keep a close track of all the activities initiated through your credit card on a weekly basis. It will help to note down any suspicious movement at the earliest and offer you sufficient time to take necessary action to avert greater loss.

Apart from the above-mentioned steps, it is always beneficial to opt for a credit card insurance policy, as it is not always possible to detect the tactics that the hackers may use for online fraud. A comprehensive fraudulent charges cover can be of immense help during these times as it offers a complete reimbursement for financial losses incurred from specified fraudulent activities. 

The pandemic has made individuals more vulnerable towards online scams, owing to the propagation of online modes of transaction. Such critical times should be taken by individuals as a cue to become more cautious and check for a beneficial card protection plan.  This can safeguard them from any kind of financial losses arising due to cybercrimes in these trying times.

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