4 ways to avoid credit/debit card theft, misuse in UAE

4 ways to avoid credit/debit card theft, misuse in UAE

So how can you safeguard your card?


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By Web report

Published: Wed 16 Nov 2016, 12:05 PM

Last updated: Wed 16 Nov 2016, 8:20 PM

Credit, debit card theft is one of the worse nightmares people have to face. It involves cancelling the card, getting the bank to reissue them, making sure the money is all still there in your account and sometimes that's always not the case. 
According to new research by The Aite Group and ACI Worldwide, 47 percent of US consumers have suffered credit card fraud over the past five years. On 19 October, the country woke up to a banking nightmare. The State Bank of India (SBI) blocked 6 lakh debit cards after a reported malware-related breach in a non-SBI ATM network.
So how can you safeguard your card?
Report lost or stolen credit cards immediately
In case of theft or loss, the first step is to report your lost or stolen card to the bank immediately. Unless you want to pay for all the charges incurred on your card after it was stolen, it is recommended to contact your bank immediately after the theft. 
Inspect ATM machines for skimmers before using them 
One of the most common methods of thefts are through ATM skimmers. Thieves attach a machine to the ATM that steals or "skims" the card information. "I put the card in one of the machines, but it wasn't working. So I took out Rs 2,500 from the other machine and left. Five minutes later, I got an alert saying another Rs 10,000 had been withdrawn," a woman revealed to Economic Times
Review your billing statements each month
One of the best practices when owning a credit or debit card is to review your account statements and expenditure every month. This helps you in case you find a questionable charge and you can contact your company immediately. 
Don't write down your PIN numbers  
If you don't have a stellar memory then chances are you have your pin numbers written down. That's a bad idea. Also make sure you use strong passwords that are a combination of upper and lower-case characters and numbers.
 


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