As more and more business is being done online via E-commerce, Credit and debit cards have emerged as the most popular methods for making online payments. However, there have also been an increasing number of frauds related to Credit and Debit cards. Payment processor Payza fraud alert system reports according to one statistics at least 30% of online Credit and Debit card users have been victims of fraud.
Risks of Credit and Debit Cards
Many sites offer to save your credit and debit card information. It is very important that this information is saved in a secure way using encryption. If this data is compromised it can be easily used for malicious purposes. Cyber criminals use techniques such as Phishing to gain access to your sensitive information. They typically get in touch with unsuspecting users via email, phone or post. Stolen Credit card numbers usually end up in “Carding” shops which are a marketplace for stolen cards.
As the use of contact-less credit card increases, radio frequency scanners are being used to steal credit card numbers. All that a thief needs to do is bring the scanning device within close range of your credit card and he can hijack the requisite information.
Another technique used by a fraudster is “skimming”. The thief uses a physical scanner to read the information on your credit card. Usually, skimming devices are attached to ATMs and other places where a card is swiped.
Securing Credit Card Information
As there are several methods a fraudster can use to obtain your credit card information, it is best to follow guidelines to avoid a fraud. Some guidelines posted by Payza support are listed here.
Never share your Credit or Debit card information on phone or email. Payza fraud alerts have reported this as the most common way used by fraudsters to gain access to your information. If your card is RFID-equipped then get an RFID-blocking wallet to keep your card details safe. Look out for card scanning devices at stores and ATMs, especially ATMs at public places. As far as possible avoid storing credit card information on websites. Make it a habit of monitoring your bank statements regularly so that in case there is any suspicious activity it can be caught early.
Payza has also come up with a Payza Prepaid card that is safer than a Credit or Debit card. Registered users can use their Prepaid cards at ATMs, in stores and online just like normal Credit cards but without the associated risks.