Nowadays, the number of banking users has increased tremendously, especially with the rise of digital payments and improving financial literacy. Online payments, mainly through cards, have become more common.
However, with the good comes the bad, and there has been a recent increase in fraud in online subscription payments. In light of this, experts have provided tips for Visa cardholders to avoid fraud.
Currently, India is in the midst of the festival season, and as a result, shopkeepers are offering deals and discounts, making card payments even more common.
Experts warn that fraudsters are likely to take advantage of this festive season. Consumers are advised to be extra cautious, especially with the increasing digital payment fraud.
In this context, experts have provided tips on the immediate steps to take after falling victim to card fraud:
Customer Care: After being scammed, immediately call your bank’s customer care number or the paying bank’s official number.
Have your account put on hold immediately and block the card payment method to prevent future deductions. This will help you get your lost money refunded.
Call 1930: Report the fraud to the bank and the National Cybercrime Helpline (dial 1930) to initiate the refund process. It’s best to file a complaint at the National Cyber Crime Reporting Portal or your nearest police station.
Record Keeping: Save all information related to the scam, especially the Transaction ID, as it will be convenient for filing a complaint. Keep records of any calls from the scammers.
Change Passwords: Change your passwords immediately after a security breach, and consider enabling two-step verification.
Opt for payment options with robust security measures, such as RBI-mandated tokenization for online transactions.