In the quick-paced financial world we currently live in, everything occurs in a split second. Everything happens instantly, from withdrawals and deposits to purchases of goods and services. Unquestionably, credit and debit cards have revolutionized the financial industry. They also have a vast number of advantages.Credit cards, however, have been involved in a number of situations. Continue reading to learn what credit card frauds could involve and how you can avoid being a victim of one.No matter how well-secured your wallet is, thieves can still use your credit cards without your permission. This can be the result of your previous carelessness with your credit card. Make sure you have a decent CIBIL score and understand how to always keep your credit card safe before applying for a credit card.
Some Ways To Prevent Credit Card Scam While Traveling
While there are many ways for identity thieves to obtain the details of your credit or debit card, there are also many ways for you to guard against falling victim to identity theft. We’ve listed our suggestions for avoiding credit card fraud while travelling below.
Secondary Accounts
We only made the precise amount necessary from our primary account linked via the banks app when we wished to utilise the card to make a purchase or withdraw cash. This manner, unless we needed instant access to the money, the account linked to the card would always be empty.
Geolocation Software
Some banking institutions will match geolocation software with your card upon request, albeit this service is not yet commonly available. When used in conjunction with your phone, the transaction cannot be completed if the phone and the card are not in the same place. The drawback is that you cannot use the card if you unintentionally leave your phone in the hotel or if it runs out of battery. This is an excellent security feature, so give your bank a call to find out if they provide this service.
Prepaid Debit Card
When making purchases while travelling abroad, you can avoid having your primary credit card information checked by loading money onto a prepaid debit card. Air New Zealand provides AirpointsTM members with a onesmartTM card, which serves as both a member card and a debit Mastercard® that can have up to eight different currencies pre-loaded onto it. Additionally, you gain AirpointsTM on all of your purchases. Check out Travelex’s offerings as well; they are the ones who handle currency exchange at the airport.
Conclusion
I thought myself to be very knowledgeable when it came to preventing credit card theft because I’ve spent a significant chunk of the last 16 years traveling and the most recent year on the road in Asia. That is, until someone withdrew nearly $600 from my account without my knowledge. The loss of a few hundred dollars was annoying, but having to cancel and chop up my cards was a bother. My bank representative advised me to cancel every Credit card use while traveling in Indonesia.
Even though this list isn’t comprehensive, if you use as many of these strategies as you can, you will make it much more difficult for identity thieves to steal your personal information anywhere in the globe.