Credit Card Fraud

You receive a call from your brother residing in USA asking the CVV and expiry date of your credit card. Should you reveal these details?

Yes

No

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NEVER reveal confidential details like credit card number, expiry date, CVV, PIN and OTP over call even to a trusted person. Phone call cloning is done by scammers when they clone a person’s voice to make it sound similar to a known person of the victim. If cardholders reveal their PIN, they could be liable for any fraudulent transactions on the account.

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You have received your new credit card and are required to set a pin. Is your birthdate a good option for the same?

Yes

No

×

Never use apparent information as your PIN, such as your birthdate or home address. These details can be collected from social media and other publicly available places by fraudsters. Unless your Facebook page is set to private, strangers could use your birthday wishes and memories to gain access to your credit card account.

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If your card if safe and secure with you, does that guarantee the fact that a fraudster cannot use it to perform frauds?

Yes, as the card will be required to commit the fraud.

No, the card is not required to commit the fraud.

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Scammers can make purchases with your credit card even if the real card isn't there. Many of the secure payment protections built into the card are bypassed when a cardholder just enters their credit card number, whether over the phone or online. Fraudsters can get this information from abandoned bills or receipts, or by overhearing your credit card information being recited aloud. In many of these incidents, both the cardholder and the merchant are defrauded.

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Rohan has lost his credit card and is unable to find it. What should he do next?

Wait for some days and then report

Report ASAP the credit card as stolen and get it blocked.

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Always report a lost or stolen credit or debit card as soon as possible. Your credit card issuer may be able to place a hold on your account until a replacement card arrives in the mail. Many banking institutions also provide cardholders with the ability to lock and unlock their cards via an app, ensuring that they are not victims of payment fraud.

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You may receive calls from your credit card company asking for personal information such as your address and email.

True

False

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Credit card frauds can spoof your bank or include real-time fraud alerts, which inform cardholders through text, email, or automated phone call whenever a purchase is made to validate the transaction. Your bank, on the other hand, will never urge you to click a link or supply personal information via these channels. Always use the secure banking web or app, or contact the phone number listed on the back of your card.

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Reshma receives an email from Netflix about your account suspension, but she does not have an account. What should she do?

Click on the link to check if she can get an offer.

Report the email as phishing and not click on the link.

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Phishing scams can copy the logos and email templates of well-known brands that customers trust, such as Netflix and Amazon. Phishing emails are used by cybercriminals to persuade users to give personal information by clicking links that install dangerous software or redirect to false websites, giving criminals access to critical information.

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If an unknown guy offers you a low-interest credit card, you must send money before your card is activated. True or false?

True

False

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False. It's fraud, and you will lose your money. Legitimate financial institutions don't charge you a fee to activate your card.

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If you get a mail saying you’ve been preapproved for a credit card but you don't want to accept or activate that card, You should tear up or shred the pre approval forms before putting them in the trash. True or False?

True

False

×

Your Score is:

×

If you throw out the documents without tearing them up or shredding them, "dumpster divers” can send them back to the credit-card company, pretending to be you but saying that your address has changed. If they can use the account from a new location, you may not know the account being used in your name until you see it on a credit report.