Arnika Dixit, Group Head – Cards,
Payments and Wealth Management, Axis Bank
In an era where digital payments have
seamlessly integrated into everyday life, credit cards have become a
cornerstone of convenience. However, this convenience also comes with an
evolving risk—credit card fraud.
Fraudsters are deploying
sophisticated techniques to exploit unsuspecting customers seeking sensitive
information such as card numbers, CVV details, PINs and one-time passwords
(OTPs). Among the most common methods is phishing scams, where fraudsters impersonate
trusted entities to trick customers. Other very frequently used tactics are
card skimming and shimming, while card-not-present fraud enables unauthorised
usage of card credentials for online transactions.
Industry has responded to these
threats with strong regulatory frameworks, enabling mandatory guidelines like
multi-factor authentication.
Customer
vigilance is equally critical:
Customer
vigilance remains
a critical element in preventing such tactics as the first line of defence.
The most critical precaution is to
never share sensitive details—including CVV, PIN and OTP—with anyone. Banks
will never ask for such information over calls, messages or emails. Customers
should also remain cautious of communications that create urgency.
A check for “https” and a lock icon
in the browser can help confirm a website’s authenticity. Avoid using public
wifi for transactions.
Enabling real-time transaction alerts
ensures that any suspicious activity can be identified and addressed. It is
prudent to monitor credit card statements to identify any unfamiliar
transactions.
Basic habits such as keeping the
physical card secure, not storing the PIN alongside the card go a long way in
preventing misuse.
In the event of a lost card or
suspicious transaction, immediate reporting to the bank can limit potential
losses.
Banking tools to prevent frauds:
Modern credit cards offer a range of
self-service card controls.
Customers can instantly enable or
disable specific transaction types such as online purchases, international
transactions, contactless payments, ATM cash withdrawals.
Many banks also provide transaction
limits, allowing customers to define the maximum amount that can be spent.
A temporary card-block feature is
another valuable safeguard.
Simple measures make a big difference
Despite advancements in technology,
fraud ultimately exploits human behaviour—urgency, trust and lack of awareness.
By staying informed and leveraging
the security tools available, cardholders can enjoy the convenience of seamless
transactions without compromising on safety.
In a world where digital transactions
are only set to grow, the key to secure banking lies in a simple principle:
stay alert, stay informed, and stay in control.