Important precautions to be taken in a fraudulent usage of a Credit Card

10:36 PM RAWAT 0 Comments

It's a fact that no one wants the headache of being victimized in a fraud related to a credit card. It could be online purchases or any use of the card by an unknown person. It's tough to identify how it happened. Fraud could be through data networks or retailers or any other source. But when it happens, specific financial consultancies can help you with such fraudulently used credit card issues.

Koda Financial Consultancy Dubai is one such agency. Sanjay Choudhary is a pioneer in finance and consultancy. He established Koda Financial Consultancy Dubai in the UAE to help his customers with the best legal advice related to the fraudulence of credit cards, money laundering issues, and illegal charges. He has expertise in dealing with fraud related to credit cards. He is best in this field with lots of experience by dealing with several cases efficiently.

How my card can be safeguarded?

Most companies providing credit cards have designed with EMV chip. It is a small gold or silver-colored chip that is embedded on the credit card face. This secures your transactions and minimized such frauds. However, it doesn't eradicate fraud issues.

Some steps or tips that can be taken when someone has used my credit card fraudulently

Notify the issuer/company of the credit card

Inform the company which issued the credit card right away. This is the first thing to stop any more damage to your card. This enables issue of a new card and blocking the old one immediately.

Further investigation of the issue also starts with notification. Some major card companies, such as MasterCard and Visa, carry zero liability. It makes sure that you are not liable for unauthorized alterations done with your card.

Password and PIN change

After you review financial accounts, change the necessary pins and passwords right away. It is the best thing to do for caution. Check if any of the accounts have been tampered or compromised. A fraudster may have got your account information or more, so it is important to change all your PINS and passwords of all your accounts and cards, to be safe.

Credit bureaus should be contacted

Filing a complaint with police is essential if one notices a pattern of fraudulent charges. Freeze all the credit with significant credit card bureaus as this avoids fraudsters to use your info to open up any new accounts. Fraud can occur either at once or in gaps of weeks. It may appear a simple credit card fraud, but it can lead to identity theft.

Keep an eye on your credit reports and statements

·         Monitor statements and reports of the credit card for a couple of months, at least to look up for any charges.
·         Keep checking your online accounts.
·         Remove the stored cards used for online activities and keep an eye on constant monitoring of your shopping and other accounts.

Anyone can be victimized to credit card fraud. But, we need to take the necessary steps so that this fraud doesn't ruin our life. By taking some steps and with the help of financial consultants, we can secure ourselves from these kinds of scams.