A major credit card fraud case involving SBI customers has recently surfaced, resulting in losses of about 2.6 crore rupees for around 350 people. Following an investigation, the police arrested 18 individuals involved in the scheme. The fraud involved a complex network including call center employees, regional agents, SIM card distributors, and individuals using cryptocurrencies. Being proactive is essential to avoid becoming a victim of such scams. If you’re a credit card user, here are some crucial steps you can take to protect yourself from significant financial loss.
**5 Crucial Steps to Prevent Credit Card Fraud:**
1. **Keep Your Details Private:** Never share your card’s OTP, CVV, PIN, or password with anyone, regardless of who they claim to be, even if it’s a bank representative. Fraudsters can use this information to access your account and steal funds. Banks will never ask for this information through calls or messages.
2. **Verify Bank Callers:** When you receive a call from your bank asking for information, always verify the caller’s identity. Check the bank’s official website or contact their customer care to confirm the call’s legitimacy. Do not trust any suspicious calls.
3. **Regularly Review Your Account:** Monitor all activity related to your bank account and credit card. Activate transaction alerts on your phone to promptly detect any unauthorized transactions. Report any suspicious transactions to the bank and the police immediately.
4. **Practice Digital Security:** Refrain from using public Wi-Fi for banking or financial activities. Ensure your mobile and banking applications are always up-to-date. Download new apps only from trusted sources such as the Google Play Store or the App Store. Never download apps from suspicious links received via WhatsApp or email.
5. **Take Immediate Action if Suspicious:** If you suspect fraud, the first step is to block your credit card. Immediately notify your bank and file a complaint with the police. You can also report the incident on the National Cyber Crime Reporting Portal. Prompt action can help minimize your financial losses.