Posted on: March 13, 2021 Posted by: Comments: 0
Credit Card Fraud During Coronavirus

With the nationwide lockdown imposed to counter the threat of Covid-19, there has been a growing inclination among the masses towards online shopping for essential items like groceries, medicines, and more. There has also been a surge in individuals using online banking modes to initiate transactions.

All these practices have exposed every individual in India and across the world to online fraud threats. In a report generated by Fortune, it was marked that between February 2020 to April 2020, the attacks on the financial sector increased by 238%. One of the primary concerns was credit/debit card fraud in India, leading numerous users to fall prey to different scams.

Amidst these growing threats of credit card fraud, it has become crucial to look out for how these are being executed. It has also become imperative to avail a credit card protection plan to maximize financial safety.

Things To Look Out For To Avert Credit Card Fraud

Listed below are some of the essential tips that must be followed while making any transaction during the pandemic to ensure financial safety –

Carefully Check Emails That Have Coronavirus-as The Subject Line

Several hackers use spoofing techniques to create fraudulent download links or document links related to COVID-19 updates and sharing those via emails. Clicking on these links enables hackers to access the victim’s system, alongside all information related to credit cards saved online.

In this regard, one can choose to avail of the Wallet Care insurance plan extended under Bajaj Finserv Pocket Insurance Subscriptions to maximize financial protection in case of credit or debit card frauds. This insurance wallet will offer complete coverage for any financial loss incurred due to cybercrimes, alongside the option to block all cards with just one call.

Verify The Authenticity of Any Charity Organization Emails

Covid-19 has also led to the rise of charity or donation-related scams. To effectuate a credit card protection plan, it is crucial to cross-check a charity organization’s legitimacy before making a donation using a credit card. Further, it is always safer to use an added cyber-security cover that will offer complete coverage in case of any financial loss due to a third-party website attack.

Audit Credit Card Activity Weekly

It is also crucial to keep track of all the activities initiated through your credit card every week. It will help to note down any suspicious movement at the earliest and offer you sufficient time to take necessary action to avert greater loss.

Apart from the steps mentioned above, it is always beneficial to opt for a credit card insurance policy. It is not always possible to detect the tactics that hackers may use for online fraud. Comprehensive fraudulent charges can be of immense help during these times as it offers a complete reimbursement for financial losses incurred from specified fraudulent activities.

The pandemic has made individuals more vulnerable to online scams, owing to the propagation of online transaction modes. Individuals should take such critical times as a cue to become more cautious and check for a beneficial card protection plan.  This can safeguard them from any financial losses arising due to cybercrimes in these trying times.

Leave a Comment