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Classroom
oi-Sunil Fernandes
Recently, there have been instances where a coworker reported a series of rapid fraud transactions that were noticed in international transactions on people’s credit cards. A lot of people try to contact the toll free number which can be time consuming and time consuming and sometimes you just can’t make it.
What our colleague did was quickly use the app and block the credit card, which resulted in future transactions being refused.
The best way to block a credit card this way is to use the app, which can be quick. Other ways to block the credit card would include net banking.
The problem today is that we are seeing more and more fraudulent transactions reported from international transactions. Some credit card users find it difficult to get their money back. Sometimes the money comes back after a long time, after repeated follow-ups.
There is another thing investors can do as well. They shouldn’t choose international transactions, if they don’t. This way, they will avoid being vulnerable to international fraudsters.
One of the best ways to manage your credit cards is to reduce the amount of the transaction limit on credit cards. If you are unlikely to use the amount, it is better to lower the limit. Some banks simply give extremely high limits for their cards and investors are not advised to opt for such large amounts.
Overall, there are three things we suggest for credit card customers. The first is to make sure that you block your credit card, in case you are not doing international transactions. The second is that you lower your limit for credit card transactions and the third is that in case of fraudulent transactions use the app to block the card which is a faster way.
Article first published: Wednesday, December 15, 2021, 10:39 a.m. [IST]
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