Gururaj’s Rumination

Rumination – The word says it all…

How to avoid misuse of Credit/Debit Card

with 3 comments

Unlike in other countries like the USA or England, India does not have any norms where the Credit Card holder identity is not verified before accepting huge transaction or on online shopping goods delivery. This means the card holder has to be careful enough to avoid missing his/her card or getting stolen.

In fact my previous post on how my friend’s credit card was misused to do whopping shopping prompted me to write this post. I’m not saying this will give you a foolproof methods to safe guard you from falling into such circumstances but may be I can say they are Best Practices to avoid such unpleasant incidents happening with you or your other friends or dear ones.

I’m not alone the one who put them together but my office friends (Swapneel & PM) also contributed to some extent. We actually got into a discussion after they read my previous post on how my friend’s credit card was misused to do whopping shopping and started talking about who should be held responsible in such cases. This way we actually composed different methods we can follow to be safe from Credit Card theft or loss of card and misuse.

Method 1: Make sure the limit on the card is low such that in case of loss or theft of the card you won’t feel the pinch. You can ask the issuing bank to lower the limit if you think it’s more than what you require.

Method 2: Note the CVV (Card Verification Value), a 3 digit number, given on the back of the Credit/Debit card and strip off the details from the card. This will help you prevent from card being used for online transactions.

Method 3: Alternatively you can go for card insurance. This will help you from being held liable for the misuse of your card.

Method 4: Don’t carry more than one card unless required.

There can be many other ways you can avoid your card being misused but the above methods are the ones I and my friends came across which can also prove to be safe and secure.

This incident also reminds of this proverb – ‘Precaution is better than cure’ – Have a happy and safe shopping…

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Written by Gururaj

July 31, 2008 at 11:54 pm

3 Responses

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  1. Thanks for valuable information, today my uncle has lost my brothers SBI ATM debit card and it had around 30K in it, I had blocked it after an hour of theft, not sure whether money is safe.

    pankaj

    July 3, 2012 at 5:20 pm

    • Pankaj – As far I think it should be safe as for transacting using Debit card you need PIN number and also you may have to walk into an ATM center where they may get captured in the camera.

      Gururaj

      July 4, 2012 at 2:46 pm

  2. […] More: How to avoid misuse of Credit/Debit Card […]


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