This year in September, police arrested a student from Vadodara for illegally using credit cards of three American nationals to book air tickets. In March 2013, two top officials of an online shopping portal were arrested after almost 200 complaints were received from customers who said they paid for things they never ordered or received. Like these, there are numerous examples to highlight a growing trend of frauds and scams related to online transactions, which are generally done by credit or debit cards. As per the ASSOCHAM-Mahindra SSG Report-2015, the number of cyber crimes reported in 2011 was 13301, which shot up to 300,000 in the year 2015. Of the reported cyber crimes, credit and debit card frauds topped the list and saw six-fold times increase over last three years. What should an online shopper do now? Stop shopping? Online shopping is very convenient but when we use are credit card online we expose ourselves to potential frauds. Here are some ways you can safeguard yourself from online frauds 1. Choose your credit/debit card wisely: While choosing a card, it is important that you focus not only on the fees, credit limit, reward structure etc, but also on the security […]
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