In today’s digital age, the popularity of paperless payment options is on the rise. Most people prefer the quick and hassle-free experience of the payments done via credit or debit cards, net banking and UPI. However, this convenience often comes hand in hand with certain risks of frauds and scams. One such risk is the threat of phishing attacks, which can have damaging consequences, leading to financial loss, identity theft and compromised security. So, it becomes imperative that the cardholders stay vigilant to protect themselves from such scams.
To be prepared to deal with such situations, let us explore what phishing attacks on credit cards entail, the common tactics used by cybercriminals, and most importantly, how you can stay vigilant and protected.
What is a Phishing Attack on a Credit Card?
Phishing attacks on credit cards typically involve using deceptive techniques to manipulate you into sharing sensitive information regarding your credit card, including the credit card number, CVV, PIN, and other such card details. These attacks can occur through various channels, like email, text messages, phone calls and even social media platforms. The scammer may impersonate a bank official, online retailer or someone affiliated to any other financial institution to gain your trust so that they can retrieve the card information from you. This information is then used to make fraudulent transactions without your consent or even sold to others. Such a data breach can get you into a financial crisis and also derail your credit profile by leading you into debt.
Common Credit Card Phishing Techniques
Credit card phishing scams often take place through social engineering. The victim is psychologically manipulated and is thus coerced into sharing the credit card information. So, in order to protect yourself from such phishing attacks, you must be first be aware of some of the common phishing techniques listed below that are employed to extract sensitive information:
- Spoofing: Spoofing entails disguising a false communication to be from a known and trusted source. Here, the scammers pretend to be from a legitimate source and send emails, make phone calls or even create counterfeit websites, complete with logos and branding that mimic the original trusted ones. This way, they attempt to deceive the recipients by prompting them to click on malicious links and entering their card details under the guise of making a purchase or to update their account information.
- Smishing: This type of phishing is done via fake text messages, which may contain a link that could download some malware into your device once you click on it, consequently resulting in leaking your card information and unauthorised money transfers or other purchases being made. Similar malicious links or urgent requests to share your credit card details can be sent via email as well which may appear to be from a legitimate organisation or a person of authority.
- Voice Phishing: Vishing or voice phishing takes place when the caller poses to be a representative of any legitimate institution and tries to extract your credit card information or gain access to your credit account by calling you on your mobile number. For this, the scammers often use voice-altering software and fraudulent phone numbers as well.
How to Stay Vigilant and Protected Against Phishing Attacks
Protecting yourself against phishing attacks on credit cards requires a combination of awareness, vigilance, and proactive measures. Here are some tips to help you stay safe:
- Verify Sender’s Identity
Before responding to any email, message or call, you must always check the sender’s email address or number and verify their authenticity. Banks or their representatives never ask for any confidential information about your account, credit card or any one-time password over an email, text message or call. - Check Link’s Authenticity
Whenever you get any link via email or text message, it is advisable to first verify its legitimacy. To check, you can first hover your cursor over the link to preview the destination URL. In case the URL looks suspicious or unfamiliar, refrain from clicking on it. - Use Secure Websites
Whenever you make any online purchase or access your net banking account, make sure that the website is secured. If the website URL begins with “https://” and displays a padlock icon in the address bar, it can be considered an indication of a secure connection. - Be Wary of Urgency
The phishing attempts are generally accompanied by a sense of urgency, for instance in the form of a warning of account suspension or unauthorised transaction. This is done to prompt and pressurise you to act quickly and provide your card information without thoroughly verifying the legitimacy of the communication. So, exercise caution on coming across such urgent requests. - Enable 2-factor Authentication
Adding an extra layer of security to your accounts to mitigate the risk of unauthorised access can act as another way to protect yourself from phishing attacks. For this, you can avail the two- factor authentication feature wherever possible to secure any sensitive information and to prevent unlawful access to your credit card account. - Report Suspicious Activities
If you receive any suspicious email, encounter any other form of potential phishing attempt or suspect any unauthorised transaction being made via your account, you must report it to the bank or other relevant authorities as soon as possible. You can also block your card to prevent further unsanctioned transactions from taking place.
Wallet Protect by Paisabazaar
With phishing attacks and other similar credit card frauds posing a high risk to your finances, it has become vitally important to secure your credit card virtually. To aid you in protecting your confidential card details and to prevent further financial frauds and losses, Paisabazaar has come up with the Wallet Protect service. This online facility not just acts as an added layer of protection against skimming or phishing attacks on your credit cards, but also comes with the single call block feature in case you lose your card, complimentary insurance coverage against cards, UPI or mobile wallet fraud, and many other such features to assist you in case of card theft/loss or other such fraudulent practices.
Phishing attacks on credit cards pose a significant threat to individuals’ financial security and privacy. Adopting certain online safety practices, including not adding your card on unknown or untrustworthy websites, not sharing any OTP or PIN with anyone, changing your card PIN regularly and monitoring the credit card transactions, in addition to the above-discussed protection measures can help you reduce the probability of getting scammed. Moreover, by staying vigilant and educating yourself about the dangers of phishing, you can further limit the risk of falling victim to such schemes and safeguard your overall financial well-being.
