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Learn About Credit Card Data Breach and Easy Ways to Protect it

Learn About Credit Card Data Breach and Easy Ways to Protect it

Last updated: May 20, 2022, 05:15 AM IST

Credit cards are an easy source of making online transactions. People often consider using credit cards in times of low finance or to retain their savings. Credit cards are often swiped when buying consumer durable items, making a down payment, or making a payment in bulk. Undoubtedly, credit cards have become much safer to use today; plus, there are many benefits related to them it but still, users should stay aware of the risks involved in using credit cards.

Since cybercrime has become prevalent owing to digitization, credit card data breach is one critical aspect that users should gain knowledge about to stay protected from any kind of breach while making online transactions. Let’s gain some insight into a credit card data breach and its impact:

When you swipe your credit card at a store or any point of sale, chances are your credit card credentials might get saved at the merchant’s server. These details include - name, date of birth, credit card number, card’s expiry date, and CVV. A data breach occurs when a fraudster breaks through the security walls, penetrates the merchant’s server, and gets access to user credentials. This credit card data breach can lead to:
 
  • Untimely, unauthorized financial transactions wherein your amount gets debited at intervals
 
  • Chances are that fraudsters can open fake accounts using the hacked credit card credentials
 
  • Perform a phishing attack to further crack more details about the credit card used to complete a particular transaction
     
  • International transactions can be carried out at illegal websites


Basic Tips to Stay Protected via Credit Card Breach

 
Be a smart user when you carry out online transactions, especially while using credit cards:
 
  • Resist sharing personal information like OTP, CVV, etc., even with genuine sources at the receiving end
  • Look for digital insurance to stay financially protected from data breach losses
  • Set limits on your credit cards for domestic and international transactions
  • Limit your use of credit cards so that it’s easy to keep a track of the transactions made per month
  • Activate transaction alerts on your mobile phone to get instantly notified in case of any breach or amount debited from the account 
  • Check your credit report periodically to stay aware of any fraudulent loans or credit cards issued in your name
  • Login to net banking and keep a track of transactions in the bank statement even before it arrives in hand

When you are sure about your credit card being compromised, apply for a card repayment immediately. For an extra level of privacy, nowadays smart devices and applications are covered with two-step verification. Here, a one-time code is applied to unlock a particular device, such as a trusted mobile phone. With this secondary layer of protection, users can be sure of protecting the credit card credentials saved on the mobile phone or any other device.

Stay alert and continue monitoring your credit card bills for any signs of unauthorized activity.

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