How to tackle fraudulent transactions on your credit card? A step-by-step guide

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100 million milestone, registering an increase of 1.1 million cards from the previous month. While this highlights the increasing popularity of credit cards, it also suggests a potential uptick in credit card fraud cases. This is particularly concerning as many cardholders have reported unauthorized international transactions even after deactivating international usage.

Unauthorized transactions and receiving one-time passwords (OTPs) for unrecognized charges are indications of possible credit card fraud. Several cardholders report a rise in unauthorized transactions on their credit cards, including international charges. This could be attributed to a data breach or card skimming scams.

So, what steps should you take if you notice an unauthorized transaction on your credit card? Many card-issuing organizations, including banks, provide built-in protection against fraudulent transactions on their credit cards. Typically, this is in the form of zero liability, which applies when customers report a fraudulent transaction to the bank within three days of the incident. To start with, take the following immediate actions to safeguard your card and bank account.

Please note that the process might differ slightly among banks and card issuing institutions. Step 1: Blocking your card is the essential first step if you suspect unauthorized transactions on your credit card. Locate your bank’s credit card helpline number, which is typically printed on the back of your credit card or readily available on your bank’s website or mobile app.

Alternatively, contact the customer care centre right away. The sooner you block your card, the lower the risk of fraudulent activity. Have your information ready.