Card Fraud Management Are Required for Security

This era belongs to electronic age and all financial transactions are approximately made by ECS (i.e. electronic clearing system), credit card, debit card etc especially by young generation of today. This type of electronic payment is considered as an easy mode of payment by every person as it reduces the risk and hassle for carrying money physically. However, usage of this kind of electronic system has increased card frauds activities. This kind of system diminishes various risks which are associated with carrying money physically such as getting lost, theft etc. but one can manage his cards risk if one knows about few things about card fraud management.

Initiation of card fraud and how one can control it though card fraud management­

Card frauds are of many types such as-

• · If card is lost physically.
• · If there is leakage of data along with numbers which are printed on the card and this data is disclosed or exposed to the wrong person who wants to commit fraud.
• · If card is directly stolen by a thief and that thief could use it and can transfer heavy payments in any other account.

According to card fraud management cards which are stolen should be immediately blocked by reporting to the relevant authorities of that bank. Now if one has not reported properly then stolen card can be misused and person has to pay for it as card owner will not know anything until bill is transferred by the company or bank for the use of the card.

One should be cautious regarding the frauds committed by your cards-

There is a common saying that ‘prevention is better than cure’. It is better to safeguard all your cards before your cards are lost and are used by fraudulent activities. There are few steps by which one can manage card fraud management such as-

• Person should inform the bank immediately, once one has lost his card as well as his PIN number.
• Now if you want to discard your present card and want to switch over to next company card then break your card into two halves and break it in such a manner that your signature should break into two halves as they are printed on back of the card.
• In order to keep his card in safeguard person should not sign blank slip. It is suggested by the experts that one should check all the details present on the slip in order to verify that all details are true or not.
• One should ensure himself that bill which has been sent previously are all real in nature and all bills are in the knowledge of the card owner.
• Now if any transaction has not in your knowledge then one should immediately inform to the concerning authorities.
• If one has any type of doubt regarding the transactions done by their card then one should immediately ask for the report from the concerning authorities.

All the above mentioned points if taken seriously then definitely one will be on safer side regarding his cards as well as above mentioned points will also allow the person to get rid from card fraud up to some extent.