Knowing how to spot and avoid phishing can help you protect your credit card information and prevent potential losses
According to the Reserve Bank of India, online fraud, including credit card fraud, has skyrocketed 5X, almost reaching ₹1,500 crores in FY24. One of the most common scams contributing to this surge is credit card phishing.
Phishing is a cybercrime where scammers trick you into revealing sensitive information, like credit card details and PINs, by pretending to be trusted sources. Credit card phishing can happen through various channels, including:
Phone calls
Text messages
Emails
Fake websites
Suspicious links on WhatsApp
Once scammers have your information, they can use it for unauthorised transactions, which can harm your financial health. It is important for you to recognise different types of phishing attacks to protect yourself.
Phishing relies on psychological manipulation, with new methods that target your emotional response to bad news or time-sensitive offers. Cybercriminals exploit advancing technology, leading to evolved phishing techniques every few months.
Here are the most common methods used by scammers to carry out phishing attacks on credit cards:
Type of Phishing |
Details |
Smishing |
It involves fraudsters sending fake text messages asking for sensitive card details. |
Vishing |
This type of phishing uses fake phone calls to trick individuals into revealing credit card information. |
Pharming |
It manipulates Domain Name System (DNS) settings or uses malware to redirect you to fraudulent websites, even if the URL is correct. |
Email Phishing |
This type of phishing involves attackers sending mass emails pretending to be from reputable organisations. These emails often urge you to click harmful links or download attachments. |
Angler Phishing |
This type of phishing targets people seeking customer support on social media, using fake accounts and malicious links. |
Spear Phishing |
This type of phishing targets a specific person, often a senior executive or political figure. |
Whaling |
It targets high-profile individuals with fake emails that look like legal documents or invoices. |
Phishing attacks to get credit card information can be difficult to identify as scammers craft emails and calls professionally. Even experienced credit card users may get confused. However, following these tips may help reduce your risk of becoming a target:
Aspect to Check |
Details |
Verify the Sender's Name and Domain |
Check for spelling errors in the email domain name. For calls, use apps like Truecaller to verify the caller ID before answering. |
Look for Requests for Sensitive Information |
Legitimate credit card issuers never ask for sensitive details through suspicious calls or emails. |
Examine the URL |
Be cautious of emails with short links asking for billing updates. These are often fake. Check for the lock symbol on websites. |
Watch for Urgency Tactics |
Scammers often claim immediate action is needed to avoid service disruption. This pressure is meant to make you act rashly and without thinking. |
Scammers use various methods to steal credit card information, taking advantage of both technology and human error. These techniques range from high-tech methods like skimming to more traditional approaches such as phishing.
Here are a few of the common methods that scammers use:
Phishing |
Scammers steal information by impersonating a trusted source. |
Malware |
Scammers access your credit card info through malware or spyware downloaded on your device. |
Skimming or Shimming |
Frausters install devices in (Automated Teller Machines) ATMs and (Point-of-Sale) PoS terminals to read your credit card's magnetic strip or microchip |
Adopting simple practices can help protect your card information and reduce the risk of fraud. By using the right tools, following a few golden rules, and maintaining good habits, you can keep your information secure and prevent potential financial loss.
Here are some practices to follow:
Practice |
Details |
Store Your Card Safely |
Keep your card in a secure place to prevent loss or theft. Avoid leaving it in easily accessible spots. |
Change Your PIN Regularly |
Regularly update your PIN to make it harder for fraudsters to access your account. Never share your PIN with anyone. Input the PIN discretely when using your card in person. |
Avoid Using Your Card on Suspicious Websites or Apps |
Only use your card on trusted and secure websites or apps. Avoid clicking on links from unknown sources to protect your data. |
Check Credit Card Statements Regularly for Unauthorised Transactions |
Review your credit card statement each month. Immediately report any unauthorised transactions to your credit card company. |
Block Your Card Immediately if Lost or Stolen |
If your card is lost or stolen, contact your credit card issuer immediately to block it and prevent any fraudulent activity. |
Staying vigilant can help you avoid falling victim to credit card phishing. Scammers use psychological tricks to make their emails seem authentic, often including a company logo in the header or profile picture. However, by checking the sender’s ID, you can spot discrepancies.
Paying attention to these small details can protect you from potential fraud. Here are some measures you can adopt:
Precaution |
Details |
Verify with the Bank/Credit Card Company |
Always reach out to the financial institution directly before sharing any information if contacted by someone pretending to represent it. |
Avoid Suspicious URLs |
Never click on URLs that seem odd or mismatched; hover over them to verify the link and report it to the issuer. |
Be Cautious with Attachments |
Do not click on email attachments without checking the preview first, and report anything suspicious immediately. |
Be Wary of Unlikely Offers |
Treat unrealistic offers with caution; such claims are often too good to be true. |
Phishers deceive victims into sharing credit card details by sending emails, messages, or calls that appear to be from legitimate sources, such as a bank. Then, they use the stolen details for fraudulent transactions.
To safeguard yourself, always verify the authenticity of any request before sharing your credit card information. Stay cautious and report any suspicious activity right away to keep your finances secure.
It is a type of fraud where scammers impersonate legitimate entities, such as banks or well-known companies. These deceptive tactics are designed to trick you into disclosing sensitive credit card information.
If you fall victim to credit card phishing, report the incident immediately to your credit card issuer. You can also block your card through your bank's website to prevent further misuse. It is best to file a report with your bank and local authorities to protect yourself from additional fraud.
Yes, phishing can be used to steal your credit card number. Scammers use deceptive tactics, such as fake emails, phone calls, or websites, to trick you into revealing your sensitive card information. Once they have your details, they can use them for fraudulent transactions.