Credit Card
Risks of sharing Credit Card details over the phone
When it comes to financial transactions, convenience often comes hand-in-hand with the risks associated. One common practice that raises questions about security is providing Credit Card details over the phone. With increasing instances of identity theft and fraud, it’s important to consider safety implications before giving out sensitive information over the phone.
The convenience factor
Providing credit card information over the phone can seem convenient, but it carries risks. Whether you’re ordering a pizza for delivery, booking a hotel room or purchasing goods from a catalogue, many businesses still rely on telephonic transactions. In cases where online payment platforms are unavailable, people might turn to verbally sharing their Credit Card details as the convenient alternative. However, convenience shouldn’t hide the potential risks involved.
Risks of exposure
1. Lack of encryption: Unlike online transactions where data is generally encrypted, verbal exchanges offer no such security and protection. Your Credit Card details could be jotted down on a piece of paper or stored digitally.
2. Human error: Even well-minded individuals can make mistakes. A simple slip of the tongue or mishearing a digit could result in your Credit Card information being entered incorrectly, leading to billing errors or card blocking.
3. Potential for fraud: Unfortunately, not everyone who handles your Credit Card information may have good intentions. Dishonest employees or cybercriminals could check your details and misuse them for fraudulent purposes, ranging from unauthorised purchases to identity theft.
Best practices for security
- Verify the identity of the recipient: Before sharing your Credit Card details, confirm that you’re dealing with a legitimate and trustworthy person. Ask for the name of the person you’re speaking with, their position in the organisation, and any relevant identification or reference numbers.
- Limit the information shared: Only provide essential details required to complete the transaction. In addition to your Credit Card number, this may include the card’s expiration date, security code (CVV) and your billing address. Avoid sharing sensitive information unless necessary.
- Be cautious in public places: If you must share your Credit Card information over the phone in a public place, be aware. Avoid discussing the details in crowded environments where others may overhear your conversation.
- Monitor your statements: Regularly review your Credit Card statements for any unauthorised or suspicious charges. Report any unknown activity beforehand to be safe.
Alternative payment methods
When you buy things online or pay digitally, it's better to use safer methods than giving your Credit Card details over the phone. Many shops and businesses offer secure websites or apps for payments. These provide encryption — nobody else can get your details and use them without your permission — to keep your information safe. By using secure options, you can shop online or pay digitally without worrying about someone stealing your money or information.
Also Read: Tips for the prevention of Credit Card fraud
Conclusion
While sharing Credit Card details over the phone may be convenient in certain situations, it’s crucial to assess the risks against the benefits. By adopting various precautionary practices and exploring alternative payment methods, you can help safeguard your financial information and not fall victim to fraud or identity theft.
Axis Bank offers a wide range of Credit Cards tailored to your needs and lifestyles. These cards come with benefits such as rewards, cashback, travel perks, and more. Axis Bank Credit Cards include features like EMV chip technology for enhanced security. Grab your Credit Card now!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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