India boasts a staggering number of approximately 77 million active credit cards, more than the entire population of the UK. Business transactions have become easier and more trackable with credit cards, thanks to their convenience and flexibility. However, as card usage has surged, the risk of credit card fraud has also increased.
Businesses of all sizes face grave threats from credit card fraud and identity theft. Fraudsters can effortlessly steal your business credit card data to make unauthorized purchases. Worse, they may hijack your details and initiate unauthorized transactions to pose significant risks. In addition to wounding your business’s reputation, credit, and financial stability, these acts require considerable resources for their resolution.
Types of business credit card fraud
In a digital age where convenience meets complexity, business credit card fraud has become an unfortunate reality. In 2022, the FTC gathered information on a whopping 1.1 million identity theft cases. And in the first half of 2023, they already received more than 559,000 cases. Understanding the most common credit card frauds is the first step towards safeguarding your hard-earned money and protecting yourself from potential financial losses.
|Types of credit card frauds
|Fraudsters use your personal information to apply for new credit cards or make unauthorized purchases on your existing cards.
|Fraudsters use a device to steal your credit card information when you swipe your card at a merchant.
|Scammers send you fake emails or text messages that appear to be from your credit card company, in an attempt to trick you into revealing your personal information.
|Lost or Stolen Card Fraud
|Someone steals your credit card and uses it to make unauthorized purchases.
How Can I Protect My Business Credit Card from Unauthorized Use?
Securing your business credit card in India from unauthorized use involves taking proactive steps to keep your card and personal information safe. Here are some best practices to protect your business credit card from fraud and identity theft:
1. Monitor Your Account Regularly
Make it a habit to regularly check your business credit card account for any suspicious or unauthorized transactions. founderscard provides AI-generated business reports and real-time transaction data, making monitoring your account in real-time convenient.
2. Set Account Alerts
Set up account alerts for transactions exceeding a certain amount. This way, you will receive notifications immediately if any significant or unusual transactions occur, enabling you to take swift action.
3. Secure Your Physical Card
Keep your business credit card in a safe and secure place when not in use. Make sure to never leave it unattended, and never share your card details.
4. Use Strong Passwords and PINs
Choose strong passwords and PINs that are difficult for others to guess. Avoid using easily accessible information such as birthdays or names. Change your passwords and PINs regularly.
What to do if you are a victim of credit card fraud or identity theft?
If you fall victim to business credit card fraud or identity theft in India, report credit card fraud immediately to your credit card issuer and local authorities. Contact your bank to freeze the compromised card and request a replacement. Document all fraudulent transactions and keep records for dispute resolution.
Lodge a formal complaint with the Cyber Crime Cell or the nearest police station, providing the necessary evidence. Additionally, monitor your credit reports regularly, consider placing a fraud alert, and educate yourself about preventive measures to safeguard against future incidents of business credit card fraud in India.
How Can I Secure My Business Credit Card with founderscard Features?
founderscard provides enhanced security features to help protect your business credit card. Here are some key security measures you can take advantage of:
- Temporary Block and Permanent Block: founderscard allows you to temporarily or permanently block your credit card if you suspect any unauthorized use. This feature offers added control over your card’s accessibility.
- Enable/Disable Features with Your Card: You can enable or disable specific features of your credit card based on your preferences. This helps you to tailor the card’s functionality to suit your needs and security concerns.
- Activate/Deactivate Contactless Payment: You can activate or deactivate the contactless payment feature on your card. This ensures that you have control over this convenient but potentially risky payment method.
- Activate/Deactivate International and E-commerce Transactions: founderscard lets you activate or deactivate international and e-commerce transactions for your credit card. This control is essential to prevent unauthorized usage in specific transaction categories.
Frequently Asked Questions
Q1. Can I Freeze My Business Credit Card in India if I Suspect Fraud?
Absolutely! If you suspect any fraudulent activity on your business credit card, contact your bank immediately to freeze your card and prevent any unauthorized transactions. Most banks offer a 24/7 helpline for such situations.
Q2. What Should I Do If My Business Credit Card Is Lost or Stolen?
If your business credit card is lost or stolen, inform your bank immediately to block the card. Provide all necessary details, and request a replacement card. Review your recent transactions to identify any unauthorized activity.
Ensuring the security of your business credit card in India is very important. Utilizing the security features provided by founderscard and adhering to best practices, such as promptly reporting any suspicious activity or loss of your card, will significantly reduce the risks of fraud