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ImageCredit cards have made our lives easier in more ways than one. But they also leave us susceptible to frauds. Here's how to protect yourself:

1. What precautions should I take at the time of making transactions in a shop establishment ?

Before using the credit card, ensure that you have signed on the signature panel on the reverse of your card with a non-erasable pen. Also ensure that the amount spent is within the credit limit sanctioned to you by the credit card company.

Always guard your card, i.e., whenever you hand it over at the billing counter, be present while the card is being swiped. Once the transaction is approved, a charge slip will be generated. Ensure that your name, date of transaction, card number and, most importantly, the amount billed are correct before signing the charge slip.

You may also enter the amount in words. At certain shop establishments, you may be asked to sign on the bill in addition to the charge slip. You should ensure that the amount on the bill is the same as the amount on the charge slip. You must always retain the charge slip till the transaction is reflected in your credit card statement.

Also ensure that the amount in the statement matches with that of the charge slip. Any irregularities in your card account should immediately be brought to the notice of the bank.

Photographs: Reuters
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