Credit Cards transactions are insecure and unsafe
We are quite habituated to carry out necessary purchases using our credit cards. But we fail to understand the risky nature of credit card transactions every time we go out for shopping.
Credit cards have been around since the 80s and today millions of credit card users around the world just can’t stop using it despite the risks involved. A credit card comes with several risk factors and there are ample chances of a card getting stolen, or cloned by fraudsters and cybercriminals.
A person using a credit card has to make sure that no details whatsoever are disclosed to a third person by phone or email. Credit cards are highly susceptible and vulnerable despite having security features in it.
Multiple factors make a credit card vulnerable and theft-prone. Let us look at these factors at a glance:
Risk Factors
A credit card has a three-digit number at the back which is highly sensitive and its leak could jeopardize your financial status instantly.
A credit card is highly prone to cloning by cybercriminals who use a cloning device to steal your password and card number
Credit cards might cause a person to flaunt their newly acquired possession, but is risk-prone all the time
The flip side is that they are accessible to anyone on the internet
Credit cards are often the target of fraudsters and swindlers who clone and reproduce a duplicate card to steal money
Swiping a credit card several times could result in duplicate transactions and money getting debited from your bank account.
A credit card would increase your debt burden during a financial crisis.
A credit card would tempt you to spend over and above your monthly income that can prove to be disastrous and ruin your credit score
High-interest rates make a credit card expensive and difficult to maintain
Therefore, the above factors should be taken into account before using a credit card. It is no fancy to use a credit card nowadays and it is often regarded as burdensome and troublesome.
Several banks around the world issue credit cards to their customers with terms and conditions attached to it. However, the adverse effects that a person has to undergo are quite appalling and alarming.
Though banks do not guarantee the safety and security of credit cards while issuing them, credit cards are misused by customers who use them extensively and widely without being aware of the risks involved.
With the advancement of technology, credit card fraud has increased manifold and cybercriminals are on the prowl 24/7 to clone and reproduce cards that are similar and identical in features and specifications.
My advice would be to avoid having a card transaction and go for cash instead. Avoid using it extensively and use it on rare occasions. Never use it to do online transactions and do not reveal your card details to your near and dear ones voluntarily.
A credit card is a piece of plastic that could make things worse for you if used inappropriately. Its use should be restricted to a bare minimum. Do not be naïve and do not flaunt your credit card and repent later.