Make sure to keep the card safe at workplace, travel or gym.
Check the card, after returning from a purchase.
While traveling, keep it in your wallet.
Inquire if your bank offers any theft protection insurance for the card.
While purchasing or banking through online, use difficult passwords
Change login & password every month
Clear login & password details after using a public computer
Do not respond to pop-ups or spam windows that ask for personal or banking details.
Do not let third parties manage your email, which includes the bank details.
Avoid posting your vacation selfies and photos on social media websites, as it increases the likelihood of theft.
Regularly monitor credit cards and bank statements to check if somebody has used your identity for their expenses
Do not throw any paper with a credit card number, bank statement etc.
Do not reply calls or emails requesting the banking details.
Carrying a smartphone or a note with the credit card PIN number obviously noted on it is not recommended
Destroy the unwanted or unused cards
List out the cards, along with their numbers, so that it is easier for reporting when stolen
Immediately after noticing or detecting fraudulent activity, let your banker know the place where it had occurred so that they can immediately freeze the account because in many cases a huge amount is withdrawn within a day of the theft.
The final note: Prevention is the best way to combat credit card frauds.
How Can You Protect Your Credit Card Against Misuse
Consider these two pieces of statistics published by Bank Negara Malaysia:
▪ As on Nov 2014 there were more than 8 million credit cards in circulation and they accounted for 28.5 million transactions in November 2014 alone.
▪ As on September 2014 there were 17.2 million Internet banking subscribers and nearly 5.5 million mobile banking subscribers.
The first statistic attests to the popularity of credit cards while the second shows the popularity of Internet and Mobile banking. While there may not be exact figures it it reasonable to assume that the use of such a popular product like credit cards through online / mobile means has leapfrogged.
Both the popularity of credit cards and the rise of online / mobile ecommerce transactions has attracted fraudsters who try and exploit naive, unwary users and system vulnerabilities to make money. We’ve tried to put together a few simple measures to help credit card users guard against fraud / misuse both online and offline:
Measures against offline fraud
▪ As soon as you receive your card, sign on the signature panel on the back of the card.
▪ Keep your card details and PIN numbers confidential. Do not reveal these details to anyone, including those purporting to be from the bank, or on social/professional networking sites. Also, try not to write them down anywhere least you loose the info and compromise your security.
▪ Destroy and dispose of copies of receipts, airline tickets, travel itineraries or anything else that displays your card number in full.
▪ Check your cards wallet daily to make sure that none of your cards are missing.
Online security protection measures
▪ Keep your devices protected with the latest security updates and a strong anti-virus software.
▪ Shop online at reputable merchants and beware of authentic-looking websites.
▪ Use prepaid cards (they can be generated easily online for short-term, online use) for online shopping.
▪ Sign up for security verification systems like Verified by Visa or Mastercard SecureCode.
▪ Some banks provide extra layers of authentication in the form of security devices or personalized pictures during the login process. Use them, if available.
▪ Also, change your passwords/passcodes regularly.
Generally applicable security measures
▪ Keep regular tabs on your accounts. Most financial institutions now provide email and sms alerts, either free or at a nominal charge. Register for such alerts.
▪ Always keep your bank updated immediately in case of changes in personal information. This way you will be sure to receive information regarding suspicious activity on your account(s).
▪ Educate yourself in the ways of fraudsters and how they use emails, websites and phone calls to lure victims. Almost all the banks in Malaysia have sections on their website, and send regular updates, on how to securely transact online and identifying and responding to fraudulent approaches. In addition, the Bank of Negara and the Malaysian Cyber Security Agency also have informative sections on identifying and dealing with fraud. Take the time to read through them.
▪ If you become a victim of fraud, it is important that you report the incident immediately to your bank or contact the Malaysian Cyber Security Agency – http://www.cybersecurity.my/en/index.html
A secured credit card is like any other standard credit card in terms of the usage, but requires that the card holder deposit a sum, as a security against the money spent on the card. At the end of the billing cycle the card holder pays out the balance amount, or a minimum balance and interest, like on any standard credit card
How does a secured credit card work?
For as long as the spending remains within agreed limits, the card functions like just another credit card, and only when the unpaid amount accumulates to more than what can be recovered from the deposit, the deposit will be appropriated by the card issuer. If the accumulated interests and fee, takes the balance to a figure more than the initial deposit, card users will be held liable for the excess amount.
Differences
The big difference that needs to be understood stems from the credit worthiness of the card holder or applier. Most secured cards are sought by people who don’t have enough credit worthiness for a regular credit card. With poor credit rating, regular credit card issuers may not be willing to offer a credit card and so the secured credit card becomes the only way. Since secured credit cards are offered, in typical situations, to people with poor credit, the interest rates are often more than that of a regular credit card. The rates and the fee involved, almost always, are more than that of a regular credit card.
Why we need one at all?
Every usage of the secured credit card is reported to the credit union and maintaining a decent paying pattern helps build credit. Almost everyone who uses a secured credit card, does so, to build credit and it is a pretty effective way to improve one’s credit. Often card issuers themselves offer better terms on seeing responsible usage. It is not very difficult to move from a secured credit card to a regular credit card.
Who offers secured credit cards–
In Singapore and Malaysia, established banks like DBS,UOB, OCBC, Citibank, HSBC etc offer the secure credit card options.
Credit Cards Information Blog 