Chandigarh man falls prey for £ 9 Lakh credit card fraud - 5 important lessons to prevent fraud and secure your money | Mint

India goes through an Epic Credit Card surge. The Reserve Bank of India (RBI) recently said that the credit boost in the country has more than doubled over the past five years. The total number of credit cards crossed with 10.80 crore by January 2025. This number was about 5.53 crore in December 2019-20, as set out in a report by Press Trust of India. Now this revival has also led to an increase in credit card spending. For example, a Chandigarh resident was recently deceived by scams in a well -planned and sophisticated credit card fraud. The incident leaves behind important lessons for all credit card users to always keep in mind to protect themselves, their peace of mind and finances. How was the credit card fraud planned and executed? A resident of Chandigarh, Sector 31, T Rajesh Kumar, randomly received a call from a person who posed and promoted himself as a representative of Punjab National Bank (PNB). The caller told Rajesh that his name was Ajay Tripathi. He also offered his help and support to Rajesh with the assurance that he would help him obtain a new credit card. The call is designed to look like a simple promotional call users who usually receive daily from different financial institutions. Kumar took the call by the way and considered it legal and agreed to continue with the conversation through WhatsApp for more details according to the caller’s instructions. During another subsequent video interaction, the scammer Kumar requested to give him personal information for identification and cross-verification. He again assured Kumar that it was part of the standard process. When he trusted the words and directions of the caller, Kumar shared personal information and even displayed his wife’s Axis Bank and American Express Credit Cards. After completing the call, he allegedly received a link to complete the application process and submit the details. Fantastic financial loss Unfortunately, the click on the link provided by the caller led to unauthorized transactions. The total transactions amounted to about £ 8.69 Lakh on Kumar’s American Express card and £ 60,000 on its Axis Bank credit card. Even after he blocked the cards immediately and reached out to bank officials, significant financial damage has already been done. The fraudulent transactions were too much for Kumar and his family to carry. The scam reached out to Kumar the next day to let him know about more transactions and even chopped into his Amazon account. The rising tendency of credit card -spirits This particular incident is part of a worrying trend in the country, where fraud cases have risen tremendously. According to a report, another incident of credit card fraud recently occurred in Ahmedabad’s Anandnagar, where a resident, Soumya Jain, lost about £ 50,000 to a similar credit card fraud. The cybercrime unit was informed of the incident, and they are investigating it. How can you keep yourself safe and protect against fraud? To protect themselves from such credit card fraud, card users must take various preventative measures: Verify the Caller identity: Always confirm the identity of all who request personal information. Remember, banks never reach to customers for personal information such as credit card details or CVVs. Avoid fully part of sensitive information: Must disclose or discuss your credit card details on calls or video chat with someone. These are credit instruments. If you discuss personal details, keep yourself at risk for financial loss. Monitor transactions, read Statics regularly: Watch your bank statements closely for any unknown or unauthorized transactions. Report it immediately if you see any unauthorized deduction in your account. Use strong passwords and biometry: Always protect your online accounts with strong passwords, biometry and enable multifactor verification to keep your data safe and safe. Clear doubt by issuing the customer service team: Always visit the official website of your financial institution for explanation on doubt and to obtain the official number of the customer service. Furthermore, you should never share CVV, OTP and card details. As online credit card fraud becomes increasingly complicated and sophisticated, it is essential to protect your financial well-being. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. Catch all the immediate personal loan, business loan, business news, money news, news events and latest news updates on Live Mint. Download the Mint News app to get daily market updates. Business NewsMoneypersonal Financian man falls prey for £ 9 lakh credit card fraud – 5 important lessons to prevent fraud and secure your money less