Credit card reward points fraud alert! Don't lose your money, stay safe, do this

Credit card reward points fraud: Credit cards have made life easier for people when they are short of money. A credit card may have many beneficial features and this also includes reward points. A user gets a reward point when s/he uses the card for any purchase or payments. However, the greed for more reward points has landed some credit card users in trouble. A former private bank employee siphoned off credit card data of customers from the bank and used to cheat the card users posing as a bank executive, according to a Times of India report. 

A Delhi based man has lost Rs 60,000 to a gang led by a former employee who managed to get critical data about credit cards users due to his work at the bank. The gang used to call credit card users and claimed to be from their bank and even to put them at ease by telling them the last four digits of their credit card. Since the customers realised the person already knew their credit card numbers and was allegedly calling from the bank, they were easily fooled into divulging more details leading to massive loss of money.  

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In this case, the caller offered the credit card holder reward points worth Rs 10,000. The fraudster posing as bank executive said that the offer would expire by 4 pm that day only. The cardholder got lured by the offer and even made the mistake of sharing the OTP received on his phone. The fraudster then carried out a transaction of Rs 60,000 following which the man registered a complaint with the police. Fortunately, the police have arrested the culprits and are investigating the matter.

An important lesson to be drawn from this is that credit cards users must be very careful about what they do. Also, it's important for them to know how to be safe from these kinds of thieves.  

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Credit card holders, keep in mind these safety tips:

* Never share your credit card PIN/Password with any one
* Never let your card disappear from your eyes while making a transaction at PoS machines.
* Rewards points are always credited to your card automatically when you make any purchase.
* Most crucially, never share transaction OTP received on your phone with anyone.
* Bank customer care executives never ask for confidential details like PIN/Password or OTP
* In case of any transaction not initiated by you, immediately get your card blocked.