Have you heard one of those stereotypical stories of people losing their wallets in busy markets or railway stations to pickpockets?
Although stereotypical, these stories indeed hold true.
Wallet theft is one of the most common and easiest crimes in the world, and it can happen not only in markets and railway stations but just about anytime and anywhere.
Losing a wallet can open doors to several dangers.
You carry your cash, important documents, identity cards, and credit and debit cards, and losing any of these can land you in serious trouble.
Are you aware of the many fraud and scams that can be carried out with just credit and debit cards?
Did You Know About These Credit Card and Debit Card Fraud?
Stolen Credit or Debit Cards
If a fraudster steals your credit or debit card, they might potentially steal away a great deal of money in purchases incredibly fast, and there is generally no way to recover the funds.
Many shops have measures to prevent card fraud, but that isn’t always enough, especially when the fraudster has your wallet and a lot of personal details.
In the case of credit and debit card fraud, identity theft can lead to account takeover and application fraud.
An account takeover entails much more than simply stealing a credit card or its details. Instead, the fraudster gets complete control of the account.
For instance, suppose an older person has a credit or debit card that they haven’t used in a long time. Their caregiver or relative impersonates the elderly, creates an online account, updates the address on file, and orders a new card.
Likewise, with application fraud, the scammer steals the victim’s personal information but uses that data to open an entirely new account.
Phishing involves mimicking official bank calls, which bait you to click on fraudulent links. This will take you to sites that appear to be genuine. When you enter your credit card information on these counterfeit URLs, scammers can obtain the information and exploit it to their advantage.
Another way is when scammers impersonate bank employees over the phone, requesting that you exchange an OTP to ‘verify your card’ or ‘extend the expiration of your reward points.’
It is prudent to thoroughly verify the URL and avoid clicking on questionable website links. Always visit your bank’s official website for any online payments, and notify your bank of the phone number you got fraudulent calls from.
It sounds scary to think about what could happen if you lose your wallet or bank card.
However, no matter how scary it is, there is still a way to save yourself from such trouble: by investing in a reliable and robust wallet protection plan.
Secure Your Bank Cards with OneAssist
Your credit and debit cards are as important as the money in your wallet. Therefore, you must keep them protected.
With OneAssist’s Wallet Protection Plan, you can get coverage for offline and online fraud, counterfeit cards, duplicate card fraud, phishing, skimming, and ATM/PIN fraud.
God forbid, but if you lose your wallet, you can block all of your debit and credit cards with just one phone call. Call us once, and we’ll take care of the rest from our end.
Apart from these benefits, you also get emergency travel assistance included in this plan. This option will help you if you lose your wallet with all your money, bank cards, and identity cards when traveling.
Secure your cards and be protected with OneAssist!