Credit Card Frauds and What You Can Do to Avoid Them
As of 2021, the most common payment method out of all the fraud reports in the US was credit cards. In 2020, when the world was battling COVID-19, there were a total of 459,297 cases of such fraud. Most of these fraud victims were between the ages of 30 and 39, the target demographic for credit card issuers. As a result, theft by credit card fraud increased by almost 45% compared to 2019.
Credit card fraud is one of the biggest threats today’s eCommerce industry faces. No one’s bank account is entirely safe from these perils, from credit card theft to credit card data breaches.
A card issuer does their best to stop offline and online transactions from a stolen credit card whenever they suspect fraud. It’s also possible to recover funds from credit card fraud via a funds recovery company. These companies can easily back you up as long as you have sufficient evidence. However, you to be vigilant as well regarding this issue. So, here are a few things you can do to avoid credit card fraud.
Never Save Your Credit Card Details
In 2021, Google sent millions of users a chilling email when it told them their passwords had been compromised. The data breach exposed millions of users’ saved login and payment credentials.
You often save your credit card information on various websites. The purpose is that you don’t have to re-enter the same details the next time you want to buy something from them. However, hackers can access your information when they manage to breach the website’s security measures. As a result, your credit card information is no longer safe. It might already be too late by the time you get to know it.
Scan Your Computer and Phone for Virus and Malware
The number of online transactions reaches the million mark almost every day. Most of these are credit card transactions, where people are buying stuff online. Since you’re either using your mobile or PC for this, you must make sure no one is snooping on you and your credit card information.
Scan your PC and smartphone for viruses and malware. Hackers and scammers can access confidential information on your devices by planting a backdoor. At the same time, you should be careful while installing third-party software on your devices.
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Use Stronger and More Secure Security Measures
Not saving your login credentials and credit card information will go a long way in protecting you from fraud. However, you can still do more to protect yourself from credit card fraud.
Using a secure password should be your priority. Use a mix of alphabets, symbols, and special characters to compose the password. Never use guessable passwords like your birthdate or pet name.
Look into other ways of securing your devices. Biometric authentication is a highly efficient way of doing so. After all, it won’t be easy to replicate your eyes, face, or fingerprints.
Don’t Use Your Credit Card On an Insecure Website
Never purchase anything using your credit card on a website without an SSL certificate. The SSL certification verifies that the website encrypts sensitive information passed between the user and the server. No SSL certificate means that anyone can snoop on that information. When you wish to install an SSL certificate make sure it is from a reputed CA like RapidSSL, GlobalSign, DigiCert, etc. A few well-known certs are popular among developers including RapidSSL wildcard Certificate for subdomains, comodo multi domain SSL, and Thawte SSL for a single domain. A site owner can choose as per the site’s requirements.
When using your credit card online, you send your card number and security pin to the receiver’s server. Anyone with the right tools and brains can snoop on these exchanges and steal your credit card information. That is even worse than when someone steals your credit card. With credit card theft, you’ll at least know that someone stole it. There’s no easy way to tell if someone stole your credit card information during the transaction process.
Be Careful While Using Your Card
When using your credit card, keep the following points in mind.
- Make sure the card reader at the ATM is not loose.
- Cover your pin as you enter it into the machine.
- Never let anyone use your credit card. At the same time, never tell your credit card pin to those at the payment terminal or counter of the store.
- Immediately call your card issuer and block the card if you lose it.
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Be Aware of Unauthorized Transactions
Always keep your credit card bills in check. When you spot an unauthorized or suspicious transaction, notify the credit card company. Don’t risk keeping your card active at that stage.
Your credit card issuer will also notify you when it sees that you’re trying to make a transaction to a suspicious or blacklisted website. Listen to their reasons for the notification and possible transaction block. Avoid using your credit card on those sites if possible.
Credit card fraud will continue as long as people are not careful about how they use it. So, your best bet to avoid these frauds is to ensure you stay extra cautious all the time.
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Debt-Service Coverage Ratio (DSCR): Meaning, Uses, Calculation, And More
With the help of the debt service coverage ratio (DSCR), one can calculate the ability of a company to manage its current debt obligations by making use of the available resources. By calculating the ratio, the stakeholders of the company can evaluate the financial state of the company. This can give an idea of whether the company is capable enough to repay its outstanding short-term and long-term debts. In this article, you will learn some of the general details about the debt service coverage ratio and the formula to calculate this ratio. Apart from that, you will also get an idea of how to calculate this ratio in a business situation, that is, having a knowledge of how to work. Finally, we will check the pros and cons of the debt service coverage ratio. Hence, to learn more, read on through to the end of the article. What Is The Debt Service Coverage Ratio (DSCR)? According to Wall Street Mojo, “Debt Service Coverage Ratio (DSCR) calculates the ability of companies to manage their current debt obligations using the available resources. The computation of this ratio allows stakeholders to assess the company’s financial state and check if it is capable enough to repay its outstanding long-term and short-term dues.” Basically, the debt service coverage ratio helps you to measure the available cash flow of the company to pay its current debt obligations. By calculating this ratio, investors and lenders can determine whether the company has enough income to pay off its debts or not. You can calculate this ratio once you divide the net operating income of the company by debt service, including principal and interest. When you find out the debt service coverage ratio of a company, you will be in a better position to decide whether to invest in a company or not. Or, if you are a lender, you will be able to decide whether to approve a particular company’s loan or not, provided the company’s current availability of resources. The higher the ratio for the company, the better the chances are for the company to get more loans, credits, and investments. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? What Is The Formula Of Debt Service Coverage Ratio (DSCR)? By determining the debt service coverage ratio of a company, you will be able to learn the financial health of the company. If the company has a lower ratio, it means that the company has a higher chance of defaulting on payments. According to Indeed.com, “To understand a company's financial health, a financial analyst compares it with other companies operating in the same industry. Comparing the DSCR ratio of an airline company, which uses larger debts, with a software company, which uses minimum debt and more equity financing, is inappropriate because both companies have different debt structures.” Here is the formula for the debt service coverage ratio (DSCR): Debt Service Coverage Ratio = Net Operating Income / Total Debt Service Here, Net Operating Income = Total Revenue - Certain Operating Expenses and Total Debt Service = Interest + Principal Payments + Lease Payments How Does The DSCR Work And What Are Its Uses? According to Investopedia, “The debt-service coverage ratio is a widely used indicator of a company's financial health, especially those who are highly leveraged with debt. Debt service refers to the cash needed to pay the required principal and interest of a loan during a given period. The ratio compares a company's total debt obligations to its operating income.” For a company to get loans, there is a minimum level the company must be able to match. Various lenders, stakeholders, and partners target the debt service coverage ratio metrics of the company, as well as terms and minimums related to it, before approving a loan. When it comes to corporate finance, the debt service coverage ratio of a company shows its ability to pay its debt. This value is really helpful for lenders and investors. On the other hand, when it comes to personal finance, the debt service coverage ratio helps the bank to find out its interest rate. In typical cases, banks, lenders, and financial institutions prefer a higher debt service coverage ratio for a company. Having a higher DSCR shows that the company has sufficient funds to pay off its debt obligations and the company can make payments faster. Pros And Cons Of The Debt Service Coverage Ratio (DSCR) The following are some of the major pros and cons of the debt service coverage ratio for determining the loan payoff ability of a company: Pros Of Debt Service Coverage Ratio Here are some of the major pros of the debt service coverage ratio formula: Monthly calculation of the debt service coverage ratio helps a company evaluate its average trend over some time and predict future ratios. It helps in budgeting and strategic planning. It helps in comparing and assessing the company in regard to its competitors. It helps to better assess the long-term financial health of the company. A truer representation of the operations of a company, as compared to other ratios. Cons Of Debt Service Coverage Ratio Here are a few cons of the debt service coverage ratio formula: Using operating income to calculate the debt service coverage ratio can overstate the company’s income since not all expenses are shown. With accrual-based accounting guidance, the debt service coverage ratio is partially calculated. Read More: What Is a Franchise, And How Does It Work? – Examples, Benefits & More Bottom Line Hope this article was helpful for you in getting a better idea of how the debt service coverage ratio (DSCR) works and how to calculate it using the formula. It basically shows you whether a given company has enough income or cash flow to pay its current debt obligations. This can give an idea to lenders and investors about a company’s ability to pay back loans. You can also find out the debt service coverage ratio by calculating the net operating income of the company and comparing it with the debt service, including principal and interest. Do you have any more suggestions on how to use this ratio to evaluate a business? Share your ideas and opinions with us in the comments section below. 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The Benefits Of Using A Mortgage Broker: Why You Should Consider One
Are you looking to buy a new home, but feeling overwhelmed by the mortgage process? Using a professional mortgage broker can make all the difference in your journey to finding and securing the right loan for you. Mortgage brokers have valuable expertise and connections that can save you time, money, and headaches during this pivotal stage of your life. Ready to learn why it pays off to use one? Keep reading as we dive into the benefits of using a mortgage broker! What A Mortgage Broker Does And How They Can Help You A mortgage broker is a financial professional who helps homebuyers navigate the complex world of mortgages. They work with various lenders to find the best possible mortgage rates and terms for their clients. By having access to a wide range of mortgage products, they can also help you find a loan that fits your unique financial circumstances. This can potentially save you a significant amount of money over the life of your mortgage. Not only do they help you find the right loan, but they also assist with the application process and can even negotiate with lenders on your behalf. Overall, utilizing the services of a Mortgage Broker can be a smart financial decision for anyone looking to purchase a home. Benefits Of Using A Mortgage Broker When it comes to buying a home, finding the right mortgage can be a daunting task. You want to make sure you're getting the best deal possible, but with so many loan options and varying fees, it can be overwhelming. That's where a mortgage broker comes in. By working with a broker, you have access to a wider range of loan options and lenders, which means you may be able to find a better deal than you would on your own. Plus, many brokers charge smaller fees than traditional lenders, which can save you money in the long run. Overall, using a mortgage broker can help ease the stress of buying a home and help you secure the best loan for your needs. How To Find The Right Mortgage Broker For Your Situation Buying a home can be an exciting yet daunting task, especially when it comes to finding the right mortgage. This is where a mortgage broker comes in handy. But how do you find the right one for your specific situation? It's important to do your research and ask questions to ensure you're working with someone who truly understands your needs and can find you the best possible options. A good mortgage broker will listen to your unique situation, offer advice on the best products available, and help you navigate the often-complex world of mortgages. With the right broker by your side, you can feel confident that you'll secure the best deal possible and be on your way to owning your dream home in no time. The Importance Of Shopping Around For The Best Deal In today's fast-paced world, it's becoming increasingly important to be savvy about our spending. Shopping around for the best deal can save you a significant amount of money, whether you're looking to buy a new car or simply groceries. With the rise of online shopping, it's easier than ever to compare prices and find the best bargains. Of course, it's not just price that matters – quality and reliability are also important factors to consider. By taking a little extra time to research your options and compare prices, you'll be sure to get the most bang for your buck. So why not make your money go further by shopping around for the best deal? Tips For Negotiating With A Mortgage Broker To Get The Best Rate Possible Negotiating with a mortgage broker can be a daunting task, but it's important to remember that you are in control of the final outcome. With a little bit of preparation and some negotiation skills, you can secure the best possible rate for your mortgage. One important tip is to do your research beforehand so that you have a good understanding of what rates are available in the market. This will help you identify any discrepancies between the broker's offer and what else is available. Additionally, be sure to ask questions and clarify anything that you don't understand - this will help you make informed decisions and ensure that you're getting the best possible deal. Conclusion In conclusion, the decision to go through a mortgage broker is an important one. While it can provide access to better loan options and save you money on fees, it’s essential to consider the other factors when choosing a mortgage broker and making sure they are the best fit for your situation. With all these pointers in mind, you now have the tools necessary to start your journey toward owning your dream home and finding a mortgage broker who will help make that process as smooth as possible. Read Also: How To Start A Dropshipping Business In 2021 – A Beginners Guide Boxed Packaged Goods: The Right Guide To Uplift Your Business How To Start A Concession Stand Business? – A Complete Guide
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Depending on the financial requirement, you have to prepare your financial planning to develop your business in the right direction. Therefore, proven proficiency, especially for VBA and Microsoft Excel, is required. What Is The Investment Banker Salary? Most of the candidates today have this common question: What is the salary scale of an investment banker? You need to go through the slabs of their salary with all the required designations to understand the prospect of this field. Salary Range Of An Investment Banker Title Total Remuneration Base Salary Analyst $125-$200k $85-$100K Associate $180-$250K $100-$120K Vice President $220-$400K $120-$150K Managing Director $500K -$10M+ $300-$1M Final Take Away Hence, if you want to become an investment banker, you need to know the above criteria and qualifications you need to cross pass to excel in this career. You cannot make your choices in grey while developing your business in the right direction. 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Fullerton India Review: Things To Know Before Taking A Loan!
Nowadays, if you are in need of money, whether it's for personal uses or for your business, getting it instantly is a major convenience. Therefore, many new loan institutions are cropping up globally. One such company from India that I am going to discuss is Fullerton India Ltd. To learn more about this Kolkata-based company, read this post till the end! Fullerton India: Company Overview Fullerton India credit company Ltd is a new finance company originating from Kolkata, India. With its headquarters in Park Street, they have managed to gain a lot of traction lately by providing instant loans to people and businesses. One of the primary reasons they have become popular is because of how easy it is to get approved loans from Fullerton. Plus, their loan application processes are easy - you can do them entirely online if you wish to! In addition, you don’t need a Fullerton India credit company limited account! Fullerton is similar to other Indian financial institutions like Navi, PayMe India, and LoanTap. Fullerton India Personal Loans Fullerton India is widely renowned for providing personal loans to account holders at lower-than-average interest rates. As long as you are eligible for Fullerton India personal loans and you are a salaried employee, you will get such loans quickly. All the procedures of this company are completely transparent to ensure that there are no hidden charges or secret terms and conditions in place. In addition, most of the Fullerton loan payment solutions can be customized by you to an extent. Maximum Loan AmountUpto INR 25,00,000Repayment TenureMinimum 12 months, maximum 60 monthsInterest RateStarting from 17%Processing FeesUpto 6% of the total loan amountPrepayment ChargesUpto 7% of the total loan amount Why Should You Apply For Fullerton India Personal Loan? Some of the benefits of applying for a Fullerton India personal loan are: The application process for this loan is 100% digital - no paperwork is required.These personal loans are free of any collateral. Repayment tenures for these personal loans are flexible. Since these are personal loans, the reasons for applying for this loan can be anything. Required Documents To apply for this loan, you need the following documents: A filled application form that is also digitally signed. Identity proof (should contain proof of your address, age, and citizenship) Salary Pay Slips for the last three months Bank statement for the last six months Form 16 Income Tax Returns report Other necessary financial statements and Proof of income (if you are self-employed) Personal Loan Eligibility Criteria You will be eligible for Fullerton India personal loans by meeting these requirements: AgeMinimum 21, maximum 60Employment StatusMust be salaried or self-employedMinimum IncomeMinimum salary INR 25,000Credit Score750+ CIBIL score with a good credit historyNationalityIndianWork ExperienceMinimum 1 year of work experience Fullerton India Business Loans If you are an entrepreneur and you are in need of funds to expand your business, then contact Fullerton India. They have business loans for all types of businesses, both big and small. Not only will these loans help you manage your business capital necessities, but they will also help you manage your capital needs for other purposes. This includes inventory purchases, workspace expansion, marketing, and any other additional payments. Maximum Loan AmountUpto INR 50,00,000Repayment TenureMinimum 12 months, maximum 60 monthsInterest RateStarting from 11.99%Processing FeesN/APrepayment ChargesN/A Why Should You Apply For Fullerton India Business Loan? The primary benefits of applying for loans from Fullerton India home finance company limited are: All the loan facilities provided by the company are flexible since you have a loan repayment tenure of upto 48 months. Such business loans of upto INR 50 lakhs will be provided to you quickly within 24 hours after you apply. There are no collaterals for Fullerton business loans. You can access your loan account online pretty easily. Required Documents To apply for this loan, you will need these documents: A recently clicked photograph of you. Identity proof, like your PAN card. Address proof like your passport. Necessary bank statements Income Tax Report (ITR) files or GST Reports Income proof Business existence proof (like your business’s Certificate of Existence) Business Loan Eligibility Criteria You and your business will be eligible for these loans if you meet these requirements: AgeMinimum 25, maximum 65Business StatusSole proprietorship or partnershipMinimum TurnoverMinimum INR 10,00,000 per annum, with INR 2,00,000 profitCredit Score750+ CIBIL score with a good credit historyNationalityIndianBusiness ExperienceMinimum 3 years of business life with profits in the last two years Other Types Of Fullerton India Loans Apart from the two loans described above, which are the specialty of Fullerton India, they also provide other customizable loans like: Loan Against Property: If you have an immediate expense to clear out as soon as possible, then you can get a loan against your property as collateral instantly! Two-Wheeler Loans: These are short-term loans for purchasing your first two-wheeler! Home Loans: If you wish to purchase that dream house you have been eyeing for some time, you can apply for this loan! Commercial Vehicle Loans: If your business needs a commercial vehicle like trucks and other vehicles, you can apply for this loan! How To Apply For Fullerton India Loans? If you wish to apply for a Fullerton India loan, you have to follow a simple process, which I have described below: First, go to the Fullerton India official website. Here, click on the Apply Now button at the top of the page. Now, out of all the loan options, select the type of loan you wish to apply for. Depending on the type of loan you have chosen to apply for, an application form will open on your screen. Fill it up with all the required details. After you have filled up the application form, click on Next. An OTP will be sent to your registered email ID and phone number. 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