In this era of online shopping and contactless payments, credit card fraud is a huge problem across the globe. According to DataProt, retailers will lose about $130 billion each year on card-not-present transactions by 2023. That is a lot of money! If you are one of the people who use credit or debit cards, it is important to take steps to protect yourself from becoming a victim of fraud. In this blog post, we will discuss top tips for protecting yourself against credit card fraud.
What is Credit card Fraud?
Credit card fraud is a type of financial crime that involves the unauthorized use of someone else’s credit or debit card to purchase goods and services. In most cases, this type of fraud is conducted online or over the phone by using stolen account information. The perpetrators may also use physical counterfeit cards with skimming devices in order to obtain personal account information.
Credit card fraud can be extremely costly for both consumers and businesses alike. It often leads to identity theft, where criminals use stolen account information to open new accounts in the victim’s name or access existing accounts without authorization.
Tips to Protect Yourself from Credit Card Fraud
It is important to be proactive in protecting yourself from credit card fraud. Here are some useful tips to help keep you safe:
Choose the Best Credit Card with Advanced Protection Features
When shopping around for a new credit card, make sure to choose the best credit card with advanced protection features like purchase protection and fraud alerts. This will help you stay proactive in protecting yourself from card frauds.
Check your Credit Card Statements Regularly
Monitor your credit card statements closely for any suspicious activity and contact your bank immediately if you see anything unusual. Be sure to save all your receipts so that you can easily identify any discrepancies between what you purchased and what appears on your statement.
Opt for Fraud Alerts
Set up fraud alerts with your bank or credit card company, so that you are notified if any suspicious activity is detected on your account. In this way, you can take immediate actions to prevent any type of unauthorized transactions or payments to keep your money in safe hands.
Be Cautious When Sharing Personal Information
Avoid giving out too much personal information online, as this can be used to gain access to your personal accounts including credit card. Make sure that websites you use have secure payment options and are protected with HTTPS to encrypt all your personal information and details automatically.
Use Strong PINs and Passwords
Have a unique and strong password for each of your credit cards, as this will make it more difficult for someone to gain access to your accounts. Change your passwords often and avoid using easily guessed words or phrases as your credit card PIN or account password.
Treat your Sensitive Documents Appropriately
Treat all your personal documents that contain sensitive information like card numbers, payment details and more. Also shred documents that contain sensitive financial information, like payment receipts, credit card statements and authorization slips.
Keep your Wallets Safe
Always keep your wallet or purse in a secure location, and never leave it unattended in public places. Wallet misplacement can cause losing your important cards like credit card, debit card and ID card etc. This is the reason, keep your wallets safe and use smart trackers to find them easily when lost or stolen.
Use your Cards with Trusted Retailers
Avoid using your credit cards at unfamiliar merchants, as they may not have the proper security measures in place to protect your information. Before you use your credit card for an online purchase, make sure to check HTTPS in the website URL to ensure all your sensitive details will be encrypted to keep them safe from snoops.
Make Sure you have Access to POS when Making Payments via Credit Cards
When using your credit or debit card at a store, make sure that you can see the terminal as it processes your card. Be vigilant for any suspicious activity or transaction when it comes to pay via credit card.
By following these tips and remaining vigilant, you can help protect yourself from credit card fraud. With a little extra effort, you can keep your accounts secure and enjoy peace of mind when making purchases online or paying for utilities via credit cards.