Credit card fraud has become the most common sort of identity theft. With 1.5 billion credit cards in the U.S. alone, it’s no surprise that millions fall victim every year.
Credit card fraud
Credit card fraud can happen if someone steals your card or gets into your account online, and it can be a real pain to fix. Even if you’re a victim of fraud, you may get charged for things you didn’t do. This can lead to big bills. And if the balance on your credit card goes up a lot, it could hurt your credit score.
You can take steps right now to protect yourself from fraud and find out early if your card is being used without your permission. The best way to keep your credit card data safe from thieves is to stay on top of your accounts and be proactive.
Ways To Avoid Credit Card Fraud
It is essential to know what steps to take if you become a victim of credit card fraud; but, beginning to practice safe credit card behavior the moment you receive a new credit card will go a long way toward preventing more cases of credit card fraud.
Let’s have a look at some of the points:
Maintain the security of your credit cards
There are a number of things you can do to maintain the security of your credit cards:
- Keep your credit cards in a safe place.
- Do not lend your credit cards to anyone.
- Do not give your credit card number to anyone over the phone or online unless you are sure they are a legitimate business.
- Report any lost or stolen credit cards to your card issuer immediately.
- Use a credit card that offers fraud protection, such as a card with a chip or a card with a security code.
- Pay attention to your surroundings when using your credit card in public. Be aware of your surroundings and keep your credit card close to you to avoid theft.
Never let sites “remember” your card number
Never check the “remember card number” box on any website or portal you use. This is an even good practice. Allow if necessary allow only trusted payment sites, such as Google Pay and PayPal, to store your card number in their systems.
Be aware of online merchants:
Check that the website is secure and that the URL is authentic before you use your credit card online. A Secure website will have an “s” after the “HTTP” in the web address, and there will also be a locking icon on the page. This means that the site is using a secure server and that your personal and financial information will be kept private. Use a secure website when making online purchases.
In addition to looking for these indicators of security, you should also be aware of online merchants who may try to secure your credit card information by asking for it in an email. This is known as phishing, and it is a form of fraud. If you receive an email from an online merchant that asks for your credit card information, you should not respond. Instead, you should contact the merchant directly to inquire about the email.
Don’t share private info on social media.
Spend a few hours on any social media site if you think this doesn’t need to be said. And if you have older kids who use the Internet, you should talk to them about this. Hackers look through your social media for clues about your life and finances that they can put together.
Tip: Don’t use your name as your password.
Try using a password manager
A password manager is a software application that helps a user store and organize passwords. A password manager can also generate strong passwords.
One rule about passwords is that you shouldn’t use the same password on multiple websites. If a thief gets one of your passwords, they will try that password on your checking account. Keeping track of all your complicated passwords is a pain, too. So, use a password manager.
Don’t use public Wi-Fi to send or receive money
If you need to send or receive money, make sure you use a private network. Most public Wi-Fi access points are unsecured and hackers can easily access your personal information, credit card, or bank account information while you are connected. Consider using a virtual private network
If you need to connect to public Wi-Fi, make sure you use a virtual private network (VPN). A VPN encrypts your data and makes it harder for hackers to access your information. If you are using a VPN, make sure it is from a trusted source. When you are connected to public Wi-Fi, only visit websites that are encrypted.
Regularly check credit reports
Check your credit card statements regularly to ensure there are no unauthorized charges.
First, you want to make sure that all the data in your report are correct. If there’s a mistake, it may possible that it will damage your credit score. You also need to make sure you don’t see any new accounts that you didn’t open. If you do this, it’s a sign of credit card fraud and possible identity theft. You will need to take steps to report the fraud as soon as possible.
The Internet and our dependency on technology have increased identity theft and transformed how it’s committed. Families are affected by identity theft, social security fraud, credit card fraud, and data breaches each year. These crimes are costly. Victims report betrayal, distrust, and impotence.
Card fraud is a very serious problem that can lead to financial ruin for both businesses and individuals. There are a number of ways to protect yourself from card fraud, including using a secure credit card processor, monitoring your credit card statements carefully, and reporting any suspicious activity to your credit card issuer immediately.