Advancements in technology have made using debit and credit cards safer than ever. However, that doesn’t mean there isn’t anyone who is waiting to steal your information. Credit card fraud is sadly prevalent in the US, and in 2016, 15.4 million people were the victims of credit card fraud.
What is credit card fraud? Credit card fraud occurs when fraudsters steal your credit card information and use it to make payments or sell it to other criminals.
How can you make sure you are safe when using your credit card and protecting yourself against credit card fraud?
Keep Your Card Insight At All Times
One of the easiest ways to prevent your details from being cloned directly from your card is not to let it out of your sight. Instead, pay attention to your surroundings and the people around you when using your card to avoid being surprised or distracted when paying for goods or at ATMs.
Don’t Click That Link.
Received a text or an email with a link in for you to pay a charge or a fee? Or are they stating you need to update your details? Scammers are experts at sending out phishing emails to trick you into handing over your details. From spoofing official phone numbers to cloning websites, tricksters are getting more sophisticated. Pay attention to spelling and grammar. Typically this won’t be correct, nor will they address you as the organization usually would. If you are ever in doubt, do not click any links and use a different method to check validity than in the message you received.
Don’t Tell Anyone Your Pin.
No company needs to know your PIN for you to make payments over the phone or online. However, when shopping online or over the telephone at sites such as cvv shop, it is crucial to make sure you are not giving out sensitive information that can allow scammers to glean your credit card details so they can use them.
Check Your Statements
Or even better, download the app from your credit card provider and bank. This will allow you to check up-to-date transactions and identify any payments you don’t recognize. Many providers offer you the chance to report discrepancies in the app or even block your card so no more charges can be taken instantly. This is the easier way to identify if you have fallen victim to credit card scammers.
Be careful about using easy-to-guess passwords and PINs. Instead, change them regularly and consider using two-factor authentication to provide an extra level of security to all of your financial accounts. Two-factor authentication sends a message or phone call to a registered number to verify it is you logging in. This prevents others from accessing your accounts. In addition, you will be alerted of any failed login attempts instantly. It can also help you to retain access should you fall victim to a scam.
Credit card fraud can negatively impact your credit score even if the transactions are stopped, and you can prove fraud has occurred. Therefore, it is better to be safe and put measures to make it harder for scammers to get your information instead of cleaning up the mess afterward once they have gained access.