How to Protect Your Credit Card from Cyber Fraud

How to Protect Your Credit Card from Cyber Fraud

A credit card fraud not only results in loss of money but also personal information. Fortunately, you can take preventive measures to save yourself from cybercrime and identify possible unauthorized card use. To save yourself, it is necessary to remain vigilant and constantly track your account details for any unrecognized use. Credit card fraud not only results in monetary loss but also in the theft of personal information. Fortunately, you can take preventive measures to protect yourself from cybercrime and detect potential unauthorized card usage.

Way to Protect Your Credit Card from Cyber Fraud

Scamsters try different ways to steal your information. Let us look at some ways to protect ourselves.

Beware of Phishing Scams

Phishing attacks occur when a scammer attempts to obtain your financial details via phone, email, or text. Posing as insurance brokers, marketers, or banking representatives, they attempt to persuade the cardholder to provide card details to complete the transaction. Never send your credit card information to someone over the phone or online.

Never Use Unsecured Websites

Never enter your credit card details on an unsecured website. Data protection is ensured by the padlock on the left and the web address with HTTPS.

Set Transaction Limit

You can set daily and per transaction credit limit on your card. Credit card limit can be set for various types of transactions including:

  • ATM transactions
  • Online transactions
  • Point of sale
  • Contactless transactions

Beware of Skimmers

Through skimming, fraudsters steal your card information using an illicit card reader. These devices are concealed in ATMs, gas stations, restaurants, and even certain retail establishments. To avoid this, always keep an eye out for any alterations at the ATM, never lose sight of your card, and never swipe at unverified tellers. Get immediate notification of the transaction on your phone so that any fraudulent charges can be reported to authorities. It is worth noting that cash withdrawals from ATMs result in credit card interest rate charges.

Never Share Sensitive Information Online

Always use a strong password to prevent hackers from stealing your data. Furthermore, do not store your account information on a website. Another way to protect yourself is to never share your credit card details over public Wi-Fi. These networks are easily hacked because they are unencrypted. When conducting an online transaction, always use a private network.

Keep Your Credit Card Safely

Keep your credit card in a safe place from thieves. Take just one credit card to the market and never expose it in public. Credit card statements indicate the expenses incurred along with the credit card interest rate paid. Never through the statements in the bin without shredding them to pieces as it contains your card number. The same is true with old or cancelled cards.

Disable Card Transactions

If you do not need the card, cancel it or disable all the transactions on the card. You can also disable all international transactions as a precautionary measure.

Technology is rapidly evolving, as are the techniques used by fraudsters to defraud unsuspecting cardholders. When applying for a credit card, read all of the information about the card issuer’s cyber fraud policies. Moreover, you can easily thwart attempts by fraudsters to dupe you by following the basic tips mentioned above.

These are old statistics. Do we need them?

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