Credit card fraud is all too common now-a-days, and to some extent, can be attributed to the rapid advancement of technology. People committing such frauds often keep themselves abreast of the latest technological developments, and manipulate those very tools to cheat innocent and gullible people. Credit card users who have fallen prey to such fraudsters usually experience a lot of hassle and stress. It is therefore imperative that you make yourselves aware of the security features included with your card, and if you’re out seeking a new credit card, you only apply to the ones that offer the latest security features.
Credit card companies generally do all they can, and frequently upgrade the security features offered with their cards, to prevent fraud and protect the interests of their customers. Nevertheless, it is upon us – as credit card users to be vigilant and alert about how we handle and use our credit cards.
The best way to stay safe from credit card fraud is to go through the monthly credit card statements religiously, and see if you find any discrepancies with respect to your spending. If you happen to notice any charges or purchases that you (or anyone else in your family who has access to the card) have not made, then it could be an indication of fraud. If this happens, you would need to immediately get in touch with your credit card company and inform them. They will then investigate the matter and try to retrieve the money that was spent without your express knowledge or consent.
Here are a few other things you could do to protect yourselves from credit card fraud:
- Never share with anyone the details of your credit cards, as well as the logins, passwords and CVV numbers associated with them.
- Never reply to any phone calls or email messages that seek your personal information and/or passwords, CVV numbers or other security codes, even if they appear to originate from your credit card company. If you need to get in touch with your credit card company, you make the first contact.
- Never click on links in your emails, chat or SMS messages and fill-out forms, even if they appear to originate from your credit card company. If you need to get in touch with your credit card company, you make the first contact.
- Never try to increase or redeem your reward points or miles by clicking on links in your emails, SMS or other messages on social networks.
- Always keep yourself updated with your bank’s website, email address and phone number.
- Always handle your card and punch in the pass code yourself. If you need to hand over the card to some one else (say a shop owner) to complete a transaction, make sure that the card does not go out of your sight.
- Make sure to collect your card promptly after each transaction.
- Always keep your card covered so that others do not view the information on the card directly.
Clicking on links from unknown sources often does more damage than good, so you are better off by not clicking those links at all, even to just check them out.
If you need to share your card with someone else in your family, it is recommended to contact your bank and request an add-on card for them. If you do this, you would also need to keep a close eye on the bills of the add-on cards too, so that you are aware of how the card is being used, and spot any wrongful transactions done on those cards as soon as you possibly can.
Another option to consider, esecially for online transactions, is to obtain a temporary (or virtual) card, if your bank provides one. These cards add a layer of security to your actual cards or bank accounts.
Your personal information and social security number are of paramount importance and you should do everything in your power to ensure these details do not fall into the wrong hands. If you take the measures highlighted in this post, you would mostly do well and shield yourself from falling a victim to credit card fraud.