Five Smart Credit Card Fraud Prevention Strategies

Five Smart Credit Card Fraud Prevention Strategies

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Protect yourself with techniques for credit card fraud prevention. There’s certainly been a rise in credit card fraud cases nowadays, but this should not become a hindrance for consumers in terms of proactively protecting their financial life. Falling prey to card crooks can be inevitable, but it is important to know how to deal with such a situation effectively. Bear in mind that as you continue to use your credit cards for cashless transactions, your risk of becoming a victim increases as well.

 

Here are some useful credit card fraud prevention techniques for you.

Keep your credit card safe

Always maintain the safety of your card, your PIN, and your card account details. When it is not in use, do not leave your card unattended; instead, keep it in a secure place at home. It’s critical to also use a hard-to-guess PIN that you can easily remember. Record pertinent details of your card, including your card account number, security code, expiration date, and the contact details of your card issuer, and then lock them in a safe place along with your other identifications and financial documents.

Always sign at the back of your card upon receiving it. You must also check the card‘s sealed package to see whether or not it has been compromised – look for signs of tampering. Contact your card issuer if you suspect that someone might have tampered with the sealed package.

Check your statements and online accounts regularly

Managing your purchases effectively is one good way to prevent thieves from exploiting your card. You can access your credit card purchases online through your credit card provider‘s website. You should create an account that is not similar to the name on your card to keep your real identity private. Use a secure browser and make sure you have a strong password that is different from your PIN. It pays off to log in at least once a week as well as every time you make a purchase to verify the particulars of your transactions.

Always keep card receipts because you’ll need them for reference when you want to check your transactions on your online account and your monthly card statement. Make this a regular habit to boost your protection and easily spot fraudulent charges made with your credit card.

Never leave paper trails behind

Paper trails of credit card transaction are often used by identity thieves to obtain a victim’s card details. Never leave a paper trail behind, especially when you shop and eat in restaurants. Keep your receipts for future references, especially when you check your credit records once every four months.

Use your credit cards responsibly

Use your card wisely, and be aware of the schemes used by fraudsters to steal your card information. For instance, instead of paying with your credit card at gas pumps, where skimming usually occurs, you can instead pay in cash. This means that you must always bring extra cash with you to avoid heavy reliance on your card. Aside from the fact that it lessens your chances of falling victim to identity thieves, you can also save a lot from the monthly balance you have to pay.

When making business over the phone or through email, never divulge your card details to anyone, even if they claim to be from a reputed organization. You must only do this when you’re the one who initiated the call. If the caller claims to be a representative from your card company, immediately hang up and contact your institution to verify the call.

Act fast – report any lost credit cards

Criminals can easily use your credit account as soon as they have obtained your card. They can rack up charges fast, so you have to act immediately to reduce your losses. As soon as you realize your card is missing or stolen, report it immediately to your credit card provider.

Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on the top options for secured credit cards and tips on keeping your credit secure.

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