How to Avoid Becoming a Victim of Credit Card Fraud

There’s no doubt that technology has made our lives a lot easier and comfortable. But we can’t ignore the fact that it has also given rise to the online fraudulent services. This is especially true in the case of credit cards. No matter how reputed and popular your credit card company is and how safe your account is, the fraudsters often find a way to attack on your bank balance by having unauthorized access to your cards. This happens most of the time when you don’t pay attention to some little things. As they say, little things make a big difference, so by staying alert, you can avoid becoming a victim of credit card frauds.

Having said that, this guide has some useful tips by using which you can avoid being scammed. So, without any further delay, let’s take a first step towards your credit card security!

Avoid Using Unsecure Websites And Networks

This is the biggest mistake of credit card owners which results in a credit card blunder. So, never use your credit cards on unauthorized and unknown websites. Most of the time, you get links in your emails, never click those links to access your bank account or credit card. It is recommended to use only secure networks and your bank’s authorized net-banking site. Further, don’t perform any credit card transaction when you’re using a public Wi-Fi connection or a computer system. These are the creamy spots used by the hackers for getting access to your bank balance. And even if you’re using someone else’s device, say some friend or colleague, make use of the virtual keypad for entering your ID and password and don’t forget to clear the history. This will make sure that your information is not saved in that device.

Review Your Statements Every Month

You might be already subscribed to the email and text alerts from your bank but that’s not enough

In addition to that, build a habit reviewing your statements every month. If you notice any unusual activity in your account, then immediately report it to your credit card company. And if you’re not good at remembering the transactions, keep a track of your credit card receipts and compare them promptly with your statements.

Take Help From The Professional Identity Theft Protection Services

You can call for the professional identity theft protection services in order to stop identity theft.

Lifelock and Experian are some good examples of such services. For those who don’t know, the identity protection services make use of technology and talented professionals who scan the websites and other sources regularly to spot any kind of suspicious or fraudulent activities.

As soon as any suspicious activity is detected, you’ll be immediately informed through a text message, email or even a call. Most importantly, if by any chance you fall in such scams, some service providers help you in your recovery by offering further assistance.

Check Your Credit Report

Alongside your monthly statements, do check your credit card reports regularly. You can view it as a report card in which you can know about your transactions in an organised way and also manage them. These reports contain all the useful information like your credit card dues, your limits, debts, available balance. Basically, you can keep a track of your credit history.

You can either get a paid and a free credit report. Generally, such reporting services collect and use all the required information about your credit card which is safely provided to them by your credit card issuers, banks or other reputed financial institutions. A credit card report usually consists of three parts :

  • Your Personal information such as name, contact info, address etc.
  • Account information such as your transaction history, outstanding amount and repayment, mortgage loans, other credit cards etc.
  • Enquiries. This part mentions all the companies that have accessed the credit report.

If you can’t afford the paid credit reporting services then get a free yearly credit report. Although it will have less information, you’ll get a basic idea. Also, if you suspect any fraudulent activity then immediately go for “credit freeze“.

Sign Up For Dark Web Monitoring

Dark web monitoring is another way to prevent yourself from credit card frauds. For those who don’t know, the dark web is an area or space on the internet that can be only accessed by a specific internet browser. In simple words, it is an anonymous area where your identity and other confidential information is protected by means of data encryption. It makes it very hard for the fraudsters to track your data on the web. Hence, your data will not be accessed and misused by the third parties.

Don’t Sign Blank Credit Card Receipts

This is a common way used by the tricksters for accessing your bank balance. Hence, always check the amount on your credit card receipt prior to signing it. If you ever get a blank credit card receipt then fill the blank spaces with “xxxxx” signs and then sign it. This will prevent the trickster from filling any amount and making a transaction using that.

Avoid Giving Out Your Credit Card Information

Make a rule of thumb and never give your credit card information to anyone. Avoid such calls that claim to be a financial service and ask for your credit card information. Also, never call back to the number you’ve received in your email, text or answering machine as there are fair chances of it being a fake number.

Phone calls and messages are the simplest ways used by scammers to access your data. Many credit card owners fall for it and become a victim. So, always avoid such situations and share your details only on the calls you’ve initiated and with your credit card issuer.

Avoid Free Credit Card Services

Free credit cards may sound tempting but be very alert, these can be a big trap!

People fall for such tricks and lose all of their money. Always get a credit card from a trusted and well-known credit card company.

Apart from this, perform a credit check from time to time in order to keep a track of your credit history.

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