How to prevent credit card fraud?
Unfortunately, credit fraud has become very common these days. We live in an information age where our credit card information is at high risk of theft. But you can prevent credit card fraud by keeping your card details extra safe. Always be on alert for scammers who may try to lure you into giving up your credit card information.
What are the credit card fraud types?
Let’s break down the different types of credit fraud into four main areas:
- Lost or stolen credit cards used without the owner’s authorization.
- ‘Skimmed’ credit cards – happens when a card is copied or cloned when swiped on a machine that duplicates the card.
- Card-not-present – card number, cardholder name, address, and date of birth stolen from databases or through phishing scams to be sold and used for cybercrimes.
- Unauthorized transaction from a new credit card through fraudulent applications.
How to detect credit card fraud
Spending a few minutes monitoring your credit card activities can save you from the stress of getting fraud.
Check bank statements regularly. if you notice an unrecognized transaction, call up the card provider and question it.
Check credit reports regularly. Checking the credit report will help in detecting if someone was has applied for a credit card pretending to be you.
Check your post. A lot of information is stolen from mails, so keep a check of the expected posts and contact the sender if there is any delay to make sure it’s not intercepted and stolen.
Set up bank alerts. This will help you in receiving all your credit card activities via text message whenever your card is used.
Check for unknown transactions. If you receive a card decline notification, check with the provider because this could mean that someone was trying to make high-value payments without you knowing.
Credit card limit. If you receive a notification from your card provider that you have reached your credit card limit, it could mean someone was using your card details unknowingly.
