Credit card frauds are quite common, and unfortunately, their ratio is increasing day by day. According to a recent study, the cost of online fraud has increased to 15% in the U.S. In 2019, the cost per dollar of online fraud was 3.13 dollars 2019. While it extended to 3.60 U.S. dollars in 2021.
Luckily, some proven ways can help you stay safe from credit card fraud. We have compiled some easy yet practical tips in this guide to strengthen your security and keep you safe from fraudsters.
First, before moving to the details, let’s check out what’s credit card fraud!
What is Credit Card Fraud?
According to the FBI, credit card fraud is an unauthorized purchase made using your credit card’s personal information. Whether the thief stole your credit card number online or a physical credit card, it can happen.
It should look like this: It is a type of identity theft, and a thief may use your personal information to get a loan, open a new credit card, or file taxes by your name. Know as well if is it fraud to use a business credit card for personal use?
The ratio of credit card fraud has increased dramatically during the pandemic, so you need to be careful in this regard. Here we have listed some fantastic ways to help you keep your credit card safe!
Top 5 Practical Ways To Prevent Credit Card Fraud
You can’t avoid credit card fraud entirely, but specific tips can limit your vulnerability. Continue reading to learn about the five practical ways to prevent credit card scams!
• Avoid Using Unsafe Websites
Never enter your personal information on unsecured sites. Confused about how you can see whether a website is secure or not?
If you visit an unsecured website, you will see a pop up like:
- Your website is not private
- Your website is not secure
- You can also see a red triangle with an exclamation mark stating “Not Secure”. Beware of such websites that are not offering you proper security.
Especially when you are using a CC Checker, make sure that it’s reliable. Some fantastic tools like this one don’t save your personal information and are highly safe to use.
• Use a Password Manager
Let’s be honest. It’s not easy to keep a different password for various accounts. Also, unique passwords are hard to remember, and we often forget them. So, what’s the solution? Use a password manager.
It’s a life-saving tool and has plenty of benefits. With the help of a password manager, you can create a safe, secure, and different password for each account. Furthermore, you won’t need to face the hassle of forgetting an essential password since the password manager will save these all for you.
• Keep Your Online Account Secure
Criminals can use different methods to steal your credit card information, so merely creating a strong password is not enough. You need to add an extra layer of security to stay safe from credit card fraud.
One great way of doing that is to use two-factor authentication. In this regard, you have to add- a time security code that you will receive through an email, message, or phone call. This way, your data will stay safe even if your password gets stolen.
• Stay Safe from Phishing Scams
Phishing scams are pretty common, and criminals use them to steal your secret information. Often you will receive an email with a link requesting you to pay an urgent bill or recover your account. As soon as you open the link and enter your details, your credit card and account information will be in their access.
Sometimes you get a call from scammers pretending that they belong to a Govt. sector and urgently need your financial information. Even worse, such calls and emails often look legitimate, but you have to be aware. Never share your account details with a random person on call or text.
• Regularly Check Your Personal Financial Information
Now, this is highly important; you need to keep track of your personal transactions. You can sign up for real-time alerts to keep you updated whenever your card is used. Moreover, you can set a particular dollar limit, and whenever this amount exceeds, you will get a notification.
Don’t forget to check the monthly statement, and if you notice any suspicious activity, it’s a red flag. If any new credit card is opened using your account information, be alert. It’s a sign of credit card fraud, and you should report it immediately.
Reviewing your credit reports regularly can keep you safe from falling into the trap of identity thieves.
Conclusion
While it’s inevitable to avoid credit card fraud altogether, the tips mentioned above can help to secure your financial information.
If you avoid using unsafe websites, use a strong password manager, use two-factor authentication and regularly check your account information, you can stay safe from credit card fraud.