Credit card fraud has been on the increase for the past years because people want to buy things online instead of going physically to get them. Fraudsters know that people will always give their credit card information online and that is why credit card fraud is prevalent.
However, there are ways to prevent credit card fraud and we’ll be sharing 7 of them in this article.
What is credit card fraud?
Credit card fraud occurs when someone else particularly a fraudster has access to your credit card because it was lost or stolen or they have access to your financial data and use it to get your cash or buy things.
Besides your card getting stolen or your identity getting stolen via phishing, these fraudsters also steal people’s identities and open a credit card in their name without the person’s awareness.
The bad thing is that victims of identity theft only find out about it when they are asked to pay debts or declined from getting new cards.
Tips to stop credit card fraud
Preventing yourself from being a credit card fraud victim is possible even when
credit card fraud is on the increase.
You can prevent credit card fraud with these tips:
1 Don’t follow the http website for transactions and use only HTTPS
Before making any online transaction or payment ensure that the website is secure. It is easy to spot a secure website because of the padlock and HTTPS sign on the URL.
As a business owner, you can get an SSL certificate like single domain, wildcard, multi domain etc. For example, if the site is for ecommerce, then go with a low-priced wildcard SSL like Sectigo wildcard SSL, Godaddy wildcard certificate to secure your website.
A secure website ensures that your details are safe and prevent credit card fraud from fraudsters or hackers.
If a website is insecure, while accessing it you will get a notification from your browser that the site is not safe if you don’t look out for the HTTPS sign.
2 Up to date with bank statement
If you can it is best to check your bank statement daily for effective monitoring of your credit card. Most people use their bank apps to do this.
You need to know how you are spending your money and if someone else is making use of your credit card so that you can prevent credit card fraud.
One can never be too careful with checking your bank statement and it helps to keep you updated.
3 Change credit card password within 6 months or a year
Just like it is necessary to change your passwords for the various applications and sites you enter you need to also change your credit card password.
This change should be done within six months or a year. Write the passwords down if you will forget but make sure you change them.
It is also important that you don’t use people’s devices to make transactions using your credit card because they may defraud you.
4 Avoid phishing scams/do not click any other unofficial links
Fraudsters have upped their game in committing credit card fraud by posing as your bank officials.
These people will send URLs of a fake website and when you click on it and input your details like your account details or social security number they commit credit card fraud.
To prevent credit card fraud, you need to look out for URLs that seem fake because that is one of the best methods fraudsters commit phishing scams.
Looking out for these links can seem difficult because most of these phishing scams do not have errors in spelling that can make you easily know it is fake.
Instead of clicking on the link, type it in on a search bar and notice if the site is secure before clicking it.
5 Never use your birthday as a password
It is easy for people or fraudsters to guess your credit card passwords and get it right if you are using your birthday as a password.
Most of the time your birthday is on your social media platforms because you put it there when you signed up and people or fraudsters can easily get this information when they go through your profile.
So, ensure you use a difficult and different password that people cannot easily guess. If you are afraid of forgetting it, write it down somewhere or give the password to a trusted family member.
6 Install official bank application only and do not use the third party
Having your bank application makes it easy for you to monitor your credit card transactions and prevent credit card fraud.
But, you need to ensure that you are using the official bank application because fraudsters or developers create fake bank applications to get unsuspecting users’ credit card information.
It is often advisable that you get your bank application from a worker in your bank to ensure that it is the official one and you are not falling for any scam.
7 Never share OTP with anybody else
While trying to prevent credit card fraud ensure that you don’t share your one-time password with anyone.
A preventive measure is not sharing your OTPs over the phone with people. You should also be aware that your service provider or bank won’t ask for your OTPs so it is a red flag when you see a request for one.
Besides your OTP, don’t share your ATM pin, credit card pin, and other documents that could be hacked by people carelessly. You need to ensure that you keep these passwords private.
Conclusion
Using these steps will prevent you from being a victim of credit card fraud. But, in the instance that you still fall victim ensure that you report to your issuing bank.
When your issuing bank is aware, it is easy for them to help you and block the credit card which prevents these fraudsters from making use of the credit card.
Most importantly, protect your passwords and ensure that no one has access to them to prevent credit card fraud from occurring.
