Technology has been a boon for us and made our lives much more convenient; there is simply no arguing with this fact. Where one has to physically go to the bank to cash a cheque and withdraw any sum, now one can use credit cards to simply pay for their purchase – it is truly a magical time to be alive. But a case can be made against that as well. Being so dependent on technology certainly has done harm to us; just look at the small businesses. They have to constantly fight fraud & chargebacks from criminal actors, and sadly they are not always successful. And we have not even talked about the most common fraudulent technique used by these fraudsters, stealing the credit card details and making unauthorized transactions without the card owner being aware of them.
Sure, one can file a claim later, but it can all be a hassle that one can do without. It is best if one does not fall to these fraudulent actors; the following tips can help one with that. Follow these tips to the letter, and you will ensure that your credit card remains safe and can only be used by you or someone you have given permission to.
Table of Contents
1. Never share your credit card information with anyone.
A common mistake many credit card users make is that they simply assume their credit card details are just like their checking account. That is certainly not the case. The credit card is a unique id that allows the pay machine at the transaction point to verify whether the card is authentic or not. And if all the details match, the transaction would be approved. In fact, with the rise of online transactions in the last couple of decades, having a physical card at the time of payment is not even necessary. One can simply pay via wallet by simply adding their credit card details.
This is a goldmine for fraudulent actors as they only need to know your credit card details, and voila, they can use your credit line however they want. So, it is absolutely essential that you do not make the mistake of sharing your credit card details with anyone, even someone who claims to be a representative from the bank.
2. Keep your physical card secure.
Sure, you can stop yourself from sharing credit card details with anyone, but what if the physical card gets stolen. Yes, this is an issue that you have to contend with. Even if you have a wallet on you, that does not mean that your credit card will be guaranteed safe. The best practice you can follow is to keep only a couple of credit cards on you, and in case your wallet gets lost or stolen, connect with your bank immediately. This would allow you to immediately block the card and report it as stolen, rendering it useless.
3. Be safe on the internet.
The majority of credit card theft happens on the internet – something that might surprise many readers. Since the number of online transactions has hit the roof, especially in the last few years, fraudsters have invented new ways to phish out credit card information and other financial details from anyone. One of the most common ways they do that is by simply sharing with you a link to some item you might be interested in at unbelievable prices. You can find these links on email, scrolling the web, or even as an SMS on your mobile device. You need to beware of such phishing links and avoid clicking on them. Also, do not visit sites that do not have secure HTTPS in their URL. HTTP sites are not secured, and any transaction done on the site is not safe.
4. Check out your credit card bill every month
A fraudulent actor does not need to make huge transactions from your credit card. They can easily try to get away by doing small unnoticeable transactions that you would not think too much about. You can only combat this by going through your credit card bill minutely every month. Yes, it might seem like a hectic task, but this way, you can easily spot an unauthorized transaction and raise a concern with your bank.
If you actually want to avoid the credit card frauds, you must follow these safety tips. Certainly, these tips will work for you.
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