Credit cards have made people’s lives a lot easier. It becomes a good source of emergency funds and has many rewards and cashback offers at several places. Though credit cards are good and make payment convenient, there is always a risk of credit cards frauds.
If you own a credit card, you are always at a risk of becoming a victim of credit card fraud. Hence it is important for you to know how to safeguard yourself from such frauds. You can ensure your credit card safety by following these simple measures.
How to save yourself from credit card frauds
Keep track of your transactions:
Keeping a record of your credit card transactions is the most effective way to prevent yourself from credit card frauds. You must keep track of the credit card transactions, rewards, and credits. We advise you to check your transactions history every month.
You can also subscribe to credit card monitoring services which alert you whenever there is a change in your credit score. These services keep track of your credit scores and credit reports and notify you if there are any changes in your credit activity.
Set Up Alerts:
Credit card issuers often offer fraud alerts notifications. You can set up alerts for different types of transactions or if there is any change in your credit score. Credit Card issuers offer alerts through SMS, email and push notifications via their smartphone app.
To check if your Credit card issuer offers fraud alerts or not. Visit the website of your card provider. Under the account settings options, you can find the option to set up alerts. Different provide have a different interface so you need to find it yourself or you can also call the customer care number of your provider and inquire them about the fraud alerts.
- Online Precautions:
Online Credit card frauds are now spreading at a high rate. Scammers can send you a message or mail asking for personal details. Most of the time these scammers represent themselves as a representative from your credit card provider and hence people believe them. But you need to know that no one, including your credit card provider, will ask for such details.
If you get a call or message asking for your credit card information, birth date, passwords, social security number or OTP then you must not respond to such messages as there is a higher chance of fraud.
To ensure your online safety, you can install a firewall on your computer and make sure you keep your system updated as with every update the security of your system is updated. Use a strong password and keep changing the password at regular intervals. If you make some online purchase, make sure the site has an SSL protection before giving your credit card information for the payment.
- Offline Precautions:
Though most of the frauds are online, it is also important to know that fraudsters can scam you offline as well. The scammers use devices like skimmers to copy your card details. To prevent yourself from such frauds, make sure that your card is not swiped in your absence.
You must also keep an eye for the swipe machine to see if the machine has been fixed with any external skimmer machines. If it is done so then you can find signs of tampering with the machine. In such a case, we advise you not to swipe your card.
Be aware of your surroundings while using your credit card or giving the card information over the phone as this can also expose you to frauds. Cover your pin while using the ATM machines or Swipe machines.
Never share your pin with the merchant, always enter the pin by yourself. Pins and OTPs are the most confidential information which you should never ever share with anyone.
Before choosing a credit card, Ask if they offer fraud protection. Most of the credit card providers offer fraud protection and additional services such as alerts, paperless statements etc without any additional fees.
Make sure there is proper support by the company for fraud. Credit card providers usually have a separate team to handle frauds, which provides you with additional security against frauds.
If your card information is hacked, The first thing you should do is to contact your credit card provider and ask them to block your card. Then you can ask them to issue a new card.