According to the records of the Identity Theft Resource Center, credit card fraud is considered to be the most pervasive form of theft of identity.
There were more than 14.2 million numbers of credit cards exposed in 2017. It increasing day by day.
It has been noted that Americans are considered to be very careless when it comes to protecting their own personal information. As per the research, approximately 41% of Americans had reported fraudulent charges spent on their credit cards, but still, only 12% of them made use of password management.
Let us know a few things that can tell you that your credit card is hacked.
Noticing Strange Purchases
The biggest red flag of credit card fraud is when you find unknown purchases on your bank statement. This is the first thing which can tell you that your credit card has been hacked. A cybersecurity expert has said that one should keep an eye on their credit card statements for fraudulent charges. These types of frauds can take place at any time, so it is advisable to keep a check on your bank statements on a regular basis.
Notice Small Charges Happening on your Account
The moment any credit card hacker gets access to your credit card, he/she will try to spend a small amount of money so that it does not trigger any red flags.
These small amounts could include the charges of a few dollars which are spent at a convenience store. If the card is working properly, then the thief will move on to spend a large amount of money as soon as possible.
The best way to catch fraudulent charges on your credit card is to sign up for notifications and alerts of any charges spent via an email or a text. If you do not keep an eye on micro charges that are spent on your credit card, then you will end up paying more for someone else due to identity theft.
Unfamiliar Company Names on your Statement
The name of the business company will appear on your credit card statement whenever you make a payment with your credit card. Several times it happens that the credit card companies will flag about what is visible to you in the statement.
If you see any unfamiliar names of companies on your credit card statement, then you should immediately inform about it to the credit card company in order to dispute the charges. You can even check on Google for the unfamiliar names on your bank statement.
Payments in Other Locations
It is obvious that the payments made via credit card will be from the area in which you are residing. The only possibility for payments from other locations is if the payment is made to a business which has been registered somewhere else.
Double-check your statement when you see any payment from other locations if it is not made by you because that could be a fraudulent transaction.
Lower Available Credit Balance
The biggest red flag for the consumers can be a diminished credit line due to unexplained pending charges.
If your usual credit line is $5,500 and suddenly you see that it has become $3,500, then you should find the reason for it.
There are several card issuers which provide its customers with information related to the activities taking place in the account. There should be awareness of balances, pending transactions, and credit limits. This is the perfect way to stay one step ahead from the fraudsters.
What to do when your card is hacked?
The very first step you should take is to inform the credit card company when your card is hacked or stolen. If you report to the bank as soon as possible, then you can be saved from fraudulent charges.
The sooner you will notify the bank about the card, and the quicker they will be able to start handling your case.
Some of the basic steps you can apply are to monitor your account, to set up alerts on activities linked with your account, make use of financial tracking apps, and also to make use of services of credit card monitoring.
These are some of the steps you can use if your card is hacked or to prevent it from being hacked.