Credit card fraud is the unauthorized use of a credit or debit card, or similar payment tool (ACH, EFT, recurring charge, etc.), to fraudulently obtain money or property. Credit cards are frequently stolen and used fraudulently by criminals looking to make a quick buck. This type of activity costs consumers and businesses billions of dollars per year.
A simple way to greatly reduce your risk of being a victim is using a credit monitoring service. These services monitor your existing credit accounts around the clock for any suspicious activity that could indicate you have been a victim of identity theft or fraud.
Prevention is better than cure, so protection against credit card fraud is better than getting regretted after falling into a trap. Let’s know about various strategies how to prevent credit card fraud.
Keeping the Credit Card Safe
- Keep the card in an anti-theft bag. If you’re going out of town, keep your credit card in a small bag or pouch that is easy to carry with you but hard to steal.
- Don’t leave it in your wallet. You might think that keeping your credit cards together with a bunch of other cards will make them harder to steal, but actually, it makes them easier for thieves because they can see which ones are most likely to have money on them and then steal just those ones—leaving all of your old gift cards behind!
- Don’t leave it on the table while using it at a restaurant or store–that’s just asking for trouble! Leaving something like this unattended is always risky because there are plenty of people who would love nothing more than to take advantage of someone else’s mistake by stealing their hard-earned cash (or points).
- Don’t ever leave anything valuable lying around unattended unless there’s absolutely no alternative; don’t give anyone any opportunity for dishonesty! The only exception here might be if there’s some kind of security guard watching over everything 24/7 like maybe at an ATM machine or something along those lines (but even then some people might still slip away undetected).
Check the security certificates
There are several things you should look for when trying to determine if a website is secure or not. First, check the security certificates. These are listed on most websites, and they contain information about the company that operates the site. You can also check whether or not the website address is secure by looking at whether or not it starts with https:// rather than http://. If this information isn’t readily available, there will be other indicators that something may be off about your purchase.
When making purchases online, always research a vendor before committing yourself to buy from them. Even if it seems like an official business site, don’t trust it until you’ve checked with someone else who has used them in the past (or read reviews).
Monitor Credit card transactions online to avoid credit card frauds online
Monitoring your credit card transactions online is one of the best ways to avoid credit card theft online. It will allow you to keep a close eye on all the purchases made using your card, and it’s easy enough that anyone can do it. You don’t even have to deal with any paperwork or complicated systems; all you need is a computer and an internet connection.
When monitoring your credit card transactions online, you should always check for any suspicious activity immediately after receiving an alert from your bank or credit union. This way, if there are any problems with the transaction itself (such as fraudulent charges), they can be quickly identified before they cause major damage.
Avoid Paper Trails of your Credit Card Number
Is it safe to text credit card info? Well-Answer is no.
The best way to avoid having your credit card number stolen is to not have it written on any paper. This includes receipts, bills and even debt collection notices.
If someone asks for your credit card number over the phone, then you should tell them that it is against the law for them to ask for this information. If they continue asking and threaten you in any way, report them immediately by calling your local police department or going online at www.ic3.gov/default.aspx#Contact_Information
Never give out your credit card information in person or online unless absolutely necessary. There are many thieves who look through garbage cans looking for discarded receipts and other papers where people have written down their personal information including their social security numbers; driver’s license numbers; home addresses; phone numbers etc.
If anyone finds these types of documents then they can use that information to impersonate you and get access to your bank or other financial institutions without having any knowledge about how exactly those accounts work since they might not even know what type of bank or institution owns those accounts yet still be able to manage all transactions on those because they already know everything else such as passwords which can be obtained through social engineering techniques (see below).
Signing of Blank Receipts
If you have a credit card, be sure to keep track of your receipts. Do not sign blank receipts. If you do, someone may use it to create a counterfeit copy of your signature and use it at a later date to make purchases with your funds.
If you leave receipts in your car or elsewhere that are accessible to others, someone may steal them from you and commit fraud with them. They can also simply use the information on the receipt as an excuse to access other personal accounts (such as checking or savings accounts) if they know how much money is in these accounts based on what was purchased with those cards in question.
Never Make Credit Card Information Public
The most common way people lose money to fraudsters is by giving their credit card information away. Sometimes we search for the best rewards credit cards for groceries and provide our card details to the store. Don’t ever give your credit card number over the phone or internet, and never write it down. If a stranger asks for your credit card number, don’t provide it—they could be trying to steal your identity. And if someone you don’t trust asks for financial information such as your bank account number or social security number (even if they say they’re only asking so they can verify that you are who you say you are), decline and report them immediately.
It’s also important to keep track of all of your purchases so that when an unauthorized charge appears on one of them, it won’t surprise you as much (and hopefully won’t take up too much time). Make sure all bills are paid on time each month; missing payments can make it harder for banks and lenders to identify fraudulent transactions early on because they’ll think nothing out of place is going on at first glance.
Double-Check Your Online Transactions to protect yourself from credit card fraud
When you’re shopping online, there are several things you can do to avoid fraud:
- Look at the site’s address. If it doesn’t seem right, don’t trust it. A lot of fraudsters use fake web addresses that look legitimate but aren’t. You should verify any site with an official phone number and email address or visit during normal business hours before making a purchase.
- Double-check your transaction information before submitting payment. If you spot anything confusing or suspicious in your order details, contact the merchant immediately to clear up any confusion before completing your transaction.
Immediate Reporting of Lost or Stolen Card
If your card is lost or stolen, report it immediately. The longer you wait to report the loss, the more likely it is that someone else will use your credit card fraudulently. Don’t wait until you get the bill in the mail; instead, call up your bank and let them know right away so they can cancel your card and place an alert on it.
By acting quickly, there’s a better chance that thieves won’t be able to take advantage of their access to your information.
Conclusion
Credit card fraud is a serious crime. It can be prosecuted on both a state and federal level and can lead to significant criminal penalties. This means that even if you were able to beat the charges, there’s still a chance that you could end up with years behind bars for your involvement in credit card fraud. It is important for individuals who are facing the possibility of being charged with this crime to understand their rights and options so they can protect themselves from these often-severe consequences and also protect themselves from credit card fraud.
