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How to Protect Yourself From Credit Card Fraud

How to Protect Yourself From Credit Card Fraud

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Did you know that there are people out there who fraud credit cards for a living?

These cybercriminals are active not only in third-world countries but all over the world. Some of them collect hundreds of credit card numbers and sell them to attackers located offshore. So prepare yourself and be vigilant or you just might become their next victim. Here are some easy tips to protect yourself from credit card fraud.

1) Make Sure the Website You Are Shopping From Is Secured

According to a stat by OptinMonster, 1.92 billion people shopped at least once in the year 2019. It would be safe to say that online shopping has become a norm and will continue to be so in the upcoming years. 

While shopping online, it is important to check whether the website address is prepended with HTTPS. HTTPS is a communication protocol that ensures that the data is transferred over a secure connection. 

2) Set up Alerts

I understand that it can be annoying to receive a ton of promotional text messages and emails from your credit card company. But turning off the alerts can put you in major trouble. Alerts are intended to keep you informed about the transactions carried out on your account. If you ever receive a text message informing you of a transaction you did not make, the first course of action should be to contact your issuer.

3) Get Insured

If you have credit cards with a high credit limit, don’t take any risks. If an attack were to happen, you may not be able to afford the loss. Fraud Protection Insurance safeguards you from almost all kinds of forgery and scams. 

If you lose your wallet with all your credit cards in it and the thief manages to make transactions before you have a chance to inform your issuer, the Fraud Protection Insurance company will cover for the expenses. 

4) Use an RFID Blocking Wallet

Attackers are getting smarter and more diligent. Even with all your efforts to protect yourself from credit card fraud, you can still end up becoming a victim. Especially, if the attackers in your city are using the Radio frequency identification (RFID) skimming technique to steal information stored on your credit card. So getting an RFID wallet is a smart option to protect your card from being scanned by such devices.

5) Do Not Accept the Offer Increase the Credit Limit

If you have been using a credit card for more than a year you probably know how the issuer tries to lure you into increasing the credit limit. While there are a few benefits to it when it comes to safety, it is much smarter to have multiple credit cards with a low credit limit. 

Summary

The highest number of credit card scams are conducted via phone call. If anyone ever calls you pretended to be calling from the bank or your credit card company, simply block that number and don’t giev out any personal information.

View Comment (1)
  • Thank you for the tips. It’s really scary because it almost happened to me. My wallet was stolen and my cards are there. Good thing I managed to notify my bank right after.

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