Since credit cards are now the reliable form of online transactions, there is a need for care. Whether it’s online or offline payments, they are an easy and convenient form of completing transactions. The bigger problem is susceptibility to fraud as credit theft and card fraud rises to great extents due to many reasons. There are many reasons
How Credit Card Fraud Occurs
Fraud prevention is possible by comprehending how it occurs first. The reasons for the occurrence of card fraud are;
Transnational networks used to make the payments
- Loss of misplacement of the credit card or other bills with private information giving access to a person who has malicious intentions
- A malicious person hunting for your credit card information finally takes a photo of your personal information on it.
- Forgetting your card after using it at a public place such as a restaurant or shopping mall
- Someone may forge the machine to collect your card details.
- A person may pick your pocket and hack your password
Tips for Protection against Fraud
It is easier to prevent fraudulent activity to your personal information that to handle it after it occurs. Security against its occurrence is, therefore, more important than reporting and repairing the damage. This is just like in health and wellness where prevention is better than cure. Stay watchful as you monitor your card information for any suspicious activity with these tips:
1. Always use VPN while shopping
Your network could be exposed and vulnerable to hacking and malicious online activity such as identity theft. The credit card is not the only problem you face in identity theft. It is, therefore, wise to use a virtual private network (VPN) to hide your personal information on the web. This is a managed private network to connect you to the Internet. Unlike an open free IP address, VPN servers use encryption of the data that you browse and share over the Internet. It is best to utilize VPN for online payments and other transactions involving personal information to hide your identity. Experts suggest that using VPN should be incorporated for the first time. You should also use VPN for accessing unsecured public Wi-Fi as well as traveling to remote places and out of your country to retain your privileges.
2. Reliable VPN services directly available
Among the best VPN services is NordVPN and is popular among many users. Here are the advantages:
- Effectively shields online activities from hackers and malicious software
- Full protection in public Wi-Fi networks.
- Offers 24/7 customer service.
- Supports identity anonymity for internet access on several devices including PCs, phones, as well as different OS and browsers
3. Wiping out data in discarded or sold devices
Since it is a mobile world today, many users store their personal information in their portable devices. Credit card information is mostly saved in iPhones and Androids phone. After some time, people may want to move on to upgrade their devices and give away their old phones or sell them off in second-hand markets. This activity puts their information at risk of exposure in the hands of the new owners. Deleting the data may not be enough to completely wipe out all the details from the phone. Deleted data may not be recovered by regular people. However, hackers will persist in finding the deleted data if you used common deleting techniques. It is, therefore, imperative to radically wipe out data in old phones.
4. Clarify the Charges with Card Issuer
It is important to check your credit card information often enough every time you receive statements. Report anything suspicious activity because you need to approach fraud with Police detection units. Being timely is most important because it gives enough time to salvage the loss. Here is what to look for when detecting credit card fraud alarm from your bank.
- After you realize that the charges on your domestic currency are meant for overseas expenses
- After you realize that the charges are extra even when the transaction was in your domestic currency, which attracts no conversion charges.
- When you realize that there is something wrong with the card statement apart from the usual fee.
- Cross check the annual fee chargeable as well as how much credit limit they offer you. In case you aren’t satisfied with any of the services, it would be wise to raise your concern or quickly switch to another card provider
- In case you have been charged for interchange fees, then contact the issuer ASAP plus overseas expenses.
5. Avoid putting credit cards all together
Your storage should be systematic and orderly to help you maintain their safety. It is not wise to carry all your debit and credit cards together in a wallet or bag. Just like ‘carrying all your eggs in one basket’, you risk losing all of them at once in case some theft occurs or you misplace the wallet. Most importantly, report any fishy transaction as soon as possible.
If you have similar passwords for most of your cards, it would be easy for a hacker to find out. So it is important to make it complex to avoid losing all our money altogether.