In a world where credit cards have become almost an indispensable part of an individual’s life, it is of prime importance to make sure that credit card information is kept safe at all times. This is because credit card information can be used by scammers to carry out credit card frauds. Credit card fraud takes place in a variety of ways and can be restricted by the respective cardholder if they take certain fraud protection measures. Here, we will take a look at how individuals can protect themselves from credit card frauds at a time when many adults have reported of credit card frauds. But before going into the ways of preventing credit card frauds, let’s get to know what is credit card fraud? Credit card fraud can be termed as the fraudulent use of someone else’s credit card to carry out unauthorized transactions either by stealing the card or using their card details and personal information.
Ways to avoid credit card frauds from happening
Credit card frauds can be prevented from happening if the cardholder starts incorporating certain practices. These practices are like:
- Keeping the credit cards safe: The first thing that can be done to prevent credit card frauds is to keep the credit cards safe. This can be done by ensuring that the credit card is kept away from the reach of unknown people at all costs.
- Monitoring the transaction records: Closely monitoring the transactions carried out through the credit card is another way through which credit card frauds can be minimized. By keeping a tab on the transactions, all transaction which was not carried out by the cardholder can be brought to the notice of the authorized personnel and stop it from happening in the future.
- Don’t sign blank credit card receipts: Never sign on a blank credit card receipt. Doing so will prevent scammers from putting in a random amount and send the purchase to the credit card issuer from where the credit card was issued.
- Report lost or stolen credit cards: If the credit card is lost or stolen, an individual needs to report it to the officials of the credit card issuer. This is necessary to ensure that if any fraudulent transactions are carried out using the card, the cardholder can be exempted from paying the charges.
Keep strong passwords: Another way to ensure that credit card frauds are minimized is by setting strong passwords. This is very important as one’s credit card is saved online at a number of places of faster check-out. Having a strong password ensures that it cannot be cracked easily to carry out fraudulent services.
Online and offline precautions: Apart from the above-mentioned steps, a credit card holder needs to take online and offline precautions. This is necessary as credit card details can be availed by scammers if one is not careful. Some online precautions that an individual can take are as follows:
- Installing a personal firewall
- Never providing the credit card details to a site without SSL protection
- Keeping the operating system, anti-virus software and browser updated.
As for offline precautions, the cardholder should ensure that all paper statements are shredded before throwing them away as they contain personal and credit card information. Credit cardholders also need to be aware of the surroundings when providing credit card details over the phone.
- Check for credit card skimmers: While using the credit card at ATMs, one needs to ensure that are no credit card skimming devices placed over the regular credit card swipe. This is another way to curtail credit card frauds as through skimmers, scammers can capture the credit card information of the cardholders and use it later for their own benefit.
- Avoid providing credit card information to others: Never provide the details of the credit card to anyone irrespective of how close you are to that person. This is because their carelessness in handling the credit card can result in you bearing the brunt of credit card frauds.
Though taking the above precautions can’t guarantee of credit card frauds from not happening, it can surely help in giving the cardholders a get start in ensuring that they are not easy targets when it comes to frauds.