Ever since credit cards were introduced, credit card frauds have been elevating. One needs to stay a step ahead to avoid credit card frauds because as the security mechanisms get tougher hackers to get smarter too. However, it is not always some intelligent or sophisticated hack that compromises your data – sometimes it’s you! Surprised? Well, don’t be.
In an overwhelming number of credit card fraud cases, users themselves have been careless with their passwords and PINs, clicking on fraudulent links, sharing personal data, making them an easy target for such hackers. Here are some simple tips to follow to avoid falling yourself prey of credit card frauds:
Do you have alerts set up to notify you of fraud? What about protection? Aura offers comprehensive protection for your identity, finances, and devices.
Card lost or stolen? Report it ASAP!
When you realise your card is lost or stolen, call your bank and report it right away so they can block it, preventing credit card scam. Depending upon which card you have, banks limit your liability for transactions made on the card from the time of loss to the time of reporting.
Paying online? Check if the site is genuine and secure
Just as people discover the ease and convenience of shopping and paying online, fraudsters are coming up with innovative ways to online scam people. Statistics from the Australian Payments Network has revealed “card, not present” fraud has surged from 1.02 million transactions in the 2016/17 financial year to 1.8 million transactions in the 2017/18 fiscal year. This represents an increase of a staggering 76 per cent year on year.
Thankfully there are some steps you can take to limit the chances of becoming a victim of online fraud. Always ensure the website you’re shopping on is genuine and is secure. In the site address bar, the company name and security certificate details are visible and which you can click on. There is also an image of a lock, and the URL begins with https.
Beware of phishing scams:
Fraudsters are always trying to trick you, and phishing is one of the most common methods – sending a genuine email with a malicious link, which prompts you to update your card number, PIN, code etc. on a fraud site set up just for credit card scams. According to Mark Hamrick, senior economic analyst at Bankrate, there is a constant stream of phishing attacks where someone is continually trying to lure as into providing the passwords so they can steal fund or commit identity theft.
Always carefully check the source of the call and sender of such emails. If unsure, call the authorised number of the bank and re-confirm to halt yourself from falling victim to credit card fraud or identity theft.
Opt for Email Statements:
People typically crumple and throw away old credit card statements. An Always shred your statements. They contain information a fraudster could find useful. Likewise, do not throw away expired cards as is – cut them into pieces, primarily through the credit card number.
Credit card fraud is on the rise. Credit card scammers are getting smarter they use all sort of tricks from phone calls to Email, credit card skimmer and even Wifi hotspots to steal your personal information. You could be a victim of credit card fraud and not even know it. All that is required is you to be more vigilant and monitor your transactions. If you find any fraudulent charge on your credit card, contact your card provider without wasting a minute.