How to Protect Credit Card Frauds 2020

In today’s digital era, if the technology is making the lives comfortable for all so do fraudulent techniques are here to trick credit cardholders. No matter how safe your wallet is, fraudsters find ways to use your credit card without your knowledge. Talking about credit card fraud, it can happen in a variety of ways ranging from low tech theft to high tech hacking. And, it may include risks like application fraud, lost/stolen cards, account takeover, skimming, triangulation, etc. So, if you are interested in knowing how to protect credit card frauds 2020, take certain precautions. Keep in mind tips like mobile alerts, not sharing your card details, changing passwords from time-to-time, using chip-based cards, etc can actually help in preventing credit card frauds. Let’s understand each one of them below. 

Keep an Eye on Mobile Alerts: To protect your credit card from fraud, it is important that you should subscribe to a mobile/e-mail alert facility. Doing so will help in keeping track of all your credit card transactions. If any transaction will take place, you will instantly receive a notification and in case you notice any unauthorized transaction, contact your credit card provider immediately and report any fraud activity. 

Review Your Monthly Statement: Review your monthly statement thoroughly and in case of any unwanted transaction or activity found, report the same to your issuer within 30-60 days of receiving credit card statement. However, one advice would be not to toss the bill receipt directly into the trash. Yes, saving all your receipts and comparing it with your credit card statement would give you the upper hand in easily detecting any fraud activity. 

Do Not Share Your Details: Do not share confidential details with anyone. Especially your credit card PIN, password, CVV and expiry date as it can be misused for various reasons. However, you also need to pay attention to fraud phone calls or messages asking for your sensitive credit card information. Be careful and do not share confidential information for any reason. 

Beware of Online Scams: While using the internet and your credit card online for any use, pay extra attention to which site you are doing the transaction. Always use a secure network and source to use your credit card details. Do not enter your card details on any random site and never save your credit card on such sites as it could be a trap to track your card details. Always verify the source and make sure the websites are legit to avoid credit card fraud. You can also use a virtual keyboard for an online transaction to stay away from credit card fraud. 

Change your Passwords Regularly: Make a practice of changing your password from time-to-time as doing do will protect credit card. Yes, fraudsters are smart as they can easily guess your password and hack the details easily. So, it would be advisable to keep on changing the password of your card and make a unique combination for security purposes.

Pay Attention while Swiping your Card: Whenever you swipe your card at any POS terminal, ensure to keep an eye on your card. If a salesperson can take your card away from you, one can easily make a copy of your card. Also, never ever sign on a blank receipt as it can be misused for any purpose. Instead if required draw a straight line through any blank spaces above the total amount mentioned on the receipt. 

Use Chip Based Credit Cards: Chip-based credit cards provide enhanced security and protection to guard against fraudulent transactions. Whenever you use a chip-embedded card at any terminal or ATM, the system validates the chip ensuring the security of the transaction. Such cards offer better security and protection as compared to magnetic cards. Yes, in chip-based cards changing or copying the data is extremely difficult. Hence, the chances of data being misused are very less.  

Hope, these tips are useful for you and help in keeping your credit card safe from fraud activities.

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