Credit card fraud has led to losses of billions of dollars from individuals, corporate organizations and government institutions. Hackers are getting smarter at their illegal craft causing fear and uncertainty among many credit card users. However there are several ways you can use to secure your credit card.
Watch your card
Credit card protection is to a large extent the responsibility of the owner. Most credit card theft occurs because the user is not careful with the credit card exposing its details to the thief or hacker. Whether it’s a normal card or low interest credit cards, make sure you keep your card secure at all times. Do not leave your card unattended whether at work or in the car.
Keep credit card details private
Ensure all bank statements are stored in a safe place. If you’re done with them it is safer to shred the documents. Do not write your passwords or pin numbers down but memorize them. Guard your online information as well by ensuring you log out once you are through with any online transaction and change the password at least once a month.
Monitor your credit card activity
Whether statements, receipts or online transactions you need to be keen in order to notice any abnormal or suspicious activity.
Keep your credit card records
If you have several cards ensure you have a written document of their information to make it easier to report the details if the cards go missing. In addition sign a new card immediately you get it and destroy any cards you no longer use to protect yourself from credit card theft. Care should be taken when acquiring low interest credit cards since many fraudsters are mushrooming as credit card bureaus but they are not genuine.
Fraud alerts
Some credit card protection systems will send you alerts if there is any activity on your credit card. When this happens ensure you report it and have it blocked immediately.
Third Party Payments
Third party payments processors allow you to conduct online transactions without creating a merchant account of your own but use their merchant accounts. They simply provide payment processing services between you the buyer and a seller for example PayPal. This system is created to save money for the users. Unlike banks third party payments do not charge for large amounts of deposits.
Cardless transaction
This is simply a system that helps one send or withdraw cash without using a card. All you need is your details and after being confirmed as a user the banking provider completes your transaction. This is a safe method of preventing credit card theft and scams since it minimizes the risk involved when using credit cards.