To state it like it really is, a fraud or identity theft might result in unwelcome trouble for you and the bank, notwithstanding modest or nil liabilities on a credit card.
The foregoing though small, is an ado about something: You would need to go through the hassle of learning about the theft, reporting it to the bank, obtaining a replacement card, paying the cost, and resetting any auto pay accounts if you’ve already fallen victim.
Let’s then say the remaining part of this post below serves as a forewarning just to arm you well.
According to recent estimates, worldwide losses from credit card theft reached $32.04 billion in 2021, and they are expected to rise to $38.5 billion by 2027. A user is left feeling emotionally upset and loses faith in the bank’s services because it represents such a significant invasion of their privacy and finances. In such cases, proactive damage control is required as opposed to reactive damage control. Here, the bank will be able to stop the problem in its tracks, thanks to the awareness among credit card customers.
To go direct, here are 7 tips to help prevent credit card fraud.
Note: You need not read this post in hurry because of its critical importance. Please feel free to save it and revisit when you’re much freer. Okay. Let’s dive in:
- Keep your card safe: Always keep your credit card in a safe place, like a purse or wallet and be sure to keep it secure from prying eyes.
- Check your statements: Review your credit card statements regularly to ensure that all transactions are legitimate.
- Be careful with your personal information: Be careful about giving out your credit card information to people you don’t know, and never give out your personal information (such as your Social Security number) unless you trust the person or organization that is asking for it.
- Use secure websites: When shopping online, make sure that the website is secure by looking for the “https” in the URL and a lock icon.
- Use a credit card instead of a debit card: Credit cards offer more fraud protection than debit cards because they do not have the same regulations and do not withdraw money directly from your bank account.
- Use a password: Consider using a password or PIN number to protect your credit card and make sure that you don’t share it with anyone.
- Use contactless payment with caution: With contactless payment, your card can be charged by someone nearby with a device that can read your card’s information. Therefore, always keep an eye on your card and avoid leaving it unattended.
Are you still there? Great!
Also, watch out for phishing scams: Be wary of unsolicited emails or phone calls that ask for your credit card information, these are often scams known as phishing.
Ultimately, notify your bank of any suspicious activity: If you suspect that your credit card has been used fraudulently, contact your bank immediately to report the suspicious activity.
Don’t forget to keep your software and device updated: Keep your phone and computer operating system and all software updated to help protect against security vulnerabilities and malware.
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