Credit card theft
Credit Card Fraud Prevention: How to Protect Your Credit Card Online?
In the world of digital transactions, credit cards have been at the forefront of innovation. It is fast, simple, and easy to use. Not to mention the ease of not having to carry around cash everywhere. But like everything digital, credit cards are also at the risk of getting compromised. And that adds to a host of other worries. Resolving credit card frauds is a painstaking procedure. Unauthorized transactions not only defraud a person of their money but also end up hampering the credit score. So, what is the workaround to this?
How Does Credit Card Fraud Happen?
There are several different ways of credit card fraud. And each of these is a degree above the rest. That means a cardholder has to be a vigilante over several things. But should that deter a person from getting a card? Not at all. Here are some of the common ways a card gets compromised. And as it will become apparent, a few precautionary measures would be enough to secure a card.
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-Physically stolen card
- Scanning the number and Code for Verification (CVC) code
- Access to computer and credentials
- Unauthorized wire transfers
- Access to a recovery mail
- Phishing
How to Prevent Credit Card Frauds
It might seem like there are a lot of ways to get compromised. However, just like the means, there are also ways to secure a card. And each of the following steps will add a layer of protection. Essentially iron cladding the card against any threat.
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Security Check The Internet Banking Devices
Since internet banking became a supplement to card transactions, hackers target the computer or the mobile to access card credentials. These malicious attacks are often launched as a virus or phishing filter. So, it is important to run a security check through antivirus software. It is better to use paid ones as free ones often fail to detect advanced attacks.
Issue Transaction Alert
This feature comes as a standard with most credit cards. The bank will send a transaction alert SMS to the designated number associated with the card account. However, there are some added charges for this feature. But it is useful considering the instant notification for any unauthorized transactions.
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Lock The Card
It is only human to misplace a card. In any case, the prompt action should be to lock the card, regardless of where it might be. Whether a person forgetfully misplaces or gets stolen, locking the card ensures that no one can make any transaction with it. The process is also simple. A cardholder just needs to call the 24/7 hotline or the card division and request a lock.
3 years ago