Credit Card Fraud Prevention Tips and Tricks

Credit Card Fraud Prevention Tips and Tricks

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Credit card fraud costs billions of dollars in losses each year. Thieves and hackers can find ways to compromise your account, often without you realizing what happened until it is too late. Even so, you can fight credit card fraud by taking certain extra measures ranging from the commonsensical to the smart.

1. Treat credit like it is cash. You handle your money safely — the same should be said for your credit cards. Your card should be kept securely in your wallet or in a security box at home when not in use.

2. Dispose of your old cards immediately. When your new cards arrive, confirm them immediately and sign each one. Your old cards should be disposed of through a shredder.

3. Your numbers are your business. Be careful with whom you share your credit card number. Even so, that number is essentially worthless unless you also share your four-digit security code as well as your card’s expiration date.

4. Watch how your cashier transacts business. Most cashiers are honest and simply will take your credit card, swipe it and complete your transaction. Others, however, are part of a criminal enterprise where your card is surreptitiously scanned without your knowledge. If used for wrong purposes your information can be sold and reused by others. Keep an eye on your cashier to ensure that no mischief is present.

5. Keep your receipts. Always hold onto your receipts and compare what you purchased with what shows up on the monthly credit card statement. If anything looks remiss notify the credit card company immediately. The sooner the company knows the quicker it can act. Your quick action can also absolve you responsibility.

6. Check your transactions online. If you are concerned about credit card fraud, check your transactions online. You do not need to wait for the monthly statement to arrive. Credit card transactions are typically posted in real time. You might also ask the credit card company to send you alerts whenever a transaction has been conducted — there may be an app that you can download to receive notifications immediately.

7. Notify the credit card company. If your address changes notify the credit card company at once. You do not want your statements to go to your old address. You should also notify the card company whenever you are traveling abroad. Tell them where you are going, when and for how long. You do not want the credit card company to put a freeze on your account if they suspect suspicious activity. If your card is lost or stolen notify the credit card company immediately as well.

Fraud Considerations

Keep your credit card statements under lock and key. Documents you no longer need should be shredded. Never write your personal identification number (PIN) on your credit card.

When shopping online only complete your transaction on a secured website. You will know a site is secure when you see a closed padlock on the edge of your screen or a website address that starts with https.

See Also — 3 Signs to Spot Fraud in Your Credit Report

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