Being a victim of credit card fraud is no doubt an incredibly frustrating experience. When you hear news of a huge security breach at a well-known retail giant or someone stealing another person’s information and making unauthorized purchases, you can’t help but feel vulnerable knowing that there’s always a possibility of getting tricked by fraudsters. However, while scammers devise sneaky methods to lure you into giving out your card information and personal details, there are ways for you to bolster your protection against fraud. Always be cautious and follow these steps to prevent credit card fraud.

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2. Are You Vulnerable to Credit Card Fraud?
Follow These 6 Preventive Steps

3. Being a victim of credit card fraud is no doubt an
incredibly frustrating experience. When you
hear news of a huge security breach at a well-
known retail giant or someone stealing
another person’s information and making
unauthorized purchases, you can’t help but
feel vulnerable knowing that there’s always a
possibility of getting tricked by fraudsters.

4. However, while scammers devise sneaky methods to lure you
into giving out your card information and personal details,
there are ways for you to bolster your protection against
fraud.
Always be cautious and follow these steps to prevent credit
card fraud.
 Keep an Eye on Your Statements
 Opt for Fraud Alerts
 Consider Fraud Protection When Getting a Card
 Protect Your Personal Information Online
 Be Wary of Deceptive Marketing
 Protect Your Information Offline

5. Keep an Eye on Your Statements
Review your credit card statements periodically, preferably at least
once a month, to check for unusual credit activity. This way, you can
immediately spot suspicious purchases that you don’t recall paying
for, and you can thus promptly take action and report the strange
financial activity. Also, check your statements for your other
accounts, including your bank, brokerage and retirement accounts.
Examine your credit report annually to check your overall credit
history. The three major bureaus (TransUnion, Experian and
Equifax) are required by federal law to provide you with a free
credit report each year. Checking your credit report not only helps
you identify dubious credit activity that you may have missed
earlier; it also gives you a chance to fix erroneous details, such as
incorrectly listed missed or late payments, to help boost your credit
score.

6. Opt for Fraud Alerts
Find out if your credit card provider offers free
transaction or fraud notifications. Credit card
companies typically alert cardholders regarding
suspicious activities through text and email messages.
Credit monitoring services also are available if you
prefer to receive notifications whenever your credit
history changes, including when your credit limits
change, your personal information gets updated, a
company probes your credit history, and when a new
card account is opened or a new loan is taken out
under your name.

7. However, credit monitoring services typically do not warn
you when someone withdraws funds from your bank
account or files a tax return and obtains refund using
your Social Security number, so it’s best to take
advantage of your credit card provider’s fraud alert
services as well as personally monitor your statements
even when you sign up for a monitoring service. When
choosing a credit monitoring service, make sure to ask
about the monitoring frequency and if the provider
keeps track of all three major credit reporting agencies.

8. Consider Fraud Protection When
Getting a Card
Besides comparing fees and rates, it’s more critical than
ever to choose a card that gives you peace of mind by
offering fraud protection. Some credit cards feature a
liability guarantee that gives you the reassurance that
you won’t be held responsible for unauthorized
purchases. Additionally, try to find out if your chosen
credit card company offers paperless statements for
added convenience. Credit card companies with fraud
experts and excellent customer service are a reliable
choice.

9. Protect Your Personal Information
Online
When it comes to online fraud, scammers often victimize
unsuspecting cardholders through deceptive pop-ups,
emails, links and web pages. Fraudsters who use
phishing scams often lure people into revealing
personal information by pretending to be
representatives of reputable firms and agencies. These
scams involve copying the website layout and using the
names of renowned companies, making emails and
pages look legitimate.

10. When shopping online, avoid sharing your credit card or
personal details unless you’re completely sure that the site
is secure. Steer clear of websites without SSL protection.
It’s also best to ignore emails from unknown senders and
avoid clicking suspicious links. If an email or a web page
requests for your credit card information, Social Security
number, birth date, password or other important details, be
sure to thoroughly investigate the validity of the request
before sharing anything. You may want to contact the
company directly to verify a suspicious email message.
Keep in mind that financial institutions do not ask for
sensitive information over email.

11. To ensure a robust online protection, update your
antivirus software, browser and operating system
regularly. Check that your computer’s firewall is
running properly. It’s best to use strong
passwords containing a combination of letters,
numbers and symbols and to change your
passwords periodically. It also helps to install a
pop-up blocker and avoid downloading files from
risky sites.

12. Be Wary of Deceptive Marketing
A common fraudulent practice among shady websites is
initially offering a free trial without properly informing
users that the subscription automatically starts after a
certain period. Many users discover months later that
they’re actually getting billed for a subscription they
never intended to continue. To avoid becoming
ensnared by these tricky marketing schemes, you
should make it a habit to read terms and conditions
and stay away from free trials requiring your card
number.

13. Be cautious of “free” offers that sound too good to be
true, whether you’re visiting an attractive,
professional-looking website or someone’s telling you
over the phone that you’ll get a bunch of freebies once
you sign up and provide your account number. Even if
you’re confident that you’re getting a legitimate free
trial, make sure to determine if it’s necessary to opt
out of it when the trial period ends. Call your financial
institution if you can’t resolve a payment issue with the
merchant.

14. Protect Your Information Offline
Unknown to many, credit card fraud and identity theft
frequently occur not only in the cyberspace but also in the
real world. It’s not uncommon for repairmen, live-in
caretakers and even family members to access and steal
important documents at home. Be sure to put away your
valuable documents in a safe location that’s not easily
accessible. Shred mail containing credit card or personal
information. You may want to consider signing up for online
bill statements and payments, not only to reduce your
carbon footprint but to ward off the risk of exposing your
personal details through paper statements.

15. Be mindful of your surroundings when providing your credit
card number over the phone, especially when making an
order at a public, crowded area where passersby could
possibly overhear your account details. And when getting
credit card receipts, always check that they’re not blank
before signing. If the receipt shows blank spaces, just draw
a line or put $0 in the spaces to keep the cashier from
writing a particular amount on it. Stash receipts to compare
with your statements. When there’s someone in line
behind you as you’re typing your PIN, safeguard your PIN by
covering it with your hand to protect yourself against
potential fraudsters and identity thieves.

16. Report any lost or stolen credit card right away, so your
card issuer can promptly cancel your card to prevent
unauthorized use. Before going on a trip, remember to
inform your card issuer about your destination and
duration of travel. It’s a good idea to separate your
credit cards from your wallet, so you don’t lose both
your cash and cards whenever you’re out and about. By
being extra vigilant with the use of your cards and
taking precautionary measures to protect your
personal information, you’ll be able to combat credit
card fraud more effectively and stay one step ahead.

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