Stay Safe From Credit Card Fraud

As Online businesses have mushroomed there has also been an increase in the number of payments being processed online. Most sites offer a variety of options including bank transfers, credit and debit cards for making online payments. While online shopping is easy and convenient it also increase the risk of theft of identity and payment related information. Online businesses and customers both need to follow fraud protection practices. It has been found that credit card fraud is the biggest online fraud being committed today. More and more unsuspecting users have found that their credit card information has been compromised. As a customer, you can protect your credit card information from fraudsters by following a few simple guidelines given below.

Don’t Share Your Credit Card Number

Never ever give your credit card to someone else. While shopping never hand over your credit card to another person. If you do so, make sure the card is in your sight and you can see what it is being used for. Similarly, don’t share your credit card number online unless you are actually making a purchase. Only purchase at reputed sites and it is usually a good practice to avoid storing your credit card details at those sites. If someone sends you an email asking for credit card information, it is most likely a phishing scam. Remember banks and other financial institutions never ask for personal, bank account or credit card information over email or a phone call. Be very cautious when sharing such information.

Check Your Card Statements

Make it a habit to check your credit card statements. If you notice any transaction that you have not made, then bring it to the notice of the issuing bank immediately. If you suspect your card information has been compromised in any way, then you should immediately take steps to block your card to prevent it from being misused. Credit card details once stolen, are then traded in the dark web marketplace. This stolen data can be purchased and used for illegal activities as well. Hence, report any suspicious activities right away.

Look At Other Options

Nowadays there are safer options such as chip based cards and prepaid credit cards. Prepaid credit cards are loaded with a certain amount of money. This amount acts as the upper limit that gets compromised in case your card is stolen or lost. Prepaid cards can be used just like credit cards. You can always load the card again with funds. This is a great way to keep your risks at a minimum when using cards online.