According to the 2017 Norton Cyber Security Insights, a report by Symantec Corporation, credit cards cybercrime incidents have affected over 3.7 million consumers. It is an alarming number owing to the millions of people that use credit cards for their everyday purchases.
In the wake of these data risks and scams, it is imperative to identify credit card scams and take steps to avoid them. Here is how you can avoid credit card frauds.
Protect your credit card PIN/password
One of the most common scams is credit card skimming, where scammers place a credit card skimmer over the card processing terminals to steal its details. To avoid being prey, inspect the card reader before you hand over your card for payments, hide your PIN while entering it in the machine, to keep it safe against any hidden camera.
It is also recommended that you memorize your credit card PIN and avoid writing it down anywhere. Even if you do write it down, do not keep it along with the card, where it is more likely to be exposed. Similarly, never divulge your PIN to anyone on call or through emails. Banks repeatedly provide cautionary warnings that they would never ask you for your card password, and if someone is calling you for the PIN, they could be trying to scam you. Change you card PIN often for added security.
Dispose of the receipts carefully
Your credit card receipts and bill statements contain sensitive information about your credit card. Therefore, you must dispose of them securely. Data thieves can get your card details when you toss the statements in the trash if you do not tear them up or shred them.
Use your credit card safely online
In 2009, due to an attack on the firewall of a credit card processing company, the details of around 140 million credit cards were exposed. Ironically the company was recently certified to have a secured card payment system.
Experts say that it is easier for a fraudster to steal your information while you use your credit card online. Therefore, you should always verify that you are using your cards on safe platforms. For example, use secured websites that have an ‘https’ in the website address and a padlock in the URL. Do not use your credit card on public internet networks or at public internet cafes. In addition, do not click on any suspicious websites or email links as they could be a part of phishing scams. It is also recommended to delete your browsing and payment history when your transaction is done.
Get a credit card that ensures card safety
We often see that thieves take advantage of small mistakes made by the customers to execute different types of credit card scams. In a credit card scam commonly known as ‘Home Depot’ in the U.S., around 56 million credit card details were stolen and sold in the black market. A similar scam called the international Credit Card scam led to the loss of $200 million, where the scammer created fake identities to obtain credit cards. Further, in an attack on Michaels/Aaron Brothers, the criminals replaced the PIN pads across hundreds of ATMs and stores to steal credit card numbers.
Choose a credit card has in-built security features to provide additional protection for your money. For example, Citibank credit cards provide credit card fraud preventions measures to keep your card secure while you shop. Citibank provides measures like alert notification and 3D security to ensure that the customer doing the transaction is the rightful owner of the credit card. Apart from these, they also constantly monitor your transactions to identify any fraudulent or suspicious activity. Additionally, with the Citibank lost card protection, you are not liable for any transactions on your credit card if you lose your card and report it immediately.