Credit card fraud is getting more serious along with online shopping that mostly accepts cashless payment. Victims of this fraud have to go through a hassle and frustrating process in trying to recoup the funds they lost. So, you need to smartly handle all information pertains to your credit cards and be vigilant in protecting yourself from the fraud. Below are a few precautions you can do to protect against the risk of becoming a victim of such fraud.
1. Don’t keep PIN (Personal Identity Number)
Sign the new credit card immediately once you receive it. Memorize its PIN and destroy the letters containing the PIN. If you are changing the number to make it easier to remember, be caution not to use numbers related to your birthday, social security number, car plate number or family names.
2. Cut before throw
If you throw away any card you don’t use without destroy them first, they could be stolen by identity thefts and being used to apply new cards for their own uses. You won’t notice until you received the bill. Therefore, if you have unused, but active credit cards, keep them in the safe place, and if you want to throw them away, cut them in pieces before throw.
3. Review your statement
You have to review the credit card statements as soon as you receive them. Check each transaction on the bills, if there are charges you don’t recognize, you must report them to enable the card issuer to initial an investigation on these invalid charges on your bills. Saving all your transaction receipts will enable you to confirm the legit transaction and identify unrecognized charges.
4. Protect your PIN at the ATM
If there are people queuing at your back when you access your credit card at ATM, remember to shield your hand and card when entering the PIN. Enter the numbers as quickly as possible and with multiple fingers so that people at your back don’t have a change to observe your PIN.
5. Check the security of website before making online purchases
Before making online payments, make sure the websites have secured payment system for credit card transaction. Don’t ever fill up any personal information on online ordering form before you know it is secure.
6. Immediately report any lost or stolen card
Always keep your credit card numbers and the issuers’ telephone numbers at a secure place. If you lost your card or it has been stolen, you have to immediately report it to the issuer and block the card to prevent unauthorized access.
With the common usages of credit card as the major payment method, especially in online purchases, the risk of being a victim of credit card fraud has increased. But, we can minimize the risk if we do take some precaution steps to prevent ourselves from becoming the victim of such fraud.