How to prevent credit card fraud
Credit card thieves could be stopped with EMV chips—the small square computer chips on our credit and debit cards. Nonetheless, some additional measures can be taken by customers for using their cards safely.
“The move to chips is designed to prevent a very specific type of fraud: “Counterfeit card fraud,” remarked Eva Velasquez, President and Chief Executive Officer of the ID Theft Resource Center. “It says.
Of course, Velasquez refers to the migration to EMV liability, which took place in October 2015 when USA moved to EMV smart cards (chip-and-signature cards like those used in Canada and Europe).
Certainly, the introduction of EMV chips (Europay, MasterCard, non-magnetic chips) assisted. As reported by Visa Card, the total amount of money taken by criminals through fraud fell by 76 % between the month of September, of 2015 and that of December of 2018 when the chips were introduced. EMV chip technology upgraded many traders and this saw trading being better done.
However with the introduction of EMV technology, consumers can safely assume that their financial information will remain safe as possible. At this point, we will explore a couple of easy, yet powerful techniques on how you can tighten up your security, thereby fighting credit related crime in the process.
What is Credit Card Fraud?
The FBI defines credit card fraud as the abuse of personal information that relates to your credit card when another person uses it to make purchases or obtain money. It is also possible that the identity thief steals the actual credit card of the user (as it could be more plausible), or steals it online.
Tips to protect you from credit card fraud
Use safe websites and Wi-Fi
- Beware of fake online stores. The site’s URL should correlate with that of a leading company website and contain no spellings, grammar, or image issues.
- Call the customer service line. Do not provide information about your credit card when answering emails, and do not call in if the phone appears lost.
- Usually, trusted sites begin their URL from HTTPS and not HTML. That is what makes HTTPS encrypt your data.
- When it comes to online shopping or making payments and sharing financial data, avoid using public Wi-Fi. While using public Wi-Fi is safe, it’s advisable to access encrypted public Wi-Fi for which access requires a login and password or accepting terms and conditions first.
Actions you can take to reduce the risk of fraud
- Don’t shop on insecure sites. Check first if it’s a legitimate site before buying there.
- Watch out for fraudsters trying to solicit your personal, or even credit card information. Do not e-mail your credit card information, and don’t respond to a stranger asking for one over the phone.
- Never use public Wi-Fi for financials.
- Review your credit report regularly. Report any fraud immediately. eredetiből credit report from Get a free credit report (link is external).
- Check your bank and credit card statement regularly. Report any fraud immediately.
- Get rid of documents containing a credit card number.
- Call your card company if you misplace your card.
Keep your credit card and CVV numbers safe.
Do not store card number in your internet shop account. By following these steps, you can secure your credit cards and budget wisely since no one is going to “buy” something at click of a button called “buy”.
According to Velasquez, this has a way of making one reconsider their buy.
The other important component of internet based creditcard security is card verification value (CVV).
The fact that CVV numbers help prevent fraud makes it mandatory for online traders to request for your CVV number as they do your card number and expiration date.
However, only some of the world’s best traders make use of these. It could be insecure to shop at a merchant who does not ask for your card’s CVV number if you store your credit card information in it.
What to do if your credit card information is stolen
In case your credit card data is stolen, it’s important to act fast.
- Call your bank or credit card provider. The first thing you need to do with that credit card is to cancel it.
- Monitor your financial statements. Check your credit card & bank statements; any fraud report immediately.
- Check your credit report regularly. Report any suspicion of wrongness to your credit report provider at once.
- As for that some companies have a toll free phone number and fulltime attendance. As long as you report a loss or theft according to the law, you will not be held liable for any unauthorized payments.