Credit cards are the best solutions for individuals who want to make quick purchases. However, they do not come without significant risks.
Even though credit companies use the most modern technology to curb this type of fraud, the truth is, fraudsters are always one step ahead to make sure that they benefit from innocent cardholders.
How does this type of fraud take place?
Because criminals are always making further steps to continue with their activities, it is still proper that you know how it happens. Today, they might use one method, and tomorrow, they might use another.
It is also becoming a problem because of lack of consumer education.
Therefore, it is up to you to be alert to avoid becoming a victim. Here are some of the methods that these people use
- Stealing your card and using it to make small, unidentifiable purchases
- Through ATM skimming, which is one of the most sophisticated ways that they use to acquire information from your cards
- By calling the cardholder, threatening them, and asking them to hand their pins to their accounts or less they will end up in jail
- Sending emails
- Working hand in hand with card issuers
I am not trying to scare you, but these include some of the methods victims find themselves. However, you can avoid the confusion as long as you follow these simple steps that I will highlight today.
1. Always monitor your account
Criminals will continue to use your card without you noticing it. You have to keep watch of your bank statements, and your account.
It will aid you in noticing any weird transactions that would take place without your authorization.
2. Report to the card issuer immediately
The worst mistake you can ever make is keeping silent when you notice any unusual transactions. Card issuers typically have zero liability charges.
However, they go as low as $50, which means that you will have to pay for anything above that. Report to the issuer as soon as you notice so that they can suspend that account and help you open a new one.
3. Get cards from trusted issuers
Today, issuing of these cards has become a business. Many of them offer considerable rates that will provoke clients to apply.
Nonetheless, it is always essential that you only get one from card issuers that you can trust. Note, sometimes criminals work with the issuers and employees.
4. Avoid getting in contact with untrustworthy contacts
Once you become a criminal’s target, they will do everything to get to you. Thus, you have to verify emails and phone call numbers before you provide any personal information.
You will likely receive emails looking to get you to send your personal information to them. If you are not sure about a call you received, call the issuer before you provide any information.
5. Keep your cards safe
Practice carrying cards that you only need. You do not need to stack into your wallet always. If you think that you will not use it, then it is best that you leave it at home, in a safe.
When at the ATM, be sure to check that nothing seems off; additionally, keep your pin as discreet as possible. You could even use your free hand to cover the side that is pressing the buttons to avoid onlookers from seeing your pin.
A bonus tip: Avoid opening your online accounts from public Wi-Fi hotspots, such as cafes, airports, and hotels. Criminals often target those hotspots, which makes it easy to steal your PINs and accounts.
You should also change your PIN numbers frequently to make life difficult for these scammers even if they do obtain your info.