How to Protect Yourself from Credit Card Fraud

Credit Cards play a huge part in our life, it helps us pay our bills, clothes or shoes that we usually can’t pay right away. Credit card fraud is a serious problem that affects millions of people each year. Criminals use a variety of methods to steal credit card information and use it for unauthorized purchases. You need to know how to protect your personal and financial information and avoid becoming a victim. Here is how.

1. Keep your credit card information private.

Your credit card contains all of the information required to complete a transaction, including your name, card number, expiration date, and CVV. It is best to use a security sticker to cover the CVV. When someone attempts to remove this type of sticker, it is easily damaged. They are also inexpensive and can be purchased online. If you notice any signs of tampering, contact your bank right away and ask for a replacement. Also, please do not leave your cards visible to the public. Keep them safe and treat them as cash. Also, do not make a copy of your credit card information on a piece of paper, a computer, or a smartphone without any type of security.

2. Sign up for transaction alerts.

If your card is used in a transaction, most banks will notify you via SMS or email. However, some alerts are only triggered when a transaction exceeds a certain threshold (PHP 1,000). You can contact your bank and ask to be notified of any credit transaction, regardless of the amount. This will also keep track of what you've bought by simply scrolling through your SMS.

3. Avoid using your credit card in dangerous situations.

Use your credit card with caution, especially if you're unfamiliar with the establishment. If the card terminal appears to be tampered with or suspicious, do not swipe it. If you must use it at an ATM, try to use one on the bank's premises rather than one in a remote location. They could have been tampered with and fitted with a card skimmer, allowing your credit card information to be stolen.

4. When shopping online, make use of secure websites.

Credit cards can also be useful when shopping online, but if you visit the wrong website, your credit card information may be stolen via phishing or malware. When visiting websites, double-check the URL to ensure that it is legitimate. Websites that have an SSL (Secure Sockets Layer) certificate or begin with "https" are more secure and less likely to be hacked. Don't use your cards on unfamiliar websites.

5. Utilize the security features of the bank's mobile app.

Banks provide mobile apps that allow you to access your credit card information and frequently include features that help you secure your card. Some credit cards have a temporary lock feature that allows you to lock your credit card if you can't find it or it isn't being used. Use a virtual credit card number for online purchases if your bank provides one to help protect your actual credit card number from theft.

6. Examine your credit card accounts on a regular basis.

Many people wait for their monthly statement to review their transactions; in some cases, this is the only time they notice an unauthorized transaction on their card. Do not wait for your statement to review your transactions. Simply log in to your mobile device and look for transactions that you are unfamiliar with. In my case, I do this every other day so that if there is a fraudulent transaction, I can easily dispute it with the bank and cancel my card to prevent future transactions.

7. Make use of strong passwords.

This is common advice, but it should be repeated frequently. If you access your credit card information via a mobile app or web browser, use a strong password. Make use of any 2FA or OTP features that are available.

Save this tips to secure your credit card and do not forget to share it with your friends