Fraud Prevention Series: How to Protect Yourself From Credit Card Fraud

July 14, 2020

In today's digital age, your credit card information may be increasingly at risk for theft. Fortunately, credit card fraud can be avoided by being diligent about storing and sharing your card information. Here are some ways to prevent credit card fraud.

Use contactless payment
Using contactless payment technology is a secure and convenient way to pay for items. One way to use contactless payments is through a digital wallet. Digital wallets store your card information via an app on your smartphone. When you are ready to pay, simply open the app and tap your phone at the reader and the payment is complete.

You may also use a contactless credit or debit card to pay through Tap to Pay technology. Contactless cards are equipped with near-field communication (NFC) to allow proximity payments. When you tap your card near the reader, a chip and an antenna in the card sends a one-time code for each purchase via radio waves. For added security, this distinct code can't be reverse engineered to access your card number.

Be safe with online payments
When shopping online, look for https:// in the address bar and a lock icon in the lower right corner of your internet browser. It’s important to make sure the website is legitimate. Do your own research to figure out if the company is reputable and secure.

Be aware of phishing emails
If you receive a link in an email that looks like it is from a business who uses your personal information, make sure it isn’t a scam. Fraudsters use these emails to capture your account login information. Instead of replying or clicking any links, contact them directly through their website.

Check for credit card skimmers
Fraudsters may place credit card skimming devices onto card readers at gas pumps or ATMs to capture and store your information. If anything looks strange about where you're swiping your credit card, report it and use another pump, or go to another gas station or ATM.

Report lost or stolen cards immediately
If you have lost you credit or debit card or it was stolen, notify your credit card issuer or financial institution to cancel your card and prevent other fraudulent charges. 

It’s important to always keep your guard up for scammers who may try to trick you into giving up your credit card details, or capture your card information. By being aware of typical scams, you can protect yourself from possible credit card fraud.

Tags: Fraud Prevention Series, Learn About Credit, Security