Everything You Need to Know About Credit Card Fraud

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Credit cards are popular because they help you earn money on online purchases. This is the reason credit cards have become a major target for hackers. According to Statista, the value of fraudulent card transactions is forecasted to be approximately $38.5 billion by 2027.  

Hackers come up with several innovative ways to steal your financial and personal information for their malicious means. They can either steal your wallet, share your personal information on the dark web, purchase goods on your behalf, and so on. Fortunately, there are some tips via which you can avoid credit card fraud. Some of them are listed below. 

What Is Credit Card Fraud? 

Credit card is one type of identity theft in which scammers make purchases in your name. This is either done via the theft of your physical credit card or your PIN or by opening a new bank account in your name. 

How Does Credit Card Fraud Happen? 

We have listed some of the common ways via which scammers can steal your credit card number. 

• They find the discarded receipts or your bank statement, which includes your account number and name, via which fraudulent transactions can be carried out easily. 
• Scammers steal your credit card and use it for fraudulent transactions. 
• You might lose your credit card details because of phishing attempts or data breaches. 
• Your credit card might get stolen when it is dispatched.  

5 Ways to Avoid Credit Card Fraud 

We have listed some of the ways via which you can avoid credit card fraud. 

Review Your Account Statements 

You must check your credit card statements regularly to ensure there are no unauthorized transactions. In case you see any unfamiliar charges, report them immediately to your credit card company. For instance, when you are studying your credit card reports, and you notice an unusual $150 charge at a nearby retail store. You should check the complete transaction details and try to remember the goods you brought. If you cannot remember it, you should be alarmed because this is a major sign that your credit card has been hacked. 

In addition, you must review your credit card report from the National bureaus. Look for unfamiliar inquiries or loan requests, and if you find anything suspicious, contact your creditor or file a credit report dispute immediately. 

Keep Your Card Safe

You should always keep your credit card safe and not let anyone else use your card or lend it to someone. Avoid carrying your credit in public, and never leave it in a place where someone can easily pick it up. When you are entering your credit card details, block out other people so they cannot see it. Simply put, you should always be diligent about the safety of your credit cards. Moreover, if your card is stolen, you should immediately block it otherwise, scammers can quickly rack up purchases. 

Use Secure Websites

As e-commerce stores have gained a lot of popularity, most of us make online purchases. And we have the habit of randomly entering our credit card numbers when shopping. Thus, this is the major reason that your credit card number gets stolen easily because not all retailers are trusted. It is quite easy for hackers to make bogus websites to sell goods, and when you enter your banking details, they immediately steal them. Therefore, it is recommended that you only use secure websites when you purchase goods online. Look for the lock icon in your browser’s address bar, and ensure the web address starts with “HTTPS” instead of “HTTP.” 

Don’t Give Out Your Card Information

 Be cautious about giving out your credit card information over the phone or through email. Scammers can use this information to make fraudulent purchases. If someone asks for your card information, do not easily give it because phone scams have also increased. You should hang up the phone and call the head office for confirmation. 

Secure Your Devices and Network 

Loopholes or software vulnerabilities expose you to several cyber threats, and hackers can also steal your credit card information. Therefore, it is significant for you to update your devices and use a secure internet connection, so hackers cannot easily inject malware into your devices. 

So, if you are looking for an internet service provider offering a secure internet connection, we suggest you subscribe to Windstream Internet. The provider offers a fast internet connection and, at the same time, ensures that you get comprehensive internet protection. It offers security software, which is known as “Windstream Kinetic Secure,” which enhances your home security. It can protect your devices from many online scams, such as credit card fraud. For more information regarding this software, we suggest you visit its website. 

What Should You Do If You Are the Victim of Credit Card Fraud?

You can take the following steps if you suspect you have become a victim of credit card fraud. 

Notify Your Card Issuer

If you suspect your credit card has been used, it is significant for you to report the fraudulent transaction to the card issuer. The issuer might be able to block the card and issue you a new card with different numbers.  

Contact Law Enforcement Agency 

If you are sure you have become a victim of credit card fraud, you should immediately report it to the law enforcement agency. You can visit the Federal Trade Commission’s website to file for the identity theft report, which might help you recover your loss. 

In Brief

We hope now you are aware of what credit card frauds are and will take steps to proactively protect your finance. Do not stress out, you do not have to do a lot because credit card fraud can be prevented by taking simple precautions. Such as keeping your card safe, checking your statements regularly, securing your devices, and several other ways. If you diligently follow the security measures, then you can protect yourself from becoming a victim of credit card fraud.