How to Prevent Credit Card Fraud

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Published on: October 21, 2016 Last updated: December 12, 2019

How to Prevent Credit Card Fraud
Some people will give credit card fraud and the high possibility of it happening in the country as a reason for not having a credit card. Others will cite preferring to use cash over credit cards given how unsecured they can be. Both are good, solid reasons for not having a credit card.
But what about those who do have credit cards? Many consider them an excellent tool to assist with purchases that cannot be made with straight cash, and carry rewards for these purchases. For these people, preventing credit card fraud is extremely important. Here are some tips that should help you prevent credit card fraud.

Keep them close

Like cash, it’s ideal to keep your cards on your person at all times. If you’re worried about the temptation to spend, keep it in a safe. Credit card fraud happens when you let your card out of your sight.
It’s also ideal to keep your cards separate from your wallet, so that in case you lose your wallet, you at least have your credit card in a safer location.

Shred anything with your credit card information on it

While most thieves aren’t wholly intrepid, there are those who are perfectly willing to go dumpster diving for old credit card billing statements to acquire information.
This is why it’s ideal to shred your billing statements once you’ve either paid for them, or have reconciled your balance completely. If you feel the need to keep them for record purposes, make sure that they aren’t easily found.

Don’t sign blank receipts

Verifying your purchases before you sign the receipt is always a good idea. If you get a credit card receipt with blank spaces, it’s ideal to strike through those spaces, or write ‘Php 0’ on them before you sign it.
This means that you do not authorize any further transactions other than the one already carried out.

Report odd activity on your card immediately

According to a report from The Balance on credit card skimming, it can happen without you noticing it. It’s ideal to check machines for any tampering before you run your card through it.
In this age, it’s easier to check for any odd charges on your credit card as most banks and issuers allow for notifications to be pushed to your mobile number as soon as a transaction occurs. Your card is more secured if you have this function enabled as it will allow you to spot any fraudulent transactions and report it immediately. This way, thieves won’t have much time before their spending spree is halted.

Be wary of phone transactions

In a report on credit card fraud from the FTC Consumer Sentinel Network, about 75% of initial contact resulting in fraudulent transactions occurs via calls. Usually, credit card holders will receive calls from people posing as telemarketers or as people working with your bank.
If you’re in a conversation with someone claiming to be calling on behalf of your bank, it’s best to not engage. Ideally, giving out your information should only occur if you were the one who initiated the call to your provider.

Final thoughts

Keeping yourself safe from fraud or identity theft usually means taking a few steps, like ensuring that your passwords are not so easily guessed if you happen to save it online, or to sign your cards as soon as you get them.
It’s much like keeping an eye on your ATM card, being vigilant in keeping it all secure should be all that you need.