13 Dec 5 Ways to Prevent Credit Card Fraud This Holiday Season
As credit card spending rises so are the cases of credit card frauds in the UK. According to the Financial Fraud Action UK (FFA UK), the figure for 2013 is 7.4 percent for every £100 the consumer spends. It may not be much but it adds up to millions of sterling pounds when combined. Scams and computer attacks are cited as main causes for the increase in fraud. Consumers, therefore, are urged to practice the following precautions for protection from a potential devastating fraud case:
Choose cards with fraud protection
If you’re just in the process of applying for a credit card, make sure to get one with fraud protection that has no additional fees. Some cards also offer services like automatic alerts and statement tracking. Before deciding on which credit card to go with, make sure to check fraud protection first. For your existing cards, speak with your provider and inquire about protection to ensure that all bases are covered.
Shop only at trusted retailers
To increase your level of protection, it’s not enough to choose the right credit cards with fraud protection and is chip-enabled this holiday season. You should also make it a rule to shop only from trusted retailers with EMV-capable terminals. Shopping from these stores ensures that your data are more secure and protected from computer attacks than other types of credit card transactions.
Shop only in secured networks
When you shop via unsecured networks, that’s how scammers easily steal your personal and account information. To prevent credit card fraud this holiday season, avoid sharing personal information on unsecured networks. It is okay to browse and look around for gift items from online stores using public Wi-Fi connections but it’s still best for you to wait until you get home to complete your purchases. And even at home, you should still make sure Wi-Fi network is password-protected.
Track and check statements
You’ll never know if your credit card has been used for fraud unless you are a proactive consumer. To protect yourself from scams, it is imperative for you to keep track of all purchases whether offline or online. Always keep the receipts and record transaction details. You should also check your statements regularly. As soon as you spot a questionable transaction, report it immediately to your card provider.
Avoid sharing account information
One of the best ways to prevent credit card fraud is for consumers to avoid sharing account information with anyone. That means no sharing of key account details like PIN, account number and credit card number with other people you don’t share the card with. That includes family members, friends and especially colleagues. If you have paper documents with your personal and account info, shred them before throwing them away. The key is extra precaution as much as possible because prevention, at the end of the day, is better than cure.