As we continue to live in a digital world, it becomes all the more important to be aware of fraud and how you can keep yourself safe from becoming a victim. Credit card fraud is one of the most common types of fraud, with millions of people around the world who have experienced some kind of financial loss as a result of their bank account details being compromised. Knowing when it’s appropriate to use your credit card online, as well as what to look out for when it comes to a few signs and red flags, could mean the difference between your account balance remaining steady, or waking up to it being emptied out overnight.
Fraud Awareness: Credit Card Safety in 2020
Providing Your Credit Card Details For Free Sites
Rule number one about free sites: they will never require you to give any kind of information related to your credit card(s). Ask yourself whether the site is asking for your details legitimately, especially if there is a sign-up form involved. A business that doesn’t provide a service, isn’t serving you with content (audio, visual and more), and one that unexpectedly asks for your details, is likely not one where you should need to share any kind of financial details. Be careful of scams, and when in doubt, go with your gut and ignore the site altogether. Doing a quick Google search to find out if others have experienced the site as a scam could help too.
Types of Sites You Should Avoid
If your browser pops up any kind of message relating to the site is “not secure” or if your anti-virus software pings when you visit, then you should take this as a warning sign. It also helps to consider whether you are on a public or private internet connection. If you’re in a cafe, where hundreds of others could be accessing the network, it is good practice not to engage in any kind of financial purchases, including logging into internet banking or spending any money on an e-Tailer. Protect your credit card details wherever possible, and keep a close eye on statements, in case you have to contact your bank for a reversal.
Types Of Sites You Should Avoid
PCI DSS and Other Certifications Like 3D Secure
The Payment Card Industry Data Security Standard applies to all companies that accept credit card payments, so when the company you’re buying from displays a badge of compliance when you’re entering your details, this is a sign of a reputable website. Similarly, international banks adopting 3D Secure are good to use, as they require direct authentication from you, often via your mobile device, before any transactions can go through. Talk to your bank about some of the preventative measures you can put in place, including setting a limit on daily amount transfers, adding a pin to your online purchases, or even disabling a card for online purchases altogether, especially if you never use it for that purpose.
Famous Types of Fraud
Credit fraud remains one of the most famous types of fraud on the market, with credit cards being easy targets, especially as they are likely to contain high limits, and even more so for in a higher income bracket. If you’re wanting to safeguard your credit, a good idea is to ask your bank about refinancing credit through a consolidation loan, which is an automatic monthly payment from an account that you can’t transfer money out of. This means you can keep putting money in, but nobody can take money out. Protecting yourself from credit card fraud and being more aware of credit card safety in 2020 remains a priority, and you should be exploring all avenues in order to keep your hard-earned cash safe.
