Preventing credit and debit card fraud in a digital age

In today’s world the issue of credit and debit card fraud has grown significantly impacting individuals all around the world. It is important to be aware of the indicators of credit and debit card fraud, to protect yourself. Unfamiliar transactions, even if they are small could signal that a fraudster is testing the card. Unexpected declines can also raise concerns as they might indicate that someone has reached your card limit. Always stay vigilant with alerts from your financial institution regarding activity or any efforts to verify transactions that you didn’t authorize. Being cautious of where you use your credit or debit card online is a key factor to protecting your information.

Checking the legitimacy of websites

When engaging in online shopping it’s crucial to confirm the authenticity of websites to prevent falling victim to fraud. Here are some things to look for:

• Verify the URL. Make sure that is the website you wanted to visit. Do not click on unsolicited links to get to websites. Unsolicited links can hold viruses and malware.

• Investigate the website. Seek out reviews and rating for an unfamiliar website. Confirm whether the company has an address and a customer service contact number.

• Exercise caution with deals. Fraudulent websites and marketplace items often entice people with great offers. If an offer appears too good to be true, it likely is.

Here are some practical suggestions to help you steer clear of credit card fraud:

• Safeguard your card information. Refrain from sharing your debit or credit card details over the phone or through email, unless you are absolutely certain about the recipient’s identity.

• Choose secure payment options. If you are uncertain, ask for another way to make a payment. When you are out shopping, always use the chip or tap options for more encryption security.

• Regularly review your accounts. Make it a habit to check your online banking and account activity frequently to spot unauthorized transactions quickly.

• Activate alerts. Set up alerts with your financial institution to receive notifications about any purchases made with your card.

• Keep your passwords updated. Use strong passwords for your financial accounts and update them regularly. Also use two-step authentication for another layer of security.

While credit and debit card fraud pose a threat, remaining vigilant and adhering to these suggestions can help safeguard your credit and debit cards. Stay on top of monitoring your accounts, choose safe payment methods, and always verify the authenticity of websites or marketplace items when making purchases. By taking these steps you can protect yourself and lessen the likelihood of falling prey to credit and debit card fraud. Stay informed and stay safe!

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Article by Kara Robinson, TFCU Financial Educator