How to Protect Your Debit and Credit Cards from Fraud
Owning a debit or credit card can make your life easy, but with dozens of fraudsters around, you can easily become their victim. These fraudsters can breach a person’s privacy and use their bank account without the owner even finding out. Last year, banks faced huge losses after hackers took over hundreds of bank accounts of various banks across the country.
Before knowing how to prevent fraud, you must be aware of the types of fraud that can occur.
- Account Takeover
This is one of the most common types of credit card frauds. Hackers can take over your bank account and access your personal information which they can use to impersonate you and contact your bank to change your mailing address.
- Application Fraud
Application fraud occurs when a fraudster applies for a credit card using your details and stolen documents. They can also alter some of your personal information like your contact details while applying for a new card.
- CNP Fraud
A CNP or card-not-present fraud can be done against you through email order or telephone if the criminal is aware of your bank account number and your card’s expiry date. This allows them to use your credit card without physically having it.
- Lost or Stolen Credit Card Fraud
If you lose your card to a robbery or simply by misplacing it somewhere, you can easily be a victim of fraudsters who can make transactions by getting a hold on your card. They might not be able to make transactions via ATM because of the pin code but they can online purchases.
- Counterfeit Card Fraud
Counterfeit Card Fraud occurs when criminals or fraudsters make duplicate cards by skimming. This is done by stealing all the information on the magnetic strip of the credit card and using it to create new cards. These fake cards often work and look like the original cards, fraudsters can make purchases with them without getting caught.
Now that you are informed about all the possible types of frauds, you can protect yourself by following the below mentioned steps.
- Only give out your account information to trusted sources.
- Monitor the transactions made by your bank account on a daily basis.
- Keep your debit or credit card safe with you and avoid giving it to other people to make payments or to retrieve cash.
- Update your pin and personal information after some time.
- You may have the urge to throw away receipts, but keep them safe with you as they may help in balancing payments with your account.
- If your debit or credit card is no longer in your use or for some reason you have to discard it, do it carefully. Cut the card in to pieces before dumping it in to the trash.
- Prompt your bank and ask them to block your account as soon as possible when you lose your card or notice any strange transactions or activity being done from your account.
These guidelines are pretty common but people often overlook them. Fret not, try abiding by these steps and you will stay safe from unwanted fraudsters and criminals.