Credit cards are valuable tools that we carry with us everywhere we go. But then, they account for a massive number of attacks that target banking systems. Getting rid of credit card fraud entirely is a challenge because this attack takes different forms that can change from time to time.
Although you can’t be immune to credit card fraud, there are ways to prevent it from happening. Banks and financial institutions that issue credit cards are also working to protect customers from fraud. In this article, we will look at some of the ways you can prevent credit card fraud.
Read on to find out more.
Replace your Card if you become a Victim
Banks have put in systems to help them detect fraud on their systems. Once they detect credit fraud, they communicate to their customers about it immediately. This ensures that customers take measures to prevent losing money to the criminals as the bank responds to the attack.
If affected by a breach, you need to take a quick step to replace your credit card as soon as you can. You should call the bank immediately and ask for a new card. Do not back down even if they tell you that everything is fine. The bank could be embarrassed and won’t admit that your card isn’t safe yet.
Be aware of Phishing
Cybercriminals access a lot of customer data when they breach banking systems. If you’re alerted that a breach has affected your credit card, be sure that the criminals have your personal information. They can use this information for more malicious intent, even if you replace your card.
For instance, phishing is one of the threats that you need to look out for if affected by credit fraud. The criminals may send messages, emails, or even call you to try and dig for more information that will help them access your new card. Don’t share any details; instead, call the company or bank to be sure if they contacted you or not.
Ask for your Credit Reports
The law allows people access to one credit report every year. However, it also considers that you may need a credit report if and when you are affected by credit card fraud. Thus, you can order an extra credit report even if you already had ordered one before.
Ordering a credit report helps you know the state of your credit. It will show you if someone has already gained access to your card and even transacted. It will help you understand the measures you can take to prevent further damage to your card.
Besides, you should seek credit advice whether you are affected or not. Find a credit repair management platform and ask to speak to a credit expert. They will provide honest credit advice and help you have excellent credit scores in the future. This will help you make good decisions based on your credit report.
Monitor your Account
It is vital to keep checking your account to confirm that your money is intact. This is crucial whether your bank has been compromised or not. As mentioned before, credit card fraud takes different formats. It can take time before banks detect and respond to it. So, you may end up being the whistleblower.
You need to check your account more regularly if there’s a confirmed case of credit card fraud. This means checking your account every day for at least 30 days after receiving the fraud report. Getting a new credit card doesn’t mean you’ll be safe, thus making it vital to keep checking your balance.
Passwords are essential to have a password even though it won’t guarantee you complete protection. But then, the fact is that you don’t know what criminals are looking for with the attack. Thus, it would be best to make it difficult to access your account with a new and strong password.
Ensure that you can easily remember the password yourself. Besides, you can add extra protection using a two-factor authentication feature. This is a very vital protection feature that you can use today. You can also have newer forms of authentication, such as using a Touch or Face ID when using your phone.
Freeze your Credit Report
Fraudsters use credit cards to impersonate real owners and access credit. However, they cannot access credit without providing a credit report to financial institutions. Thus, the next step to take is freezing your credit report so that it is inaccessible for anyone looking to take a loan.
Immediately call the three major credit bureaus and tell them that you’d like your credit report locked until further notice. They’ll do this immediately and only unlock it with your instructions. This will prevent potential financial damages and a bad credit report should an unauthorized person use your credit card.
Place Fraud Alerts
It is vital to let credit bureaus know that you have been affected by credit fraud. The three main credit bureaus provide a feature that allows you to alert them of any problem. This is a quick way of letting them know that you want them to freeze your credit reports.
A fraud alert can be in place for a year or more, depending on how long you want it. The best thing about this option is that it is highly accessible as long as one has an internet connection. It is an excellent option that will save you during the panic moment.
Those are some of the things that individuals and banks can do to prevent credit card fraud. With the frequency of these attacks increasing, everyone needs to be proactive. Credit fraud can have a massive impact on a person’s credit record. Thus, it helps to implement such effective credit control techniques.
In the end, a collective effort by banks and their customers can help reduce the impact of fraud. Besides, it can make it easy to detect attacks early enough before they happen. Banking cybersecurity and data privacy are vital today when cyberthreats are increasing rapidly, especially in the baking industry.