How to Avoid Credit Card Fraud

How to avoid credit card fraud

Even with the recent advent of security chips on new credit cards fraud is becoming increasingly more common. However, there are several practices you can incorporate into your daily routine that can help keep your cards safe.

Keep your cards in a safe location

How to avoid credit card fraud

It is important that you know where your credit cards are at all times. One method you can use to minimize your losses in the event of a credit card fraud is to carry your credit cards separately from your wallet. Additionally, companies also sell specialized wallets for your cards that prevent RFID theft via scanners in crowded places. Check out our article on managing multiple credit cards here.

Be wary over the phone

How to avoid credit card fraudOnly give out credit card numbers over the phone to companies you know to be reputable. Even if you know the company, do not give out personal information unless you were the one that initially made the phone call. One example has been the rise of fraudulent phone calls from individuals posing as IRS agents trying to collect sensitive credit card and social security numbers to settle consumers’ “unpaid tax debts”.

Regularly check credit card activity

How to avoid credit card fraud
Be sure that you are regularly checking your statements for fraudulent activity. There is no need to wait for mailed statements anymore since online statements and mobile apps allow you to pinpoint suspicious activity almost immediately. Always report any questionable charges to the credit card issuer as soon as possible.

Keep your eye on your card

How to avoid credit card fraudDo not let your credit card leave your sight. If your card it is in the hands of a clerk or employee, be sure to have it returned to you before you turn your back or walk away. One tactic many people use is to write “SEE ID or CHECK ID” on the back of their cards. This method while not fool-proof can reduce the occurrences of credit card fraud while at retail locations.

Check before swiping

How to avoid credit card fraud

Due to the rampant increase in illegal card swiping devices being installed on gas and ATM machines, companies have begun utilizing security seals like those seen on food and drink containers. Always check before you use your credit card at one these machines for any security seals that may have been cut or are no longer properly adhered over the seams of the station.

Want more? Here are some additional ways you can prevent credit card fraud, click here.