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Credit card fraud is something you may not have given a lot of thought to. However, the harsh truth is that fraud and identity theft are rife at the moment, and so it is vital to take the steps to protect yourself. Everyone needs to be vigilant with regards to the way they use and store their banking information. With that being said, read on to discover some of the steps you need to take now to protect yourself from the ever-growing threat of credit card fraud.
Educate yourself about credit card fraud – The first thing you should do is educate yourself about credit card fraud. After all, the more you know about something, the better prepared you are going to be to deal with it. There are many different types of credit card fraud. This includes fake cards, assumed identity, card ID theft, lost and stolen card fraud, counterfeit card fraud, and application fraud, plus many more. A lot of people are shocked to discover just how many ways they could become the victim of fraud. Do a bit of research and reading regarding this so that you know exactly what you need to protect yourself from.
Check your credit card account and your bank account online daily – You should make this part of your daily routine, as it means you will be able to pick up on any unusual activity quickly before it gets too out of hand. If you notice some activity that looks suspicious, you should call your bank and your credit card provider as soon as possible to get your accounts froze. This will ensure that anyone who has committed fraud will no longer be able to take money from your account.
Change your passwords on a regular basis – One of the most important steps you need to take to protect yourself is to change your passwords on a regular basis. How long have you had your banking password for your credit cards, debit cards, and any other financial products you use? If the answer is longer than three months, it is definitely time to change your passwords. Do you use the same passwords for a number of different online accounts? If so, you need to make sure they are all different. If your credit card banking password is the same as your Facebook password, this means that as soon as someone guesses your Facebook password, they have guessed their way into your finances too. You also need to develop strong passwords. This means using a mix of numbers, lowercase letters, uppercase letters, and special characters. Plus, don’t opt for anything that spells a word, as this is going to be easy to guess.
Monitor your credit report – Another step to take when protecting yourself is to monitor your credit report. This is a service that is readily available today. You can easily access your credit report via one of the big credit referencing agencies. Plus, this is something you should do for a number of other reasons, for example, for maintaining your credit score. Nevertheless, on the fraud front; accessing your credit report means you will be able to spot any suspicious activity on your account. You will know when your details have been searched for or if any applications have been made and you have not made them.
Only buy from merchants that are PCI DSS compliant – You are well within your rights to ask whether a company is PCI DSS compliant, no matter how big or small they are, and this is something you should definitely do. PCI DSS stands for Payment Card Industry Data Security Standard. PCI DSS refers to a standard that has been implemented, which businesses and organisations should follow to ensure they are protecting their customers’ details. If a company does not comply with PCI DSS, you can assume they do not have stringent methods in place for protecting consumer data, which is worrying.
Hopefully, you now feel more prepared to protect yourself from the dreaded possibility of credit card fraud. We all like to think that this won’t happen to us. However, if you do not take action, you are only increasing your chances of being a victim. Follow the steps that have been provided, and hopefully, credit card fraud will never be something you need to concern yourself with.
