Credit card fraud occurs when a thief unlawfully acquires your credit card details and uses them to make purchases without your consent. It’s not limited to purchases, however: credit card fraud can also lead to loans being taken out and accounts being created, all under your name.
In a rapidly advancing technological marketplace, credit cards have become part of the status quo as online shopping and e-commerce continue to grow in popularity. They aren’t going anywhere, and neither are the thieves trying to steal your information from them.
Here are some common-sense tips to help you prevent credit card fraud and avoid becoming another statistic.
Protect Your Online Information
Shopping isn’t the only thing done on the internet, as online banking has become extremely prominent over the years. With the way most sites are set up, if the wrong person gets a hold of your login information, there’s no stopping you from being the next victim unless you have proper protection to help prevent credit card fraud.
Try to avoid storing your usernames and passwords on your computer, and never use the same password for multiple accounts. Otherwise, you risk giving a thief easy access to many of your assets at once.
An effective way to protect your information online and prevent credit card fraud is to only deal with sites and companies you can trust. If something seems suspicious or feels unfamiliar, it probably is and you’re best recommended to avoid using that site altogether. There are various online resources available to help guard you from scammers and thieves, as well as provide warning whenever a site lacks security features or presents anything else that may raise a red flag.
Review Account Statements
After providing payment information, keep close tabs on your bank account to look out for any unexpected transactions or fees. If something appears on your statement that you don’t recognize, report it immediately. This is an effective way to prevent credit card fraud, because it helps to make sure nothing gets by unnoticed.
Many card providers and processing companies also feature various forms of identity theft and fraud protection that alert customers whenever unusual or excessive spending takes place on an account. These alerts can freeze accounts and have proven to be effective in attempting to prevent credit card fraud, but are far from foolproof. While it will often prevent an amateur from committing fraud, an experienced hacker will likely be prepared for these types of security measures.
For business owners, it’s important to pick payment processors that can help prevent credit card fraud and protect your customers.
Allied Wallet meets the highest level of industry security standards. Certified PCI-DSS Level 1 Compliant since 2007 and securely encrypted with a SHA-256 SSL (Secure Socket Layer), we keep all information safe, allowing you to focus on business while we protect your processing, your personal identity, and those of your consumers.
One key feature in all of our services is our proprietary, customisable Fraud Scrub, a tool which allows merchants to monitor and track all transaction details and minimize chargebacks. This feature protects all processing activity to ensure security and provide you with the confidence to do business without worry and provide full prevention of credit card fraud for you and your customers.