10 Tips To Insulate Yourself Against Credit Card Fraud In 2020
Owing to the recent large scale online frauds, millions of credit cardholders started fearing about the security of their own credit card. The credit card companies have taken numerous steps to reduce the risks involved with a credit card. The card holders, in their own turn, can actually follow certain measures to enhance the security of their card and minimize their own fear. This article would provide some tips on how you can insulate yourself against credit card frauds in 2020.
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Tips To Reduce The Risk of Fraudulence On Credit Cards
If you are looking for a new credit card 2020 options, here are 10 tips that you should learn in order to help yourself against credit card frauds.
1) Disposing Waste Paper
Personal documents should always be shredded before disposing of them. This should be done in order not to unwillingly reveal important information from anyone else. Try keeping a home shredder.
2) Reading Mails and Financial Statements
Often times, what we rather do is skip reading the financial statements or postpone it to be read later. This may turn out to be a big mistake. Always read your own financial statements that come in the mail or otherwise. This may keep you updated on checking any gradual increase of financial suspicion and may prevent the risk of frauds.
3) Use Latest Technology
New technologies enable users to be updated from security features. If you access online transaction, make sure your mobile apps are up to date. Latest technologies like biometrics help in tightening security for your transactions. So it is always important to remain acquainted to the latest development in the technology.
4) Chip Embedded Cards
Most of the shopping that we do come from swiping or dipping the card at various stores. Make sure to always a chip-embedded card when doing such form of payment as it is more secure than magnetic strips card. This is due to the reason that the chip-embedded card keeps changing their codes with each transaction. This makes them all the more difficult to be hacked. If you do not already have a chip-embedded card, make sure to get one by asking from your financial institutions.
5) Caution In Online Shopping
Shopping online may be a tricky thing. Various websites come off to ensure you of their safety but may actually trick you into a fraud. Always be aware of the sites you are making a purchase from. Trust only reputed and trustworthy websites like Amazon, Flipkart, etc. Also, see to it if the payment gateway is to be relied upon – like a PayPal gateway. The sites which do not offer such secure gateways should be avoided.
6) Personal Identification Number
A personal identification number or a PIN is a security number with which you can access your account. Always make your credit card PIN number based on something which is difficult to be grasped by a layman. This means that you should strictly avoid such numbers which relate to your birthday or phone numbers: as they are easy to guess. Also, avoid such a simple pattern of numbers like 0000 or 1111 and so on.
7) Public WiFi
Avoid using public wifi or a cyber cafe to log into your account or make a transaction. Most of these connections are open-networks and do not offer robust encryption. This implies that it is easier to access the information you enter in your phone or computer which you access via the public internet. Always wait to make your credit card transaction from a secured network.
8) Review Of Statements
We tend to become lazy when it comes to reading the transaction statement. It has often happened that review statements often show the details which form a missing link between our unaccounted use of money. Getting overcharged or not getting the refund on returning the product may go unnoticed if you do not keep track of the review statement. Therefore, it is always recommended to go through your review statement after every transaction.
9) Signature On The Credit Card
It is seen in many card holders that they do not sign their credit card or debit card. This practice, however, is not safe at all. Many merchants often match the signatures which availing a transaction with the buyer at the retail shop. So if you have a credit card, make sure you sign it as soon as possible.
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10) Credit Card Details On Phone
Never provide your card information to anyone over the phone. Many a times, people receive calls which ensure them that the call is from their credit card companies. It might be true that the call may be from the company. But if the service provider is asking you to reveal the important information about your credit card strictly refrain from doing so. Such calls are fake. For even, the credit card companies will not call you to take information about your credit card.
Conclusion: As the famous saying goes, precaution is better than cure. So always take all the measures from your side. You must ensure that your credit card is embedded with all sorts of security features. Once you are secure from both the ends – yours and your institution’s – all of your transaction would be secure and so will be your card.
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Suresh KP
Tips To Insulate Yourself Against Credit Card Fraud In 2020
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