Credit card scams have been a thorn in the flesh of many credit card users so this post aims to address the issue properly.
What is credit card fraud?
Credit card fraud can be defined as any illegal act committed by a criminal using a credit or debit card. These acts could be to make payments or to obtain goods and services.
How do we prevent credit card frauds?
To prevent them, you must be able to identify frauds. You can do so by keeping tabs on all your accounts and credit and debit card reports.
It has to be noted that there is always the possibility of a breach that may leave the cards exposed to dangers. The most effective way to prevent credit card frauds is the most orthodox, keeping all your details and sensitive information as confidential and secure as possible. You can do that by:
- Not giving account details to any individual or company unless you are sure they are reputable.
- Never signing a blank receipt.
- Carrying cards separately from your purse/wallet. That way, losses can be minimal if the purse/wallet is stolen.
- Keeping a watchful eye on your cards during transactions.
- Reporting questionable charges and losses and notifying card issuers of any changes.
Credit cards are becoming more secure nowadays because card issuers and banks are putting in time and effort to work with the relevant cyber security agencies to protect card users. The Payment Card Industry Data Security Standard (PCI DSS) is a data security standard tasked with working with banks and card issuers to help process any card payments and reduce credit card scams.
If you need our professional advice on more ways to avoid credit card scams, please contact us and we would be waiting to hear from you. We help in credit card debt counselling and consumer credit counselling for our customers.