15 Tips to Protect Yourself From Credit Card Fraud

15 Tips to Protect Yourself From Credit Card Fraud

Overview

Freddie has owned a credit card for two years. He begins noticing that there are payments made on his card which he had no involvement with. It’s not too long before he realizes that he’s become one of the latest victims of credit card fraud. 

One of the first things he wonders is how liable he is for this expenditure and if he can actually get this money back. If he read the terms and conditions of his agreement with his lender of choice and if he is fairly familiar with the National Credit Act in South Africa, he’ll be relieved to know that he will be in a favourable position. 

Credit card fraud has become more frequent.  It is ultimately the unauthorized, illegal use of your credit card.  

If you notice payments made using your credit card, which you haven’t made or approved of, then you should watch out for and to find ways to protect yourself from credit card fraud. 

Tips to protect yourself from credit card fraud: 

Understand how credit card companies work 

These companies put measures in place to deal with such cases, which will protect you as a consumer. 

Monitor your accounts and credit reports  

You need to know the exact state of your accounts at all times. Frequently check your statement too. 

Don’t automate payments 

By actively physically paying your bill, you are less likely to miss any discrepancies. 

Watch out for phishing 

Keep in mind that the telephone is the preferred method used by scammers for phishing 

Be careful of how you discard of information  

 As a credit card holder, you need to make sure that you avoid having your information cloned.  Be careful of how you discard of your receipts as well to avoid sensitive information being stolen. 

  • Understand how fraudsters work 
  • Make sure your personal information isn’t breached 
  • Be careful of software you install on your PC
  • Invest in a credit monitoring service 
  • Check your credit score regularly 
  • Never leave your card out of sight 
  • Be careful of ATM skimming   
  • Never share your sensitive information 
  • Be vigilant about where you keep your card 
  • Avoid using public WiFi or internet cafes for online shopping 
Categories: Finance

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