Combating Online Credit Card Fraud

Let’s not mince words here. Secure e-commerce transactions really are a must these days. No longer can we afford to take credit card usage lightly. There are real-time threats to security lurking around every corner, and being conscious of them is half the battle won. That way, you’ll be able to take the appropriate steps to minimize the chances of fraud taking place.

How does bank card theft occur?

Thieves hack into accounts and mine for emails in trash cans containing financial information like receipts and card numbers. There are also hackers who log into merchant databases and steal information. Recent developments in information thieving include secondary readers that copy information about the magnetic stripe of your plastic card. I’m sure you’ve heard in the news of small devices and strips that could be positioned on gas pumps that record credit/debit card numbers and passwords to authenticate users. And of course, the invariable friend, relative or family member who falls for a phishing email that appears legitimate, requesting their card details.

It is possible to prevent theft by a few simple items like keeping your card details and pins to yourself. If you ever lend out the card to a spouse or member of the family to use in an emergency, make sure you update a pin change when you’re getting it back. There have already been cases of people skimming or double swiping at store-bought purchases, which count as bank card fraud. Keep your card around the corner and make sure the cashier at checkout recognizes that you are a vigilant buyer, so they really won’t test it along with you.

Of course, checking your credit statement each month is very important. If you don’t already do it, then it’s a great habit to have since it could save you a lot of financial trouble later. If you see unauthorized transactions in your statements or amounts that do not total up on your receipts, inform your bank card company immediately. You can assist in tracking and dealing with fraud.

Shred billing information that comes home; don’t feel that this information is safe when you ‘live in a good neighborhood’, ‘have a great deal other trash in there that nobody could bother looking inside it to discover card details’ as well as other justifications that may sound good today, but disastrous in the end. If you like storing and filing your statements each year, make sure you do them in a secure place out of sight and reach of children, who may be inclined to sift through your stuff while playing or exploring in your home.

Promptly notify card companies of differences in address, numbers, and names (in marriage) so they know about updates in your state, nor charge a fee with charge card fraud. When traveling overseas, inform them so that they don’t put your money on alert and restrain transactions given that they assume you are a thief.   When you’re ready to cancel your cards, be sure to cut them into many pieces in case your shredder cannot cut them.

Confirm with the company that your particular card has become canceled and acquire a written statement dispatched from their store. Get your free credit report from TransUnion or Equifax when it is possible, to know your credit scoring and history.   If you can be a business owner considering secure e-commerce systems being applied, remember to include robust fraud prevention software.

Victims of plastic card fraud are not a happy bunch. They will almost certainly retract their online purchasing habits for any while and decide to purchase from larger businesses with safer online purchase mechanisms that have credibility and visibility available in the market. Fraud prevention systems usually are not expensive and can be a must-have with regard to online transactions.