Finance Globe

U.S. financial and economic topics from several finance writers.
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How to Avoid Becoming a Victim of Credit Card Fraud

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Credit card fraud remains a major problem in the United States, with the potential for losses to exceed $12 billion by 2020.

This isn’t meant to scare you, but to instead help you avoid becoming a victim in the future.

The Federal Trade Commission has this to say about credit card fraud:

“Credit card fraud takes place every day in a variety of ways. You can’t always prevent it from happening, but you can create some obstacles and make it tougher for someone to get hold of your cards and card numbers.”

With that in mind, let’s examine three top tips you can implement to avoid becoming a victim of credit card fraud:

1. Guard Your Account Information Closely

Simply put, you should never share account information unless you are 100 percent positive that you are dealing with a reputable company.

For example, if you contact a “random” online store via phone to make a purchase via credit card, you’re taking a big risk.

It’s better to be safe than sorry, so guard your credit card account information closely.

2. Take Caution with “Risky” Industries

For instance, if you’re the type of person who enjoys online gambling, you may be in the habit of using your credit card to deposit money into your account.

Again, this sounds innocent enough, but there are many accounts of credit card fraud running rampant (even with well known providers).

If you have any reservations about sharing your credit card details online, don’t make the transaction. Take a step back and consider other payment options.

3. Review Your Account Regularly

How often do you review your credit card account? Do you do so regularly with the idea that you could catch a fraudulent charge?

If you aren’t in the habit of doing this, it’s a change you want to make in the near future. With online account access (something that most card issuers offer), you can efficiently review your account as often as you would like.

Tip: don’t delay in reporting any questionable charges to your credit card company.

Conclusion

With these tips guiding you, you have a better chance of avoiding credit card fraud down the road.

If you’re seeking additional guidance, the FBI shares a variety of tips on its website.

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Comments 1

Frank on Tuesday, 26 September 2017 19:22

You will never be 100% secure unless you are completely off the grid. I recommend having credit monitoring service and as ChrisB mentioned, regularly (atleast once a month) review and check your credit history.

You will never be 100% secure unless you are completely off the grid. I recommend having credit monitoring service and as ChrisB mentioned, regularly (atleast once a month) review and check your credit history.
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Monday, 18 November 2019

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