Tips for credit card fraud prevention
Here are some basic steps you can take to protect yourself from credit card fraud. These tips may not protect you from every type of fraud, but they can help keep your credit card accounts safe.
Prevent credit card skimming
It's possible to steal information by reading the magnetic strip on the back of your credit card. This is known as skimming, and it occurs when someone tampers with an ATM, gas pump or similar card readers by installing a device called a skimmer. Once the skimmer is in place it can collect card numbers from the magnetic strip when the card is swiped. Thieves collect and use this information to make fraudulent purchases.
Protect yourself by checking the card reader before swiping or inserting the magnetic strip on your card. Most card issuers now provide cards with chips so, if you can, use the tap feature on the card reader to complete the transaction. If you do not have a card with a chip, contact your card issuer and request one.
Beware of phishing
Phishing refers to the practice of using mail, email, phone or text messages to try and elicit information that can then be used for fraud.
Today’s phishers are persistent and sophisticated. If you have any doubts about the authenticity of a message, spend a few minutes verifying it. Don’t give out personal information.
Regularly review the transactions on your credit card account
Though many of today’s card issuers have sophisticated fraud-detection systems, it’s still a good idea to review your transaction history on your own. Check transactions regularly by logging into your online credit card account to make sure all the information is accurate.
Avoid saving your credit card information online
The convenience of online payment and password storage comes at a cost. A hacker who gains access to your browser may have your credit card information and anything else you’ve stored.
If you want to do more to decrease your likelihood of being the victim of credit card fraud, take the extra time to manually enter your information instead of saving it online.
Avoid public Wi-Fi for financial transactions
The free public Wi-Fi you find at restaurants or shopping centers may not be secure. These networks might be unencrypted or otherwise have weak security, which means that stealing the information passing through them can be easy.
Your best bet is to not use public Wi-Fi at all. If you do use it, don’t give out any sensitive personal information and, if possible, use a virtual private network (VPN) for added safety.
Understand your credit card’s fraud policies
Card credit issuers are required to limit the liability of consumers for credit card fraud, and some issuers have $0 liability policies on unauthorized purchases. Citi provides $0 liability on unauthorized charges on consumer credit card accounts. Check the terms of your credit card to understand its specific policies relating to credit card fraud.
How to identify credit card fraud
There are a few signs that you’ve become a victim of credit card fraud. Obvious ones are transactions you don’t recognize, accounts you can no longer access or occurrences like addresses that aren’t yours showing up on your credit report.
If you can identify any of these signs, take steps to report the fraud and secure your account immediately.
How to respond to credit card fraud