In today’s digital world, credit cards are very popular these days for almost every type of payment. Every day, credit / debit card companies are adding more and more customers. At the same time, fraud related to them is also increasing. This article focuses on the common techniques used by hackers or credit / debit card thieves to steal money from your card.
Possessing a debit or credit card / Plastic Money can make your life easier, but with dozens of scammers around you can easily become your victim. These scammers can violate a person’s privacy and use their bank account without the owner’s discovery. Last year, banks faced huge losses after hackers took hundreds of bank accounts from several banks across the country.
Before knowing how to prevent fraud, you must know the types of fraud that can occur.
Taking possession of the account
This is one of the most common types of credit card fraud. The hackers can take charge of your bank account and access your personal information they can use to impersonate you and contact your bank to change your mailing address.
Lost or stolen credit card fraud
If you lose your card for a theft or simply lose it somewhere, you can easily fall victim to scammers who can make transactions by retaining your card. They may not be able to make transactions through ATMs due to the PIN code, but they can make purchases online.
If the criminal knows the number of his bank account and the expiration date of his card, he can make a fraud against you or CNP against him by email or telephone. This allows them to use their credit card without having it physically.
Application fraud occurs when a scammer requests a credit card using your stolen data and documents. They may also alter some of your personal information, such as your contact information, while requesting a new card.
Counterfeit card fraud
Counterfeit card fraud occurs when criminals or scammers make duplicate cards through scratching. This is done by stealing all the information in the magnetic stripe of the credit card and using it to create new cards. These fake cards often work and look like the original cards, scammers can shop with them without being caught.
Now that you are informed about all possible types of fraud, you can protect yourself by following the steps mentioned below.
- Only disclose your account information to reliable sources.
- Monitor the transactions made by your bank account on a daily basis.
- Keep your credit or debit card safe with you and avoid giving it to others to make payments or recover cash.
Update your pin and your personal information after some time.
- You may need to get rid of receipts, but keep them safe with you, as they can help balance payments with your account.
- If your credit or debit card is no longer in use or for some reason you have to discard it, do so carefully. Cut the card into pieces before throwing it in the trash.
- Ask your bank and ask them to block your account as soon as possible when you lose your card or notice any strange transaction or activity that is made from your account.
These guidelines are quite common, but people often overlook them. Do not worry, try to follow these steps and you will be safe from scammers and unwanted criminals.