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Don't Get Caught by Credit Card Fraud - June 2016
Where large sums of money are concerned, it is advisable to trust nobody.
~~Agatha Christie~~
~~Agatha Christie~~
Credit card fraud is a rampant issue and there is no way to completely protect yourself but there are things you can do to minimise the risk, and they are not difficult.
Just last week I noticed a transaction on my debit card for a small amount. It stood out because it was an odd amount, the name on the transaction wasn't familiar and I only use that card for particular payments of set amounts. No one is safe!
There are three main methods used to steal credit card information:
1. Skimming. Devices can be used to read the information stored in your credit card. A copy of your card is then made and can be used to charge your account.
2. Phishing. With this method, fake shopping websites or a copy of your credit card provider’s website is created for the sole purpose of stealing payment information.
Always plan for the worst scenario so, if it should happen, you can avoid losing money on a deal.
3. Spyware. Your computer or a merchant’s system can be infected with spyware that collects information, including payment details.
Protecting yourself from credit card fraud is difficult because there are no ways to shield your cards from the devices used to skim information.
However, if you stick to these tips, you can avoid many attempts by others to get your credit card info:
1. Keep control of your credit card. Avoid handing your credit card to someone who would be able to skim it without you noticing, for instance, when paying your bill at a restaurant. It’s safer to just stop and get cash before going to the restaurant. Then pay for your food and drinks with cash.
2. Be diligent when at an ATM. If it’s not well lit or if the equipment looks awry in any way, leave and use a different ATM. Notice those around you and keep your password hidden from them.
3. Maintain your privacy. Never give your credit card details or password to anyone over the phone or on the internet or through the mail.
I am asked constantly to take credit card payments over the phone, via email or through the post and the answer is always NO.None of those methods are secure, for the Cheapskates Club member or the Cheapskates Club.
If you are ever asked to put your credit (or debit) card details in an email or on paper and send it through the post please say no. You can ask for bank details and transfer the money or you can ask for a secure payment gateway (like Cheapskates uses to process payments).
Carefully monitor all the transactions made with your card and immediately freeze it if you notice anything suspicious. It doesn’t stop the first transactions made with your stolen info, but it does keep the thief from doing further damage.
Some accounts even offer an app for your Smartphone that sends you a text immediately each time your card is used.
There are a few things you can do to protect yourself from phishing:
1. Avoid purchasing anything from a website you aren’t familiar with. Do some background research to ensure that you’re dealing with a trustworthy merchant.
2. Always ensure you’re on the official website of the retailer or credit card issuer. Hackers can create convincing copies, but the URL is usually different and might begin with HTTP instead of HTTPS.
3. Be aware that emails are often used to phish for information. These emails typically ask you to visit a link that seems to lead to the website for PayPal, eBay, your bank, your credit card issuer, or a popular retailer. Contact your bank, merchant, or creditor by phone if you think anything might be amiss with your account.
4. Similar scams exist via text messages and over the phone. If you receive a message or a call that asks you to verify your payment information, find out who is calling, look up their phone number, and keep in mind that banks, credit card companies, and retailers would not contact you like this to double check your payment information.
Protect yourself from spyware that can steal your payment information by using a good antivirus on your computer, tablet, and Smartphone.
Never make purchases or access your accounts via public Wi-Fi networks, including the free Wi-Fi available at your local library or at the nearest coffee shop or fast food restaurant.
There is still the possibility that spyware could infect the system of a merchant. This is why it is best to only shop on the websites of large retailers you know and trust.
If you decide to shop on a lesser-known website, ensure they have up to date security certificates.
In the end the safety and security of your credit card is your responsibility. Track your transactions regularly and if you notice a discrepancy of something suspicious contact your bank immediately and follow their instructions to the letter.
Just last week I noticed a transaction on my debit card for a small amount. It stood out because it was an odd amount, the name on the transaction wasn't familiar and I only use that card for particular payments of set amounts. No one is safe!
There are three main methods used to steal credit card information:
1. Skimming. Devices can be used to read the information stored in your credit card. A copy of your card is then made and can be used to charge your account.
2. Phishing. With this method, fake shopping websites or a copy of your credit card provider’s website is created for the sole purpose of stealing payment information.
Always plan for the worst scenario so, if it should happen, you can avoid losing money on a deal.
3. Spyware. Your computer or a merchant’s system can be infected with spyware that collects information, including payment details.
Protecting yourself from credit card fraud is difficult because there are no ways to shield your cards from the devices used to skim information.
However, if you stick to these tips, you can avoid many attempts by others to get your credit card info:
1. Keep control of your credit card. Avoid handing your credit card to someone who would be able to skim it without you noticing, for instance, when paying your bill at a restaurant. It’s safer to just stop and get cash before going to the restaurant. Then pay for your food and drinks with cash.
2. Be diligent when at an ATM. If it’s not well lit or if the equipment looks awry in any way, leave and use a different ATM. Notice those around you and keep your password hidden from them.
3. Maintain your privacy. Never give your credit card details or password to anyone over the phone or on the internet or through the mail.
I am asked constantly to take credit card payments over the phone, via email or through the post and the answer is always NO.None of those methods are secure, for the Cheapskates Club member or the Cheapskates Club.
If you are ever asked to put your credit (or debit) card details in an email or on paper and send it through the post please say no. You can ask for bank details and transfer the money or you can ask for a secure payment gateway (like Cheapskates uses to process payments).
Carefully monitor all the transactions made with your card and immediately freeze it if you notice anything suspicious. It doesn’t stop the first transactions made with your stolen info, but it does keep the thief from doing further damage.
Some accounts even offer an app for your Smartphone that sends you a text immediately each time your card is used.
There are a few things you can do to protect yourself from phishing:
1. Avoid purchasing anything from a website you aren’t familiar with. Do some background research to ensure that you’re dealing with a trustworthy merchant.
2. Always ensure you’re on the official website of the retailer or credit card issuer. Hackers can create convincing copies, but the URL is usually different and might begin with HTTP instead of HTTPS.
3. Be aware that emails are often used to phish for information. These emails typically ask you to visit a link that seems to lead to the website for PayPal, eBay, your bank, your credit card issuer, or a popular retailer. Contact your bank, merchant, or creditor by phone if you think anything might be amiss with your account.
4. Similar scams exist via text messages and over the phone. If you receive a message or a call that asks you to verify your payment information, find out who is calling, look up their phone number, and keep in mind that banks, credit card companies, and retailers would not contact you like this to double check your payment information.
Protect yourself from spyware that can steal your payment information by using a good antivirus on your computer, tablet, and Smartphone.
Never make purchases or access your accounts via public Wi-Fi networks, including the free Wi-Fi available at your local library or at the nearest coffee shop or fast food restaurant.
There is still the possibility that spyware could infect the system of a merchant. This is why it is best to only shop on the websites of large retailers you know and trust.
If you decide to shop on a lesser-known website, ensure they have up to date security certificates.
In the end the safety and security of your credit card is your responsibility. Track your transactions regularly and if you notice a discrepancy of something suspicious contact your bank immediately and follow their instructions to the letter.