Protecting Yourself from Online Credit Card Fraud
Being able to bank or shop online is a great convenience, but you want to make sure you remain protected. Let’s take a look at how credit card fraud usually occurs and how you can protect yourself—and your money—from financial fraud:
What is credit card fraud?
Credit card fraud refers to the theft of your physical card or the information on your card and that information then being used for fraudulent purposes. Criminals can use your credit card information to purchase things for themselves without your knowledge, open new credit cards under your name for their use, or to get unauthorized funds from your account. Thieves can retrieve your credit card information in a number of ways, from digging through your trash, to finding old billing statements, and even from hacking a retail website where they steal your credit card number and share it. Phishing scams, online merchants that include fine print allowing them to charge your card for additional charges, and straightforward theft are other common forms of financial fraud. So, how do you stop credit card fraud before it starts?
Stay up-to-date on the latest security software.
When you make credit card transactions online, make sure that every time you go to check-out, your card and your finances are fully protected. Investing in an efficient security system will go a long way to protect you and your accounts.
Avoid shared networks and computers.
Shared networks and computers are no issue when your activities are irrelevant to any personal or financial matters. But when it comes to anything dealing with your sensitive account or personal information, avoid using shared networks and computers. Sharing networks or devices weakens your security levels and leaves your passwords vulnerable to cyber theft.
Be smart with account passwords.
Strong passwords include uppercase and lowercase letters, numbers and symbols. This increases your protection by making your passwords more difficult for cyber sneaks to crack. Security experts recommend that you change your passwords at least every few months, and avoid using variations on previous passwords. Do not use the same password for multiple accounts, especially your Digital Banking accounts.
Stay on top of your account statements.
Log in and look over your account regularly and frequently. Doing this consistently will help you be able to quickly identify and report any charges you didn’t make, and get them corrected in a timely manner without too much hassle.
If you are the victim of credit card fraud, what should you do?
If you realize that your credit card information has been used fraudulently, call your credit card company immediately. Keep a record of numbers to call for each credit card to report loss or fraud. You’ll likely have to sign a statement testifying that you did not make the fraudulent purchases. If you suspect fraudulent activity on your Robins Financial account, please contact us immediately to report it.
Robins Financial Credit Union is committed to helping protect our members from financial fraud. Keeping your accounts safe and protected is a top priority. We have tools in place that help you monitor and track your finances, so you’re never caught off guard. To learn more about how we protect our members every day, give us a call or stop by any of our branch locations.