Steps to follow when attacked with a fraud action on your Credit Card.

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Among all the payment methods seen to date, payment from credit cards has always been widely used. People have always found credit card payments safer and more efficient. In fact, the carefree mind people have to keep about the account balance while paying through credit cards has even increased the use of credit cards among people. Besides efficient payment credit cards do, it also offers people many luring deals making its use more fascinating for the people of the country. Even banks offer different cards to different professionals like business cards, secured credit cards, prepaid cards, digital cards, and charged cards, making it more feasible for people to choose the cards according to their uses and budget. 

But, with the advanced usage of credit cards among people and technology, fraud has made a tight place in the credit card payment system. We can almost daily read or hear about the credit card fraud that is majorly caused due to data breaches and hacks that take away sensitive financial and personal data. In fact, how strong your financial institutes’ cyber security is, the black market hackers find a way to break the institute’s security. And, once in a while, you get the anxiety of being a victim of credit card fraud. But, while some banks don’t charge you for any fraud you have been victimized of, your immediate proper action after getting a message regarding the transaction you haven’t done can minimize your financial losses. Here we discuss some of the immediate initial steps you can take to protect yourself from credit card fraud or if there has been any fraud with your credit cards.

 Place a Fraud Alert

While many banks have a system of activating fraud alerts on their customers’ credit cards, they send fraud alerts or freeze the credit card if they see any expense far beyond the customers’ regular spending habits. But, you can even activate this alert on your card. In addition, you can choose a certain amount of expense outside which the bank can freeze the card or send fraud alert messages to you. With this small step, any considerable amount outside your chosen limit cannot be transacted from your card without your approval, thus protecting you from big fraud or scam.

Keep a Check on your Account Online

Whether you are a regular credit card user or not, it is better to keep an eye on your account statement every few days. In addition, monitoring your account regularly can let you know if there is any suspicious activity, thus letting you take immediate steps to protect yourself from big fraud. And, if you are a new credit card holder, the step of checking your account details online daily for at least 30 days is a good practice to keep an eye on any fraud event occurring on your credit card.

Freeze your Credit Card

If you receive any message regarding fraud occurrence on your credit card like a transaction of an amount which you haven’t done or have been one of the victims of the scam where a considerable amount of money is demanded on a regular interval from your credit card account and promise to pay back even more, then freeze your credit. Once you freeze your credit, no one can access your credit report without your approval, thus protecting you from being a further victim of the scam or fraud.

Contact your Bank or Creditor

Once you have asked the bank to freeze your credit after observing any fraudulent activity in your account, get in touch with your bank or creditor. Show your creditor the fraudulent activity you suspect and ask his advice for the next step you should take. The creditors provide you with deeper information about the fraud and essential steps you should take to clear your records and reverse any false charges.

Replace your Credit Card

If you are amongst the ones whose data has been breached, your card is stolen, or you have been among the scam victims, you should apply for a new card immediately. No company or bank is going to ask you any questions about asking for a new credit card.

An Eye on Phishing Scam and your Passwords

Being alert with your account’s information is good, but getting anxious about the same is never a good option. If you find yourself in the middle of a process where you can get scammed, always acknowledge the fact that a scammer can do nothing with only your credit card number. He will always need your card’s expiration date and your card’s three or four-digit card verification number. So, don’t panic if you get an email or message with your credit card number because scammers do send these messages to get your card’s other information. 

Also, it is always recommendable to keep an intelligent approach towards your credit card password. Try to use strong passwords other than those recommended and change the password once in a while. This step towards protecting your password will help you protect yourself from scams and fraud.

So, if you are a new credit cardholder or protect yourself from becoming a victim of any fraud or scam, try to indulge the steps mentioned above in your credit-card protecting habits. These small precautionary steps will help you keep an eye on your credit card. And, to get more information about currency and safe accounting, visit our Central Cru website.  


Reference:

Campbell, J.E.S.S.E. 2021. Blog/how-to-respond-to-a-fraud-alert. [Online]. [1 December 2021]. Available from: https://www.moneymanagement.org/blog/how-to-respond-to-a-fraud-alert

Steps to follow when attacked with a fraud action on your Credit Card.
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