As technology use increases, the threat of credit card fraud goes up with it. It behoves consumers to look for convenient ways to pay for goods and services in the face of rising criminal activity around credit cards.
As you take advantage of Southwest credit card offers, also know how credit card fraud happens. Most new credit cards have advanced security features. Still, you must learn the ways to protect yourself from credit card fraud.
Keep Your Credit Card Safe
The most crucial step to avoiding credit card fraud is to keep your card safe. Make sure that your card is not accessible to others. When you receive your new card, inspect the envelope or kit to ensure that it has not been tampered with.
Sign on the card as soon as you get it, and keep it in a secure place. Remember to put the card away as soon as you pay for your purchases. Criminals often obtain digital imprints by taking snapshots of credit cards left lying around.
Monitor Your Credit Card Accounts
Make sure you monitor your credit card transactions regularly. You can check the statements online to confirm the transactions listed. Check for any online transactions made by unauthorized users.
If you notice suspicious activity, contact the card issuer immediately. You can sign up for a monitoring service to help you detect early signs of potential fraud. The service can also help protect your identity or personal information.
Choose a Card Offering $0 Fraud Liability
The Fair Credit Billing Act (FCBA) offers protection to consumers by limiting the maximum liability to credit card fraud to $50. You can choose a credit card that offers $0 liability on unauthorized charges.
It will mean that you will not be liable for any fraudulent purchases made using your credit card. Most of these credit cards require customers to have credit scores that are good to excellent.
Securing Your Personal Information
Before making any purchase, make a habit of securing your information. It is especially vital when making online purchases. Check to ensure that you use a secure website and avoid using public Wi-Fi.
When paying in a store, do not leave your credit card out in the open or visible to other customers. Do not provide your credit card number over the phone if you did not initiate the call. Avoid leaving a paper trail of your billing statements or credit card number.
Receiving Transaction Alerts
You can add a layer of credit card security by signing up for transaction alerts. Alerts allow you to monitor or track your account. The card issuer can alert you when certain transactions happen. You can set alerts for transactions above a specific limit or international purchases. You can also be alerted when a balance transfer request and requests for other actions are made.
Make sure that you run a virus scan and system check on your computer on a regular basis. Installing good virus protection software will help protect your device from spyware and viruses. If you have misplaced your credit card, you can lock it temporarily until you find it. Keeping up to date with credit card fraud will help you stay informed and protected.