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6 Methods to Protect Yourself from Card Fraud

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The sophistication of online criminals may cause you to feel helpless in the face of identity theft or card fraud. However, there are several ways to minimize your chances of becoming a victim; and if you have been victimized, there are a number of things you can do to quickly recover.

1) Protect Your Privacy

You must protect your privacy both at home and in public.  In public places, such as the gym, work, or bus, keep your purse or wallet in a secure place.  At home, always shred pre-approved card offers and documents containing personal information. Use passwords on every account you access via computer or smartphone.  Don’t keep passwords written down where they can be found, instead, use a password keeper program or app. By strictly maintaining your privacy, you avoid being an easy target.

2) Use a Visa Prepaid Card

Visa Prepaid Cards, which are protected by the PIN and chip security system, can help prevent damage caused by fraud. If your card is lost or stolen, the potential financial harm will be limited to the prepaid card’s existing stored value. This will protect you against further financial losses, as well any damage to your credit score. Should you fall victim to a lost or stolen card, simply contact your prepaid card service provider, and they will immediately block your prepaid card account and send you a replacement card.

In addition, acquiring a Visa prepaid card is accessible to all individuals.  Because the card isn’t linked to any credit facility, the application does not require any kind of credit check.  Furthermore, the amount you can spend using your Visa prepaid card is limited to the amount you have decided to preload onto your card. Visa prepaid cards can be used to make purchases in-store, online, and anywhere traditional credit or debit cards are accepted. Please visit www.t24blackcard.com to learn more about prepaid cards.

3) Daily Account Monitoring

It is vital that you check and monitor your accounts daily in order to detect fraudulent activity.  If your information has been stolen, fraudulent transactions can rapidly accumulate, and you will have to verify and report each one to your service providers and police.

Furthermore, unchecked fraudulent activity can cause your credit score to suffer. Daily account monitoring will minimize any potential damage, as you will be able to stop fraud sooner rather than later.

4) Use Common Sense for Online Shopping

Online shopping is a big convenience of the modern market.  If you participate in online shopping, be sure your computer is safe by installing reliable virus software on your computer and always use a secure wireless network. Before you make a purchase, ensure the website is secure by looking for “https:” at the beginning of the web address.  If you create an account with the online store, use a password that is at least 8 characters long.

5) Protect Your Mail

Your mail contains important personal information, so if you are about to leave town, ask a trusted friend or family member to pick up your mail every day.  You can also request to have the post office hold your mail until you return.  And as tempting as it may be to post photos of your vacation while you’re still away, wait to do so until you have returned.  Posting on social media sites could alert a thief that you are away and give them the opportunity to steal your information.

6) Keep an Eye Out for Suspicious Activity

Watch out for suspicious activity such missing credit card bills, new accounts or unfamiliar balances on your credit report, collections call for accounts you’re not familiar with, and being denied credit without reason.  If you notice any of these activities, or anything else in your accounts that looks strange, investigate right away.  Where fraud is concerned, it is always better to be safe than sorry.

Unfortunately, card fraud, data breaches, and identify theft are somewhat unavoidable in today’s era of financial digitalization. However, keeping a vigilant eye on your finances and using security enhanced financial tools such as a Visa prepaid card can greatly reduce potential fraud-related damage to your accounts and credit score. Click here to get your prepaid card today.