Reasons to Secure Your Credit Card

Credit card fraud is becoming more sophisticated by the day. While you can’t stop a data breach on the merchant’s platform, you can protect your card by taking a few practical steps. Here are four reasons to secure your credit card today.

To Protect Your Credit Card from Phishing Fraud

Phishing is one of the tactics hackers use to obtain your personal information. Phishers create fake websites that are hard to discern from legitimate company websites. It may be a misspelled URL or a link sent to your email.

Even though phishing websites can be challenging to discern, there are ways you can protect your card. For example, avoid using your credit card on an unsecured network such as the local library or public Wi-Fi.

If you’re unsure if the network is encrypted, ensure the URL starts with HTTPS. Unencrypted networks begin with HTTP, meaning it is possible for a third party to snoop on your activity.

Don’t click on links you don’t trust since suspicious sites can install malware and spyware. Instead, you can prevent spyware by updating your antivirus software regularly.

To Protect Your Card from Skimmers

Another reason to secure your card is to prevent skimming fraud. For example, hackers may use skimmers to read and collect information from your credit card when you pay for purchases. Outdoor payment terminals such as ATMs and gas pumps are particularly vulnerable to skimming.

What does a credit card skimmer look like? The device can fit inside the card reader. A typical skimmer is easier to spot as it seems out of place. Check if the reader is at an angle and use a different one if it looks suspicious.

Today hackers use skimmer devices that are much harder to detect. For example, you can avoid skimming fraud by using an encrypted card reader. Instead, experts from SoFi suggest using “one that has an illuminated green lock symbol near the credit card reader.” The green icon indicates the terminal encrypts the data; therefore, hackers can’t access your personal information.

To Track Suspicious Transactions

Securing your credit card also means monitoring your transactions for fraudulent activity. In addition, the issuer may provide features to track your spending in real-time. For example, some companies will send an email or text alerts you can access from your smartphone.

To Avoid Liability for Lost Funds

Use a credit card to avoid liability when you lose money to hackers. Most companies will pay for the losses and refund lost funds.

However, the issuer requires you to notify the company of fraudulent activity within 60 days. In addition, tracking your transactions ensures you can report the fraud on time to avoid liabilities and delays.

To Freeze Transactions and Stop Fraudulent Activity

Prompt action is critical whenever you detect your credit card is compromised. For example, the issuer can freeze transactions to stop further fraudulent activity.

You can take extra measures to secure your credit card. For example, Apple Pay and Google Pay provide virtual numbers for every transaction. The process prevents the merchant from accessing your credit card number and personal information.

A credit card offers more safety features than a debit card. But it requires effort and maintenance. Watch out for phishing and skimming attacks and update your antivirus software regularly.