Online frauds are getting more rampant so knowing the steps on how to protect your credit card information may prove to be your lifesaver.
The advent of the internet technology has considerably altered our way of life. Virtually all the information we need can be yours at the click of our fingers. People who are separated by time and distance can talk for hours as if they are shoulder to shoulder. You do not even need to go out of your house to buy clothes or other essentials. For sure, our modern lives have found a solid niche in the virtual world. However, along with the good comes the bad for the internet can be used for all purposes. Many people have been conned and scammed in various forms of online frauds.
Perhaps the most virulent of online frauds is an identity fraud. This happens when somebody else uses your personal information and uses it for themselves. A clear example is when somebody else uses your credit card to purchase or make transactions online. You will then be charged for purchases you have not made. The good thing is that banks are taking measures to protect their clients from online frauds. Nonetheless, it is still best to know some useful tips on how to protect your privacy particularly your credit card information.
How to avoid scams?
- Check the legitimacy of the site you are buying from (“https”)
If you cannot resist buying that gorgeous dress or the newest gadget, then know how to identify a legitimate site from what is not. Secured websites often have a padlock in the bottom left of the page’s status bar. A padlock signifies that your information is protected with an encryption that hackers will find hard to access. Avoid unsecured sites with an opened padlock icon for you literally open yourself to identity theft. Another way to identify a secured site is to check the website address, which should begin with “https” instead of the usual “http”. If you click on the secured icon left to the address bar,
- Read the fine print when you apply for a credit card
With the prevalent credit card fraud, you need to be more careful in managing your finances starting with your choice of credit card provider. Read and scrutinize the terms and conditions particularly on the protection they provide for online transactions. Many companies like Visa, MasterCard, and Discover take credit card security seriously. They often add a 3 digit security code known as the CCV or Card Verification Value, but others may only offer limited protection.
- Understand the policy of the website before making purchases
Online shopping sites are numerous and the authorities cannot really monitor each one in terms of legality and legitimacy. Be your own policy by reading the policy of the website. Be wary of sites that ask too much information that is not relevant to the transaction. If the site is asking you to give your user ID and password, close the page and find another less noisy site.
- Use only virtual credit card or 1 credit card for all your online transactions
By using just one card, you lower your risk of being scammed. Moreover, you can easily keep track of your online purchases if you are just using one credit card.
- Check your phone notification/e-mail after every purchase.
When you purchase an item online, make sure you get a confirmation e-mail. Most merchants send one. This will be a record that your transaction really took place.
- Record all your transactions.
Keep tabs of all your credit card transactions especially for online purchases. Watch out for any discrepancy in the billing statement even the small amounts just to be on the safe side.
The best way to protect yourself from online fraud is certain knowledge. Always make it a habit to learn more about who you are transacting with for what is at stake here is not just your money, but more importantly, your identity.