While
consumers are busy spending extra money this holiday season, fraudsters
and thieves are busy coming up with more and more ways
to steal shopper’s money online.
CreditCardInsider.com, a free online resource for all things credit
cards, has compiled a list of 5 ways to protect your credit card from fraud this holiday season
Tips from Eric Adamowsky, co-founder of
CreditCardInsider.com
1. Use a credit card, not a debit card.
Debit cards simply do not offer the same fraud protections which consumers are afforded with traditional credit cards. If any fraudulent charges do occur, you should ask yourself if you would prefer for it to be your personal money on the line (i.e. your debit card) or the bank’s money on the line (i.e. your credit card). Sure, most banks will give you back the money lost on any fraudulent debit card transactions within a few days, but missing money from your personal checking account for even a few days can be extremely stressful and unsettling. The Fair Credit Billing Act (credit cards) is much more protective of cardholders than the Electronic Funds Transfer Act (debit cards).
Debit cards simply do not offer the same fraud protections which consumers are afforded with traditional credit cards. If any fraudulent charges do occur, you should ask yourself if you would prefer for it to be your personal money on the line (i.e. your debit card) or the bank’s money on the line (i.e. your credit card). Sure, most banks will give you back the money lost on any fraudulent debit card transactions within a few days, but missing money from your personal checking account for even a few days can be extremely stressful and unsettling. The Fair Credit Billing Act (credit cards) is much more protective of cardholders than the Electronic Funds Transfer Act (debit cards).
2. Update your antivirus protection.
Before keying in your credit card number on any website, it is crucial to be sure that your antivirus software is up to date. Of course antivirus software is not the cure all pill to ward off credit card fraud, but it certainly makes you a more difficult target to be ripped off while shopping online.
Before keying in your credit card number on any website, it is crucial to be sure that your antivirus software is up to date. Of course antivirus software is not the cure all pill to ward off credit card fraud, but it certainly makes you a more difficult target to be ripped off while shopping online.
3. Review all of your credit card transactions online.
You don’t have to wait until you receive your monthly statement to review your credit card charges. Be proactive and log in to your online credit card account every few days to verify that you recognize all of the charges that have posted. It is crucial to be aware of small, unrecognized charges as well. An unrecognized charge for $1 may seem insignificant and not even worth the time to call your bank and question. Not so fast. Credit card thieves commonly charge a series of small purchases in order to see if the card is still active and available for use. If a crook determines that your credit card is “live” then you can likely expect some larger fraudulent purchases to follow.
You don’t have to wait until you receive your monthly statement to review your credit card charges. Be proactive and log in to your online credit card account every few days to verify that you recognize all of the charges that have posted. It is crucial to be aware of small, unrecognized charges as well. An unrecognized charge for $1 may seem insignificant and not even worth the time to call your bank and question. Not so fast. Credit card thieves commonly charge a series of small purchases in order to see if the card is still active and available for use. If a crook determines that your credit card is “live” then you can likely expect some larger fraudulent purchases to follow.
4. Use the same credit card for all of your online shopping.
Another simple way you can protect yourself from credit card fraud is to use the same credit card over and over again for all of your holiday purchases. It is easier to manage and track the charges for one credit card than it is to track multiple charges across multiple cards. (Bonus tip: use the card with the highest limit to give your credit scores a little extra protection until you have had the chance to pay the credit card balance off by the next due date.)
Another simple way you can protect yourself from credit card fraud is to use the same credit card over and over again for all of your holiday purchases. It is easier to manage and track the charges for one credit card than it is to track multiple charges across multiple cards. (Bonus tip: use the card with the highest limit to give your credit scores a little extra protection until you have had the chance to pay the credit card balance off by the next due date.)
5. Always log off after checking out.
Typically, when you make a purchase from a retailer online you are prompted to log into your account or to create an account with the retailer if you are making a purchase for the first time. After you have selected and paid for your purchases you want to remember to log out as well. Many retailers have a feature, which will automatically log you out after a certain period of inactivity. However, it is always best to log out yourself in case the retailer doesn’t have this security measure in place.
Typically, when you make a purchase from a retailer online you are prompted to log into your account or to create an account with the retailer if you are making a purchase for the first time. After you have selected and paid for your purchases you want to remember to log out as well. Many retailers have a feature, which will automatically log you out after a certain period of inactivity. However, it is always best to log out yourself in case the retailer doesn’t have this security measure in place.
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