5 ways to avoid credit card scams
Technological advancements in payments also bring the risk of hackers and cyber threats. The growing cases of credit card fraud nationwide are a glaring example of these risks. In 2022 alone, the US Federal Trade Commission reported that about $8.8 billion was lost by credit card users through such scams. To avoid falling prey to credit card scams, users should take certain precautionary measures, some of which include the following:
1. Only shopping on trusted websites
Every now and then, users tend to receive emails or texts that link them to “retail” sites. Such websites then show offers that are too good to be true on a host of products and services. In most instances, such messages and sites simply bait unsuspecting shoppers to provide their credit card details while paying for their “purchases.” Once the details are given, users realize they have been duped, their confidential payment details stolen, and their money taken. To avoid such an outcome, it is always safe for users to rely on a select few e-retail sites for shopping.
Only a handful of retail sites can be considered trustworthy, as they have the requisite security protocols and measures to protect their clients’ credit card information from hackers.
2. Being aware of phishing and skimming scams
As seen above, unsolicited emails, texts, and phone calls asking for credit card information are the clearest examples of bait for users. This is why users should refrain from giving away their personal details and payment information in response to such messages or calls. Users must pay attention to the card reader while shopping or taking out cash from an ATM. This lets them keep their guard up against possible card-skimming attacks.
3. Using additional security measures
Many credit card issuers offer multiple layers and levels of security for their users. This security is often provided in the form of multi-factor authentication. So, when users enter their card details on the payment portal to complete a purchase, they receive a unique and newly generated one-time password (OTP) on their registered phone number through a text message.
This adds a level of security that hackers cannot break through, keeping a user’s card details safe and secure. Users need to select credit cards from providers who offer this kind of protection for their card details.
4. Not storing card details with online retailers
Shoppers have a habit of storing their card details on retail sites and apps. While this makes shopping incredibly convenient for shoppers, it also makes them somewhat vulnerable to credit card data theft. The main concern in such a scenario is that hackers and other cybercriminals will somehow gain access to the retailer’s database of users’ credit card details and use them to make their purchases. Credit card users must avoid the urge to save their details on retail sites or apps to avoid this.
5. Keeping cards safely
This may seem like the most basic piece of advice, but many people tend to overlook it. Keeping one’s card safe is necessary to prevent strangers from accessing it and possibly using it to make purchases and other expenditures.
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