How to Prevent Credit Card Fraud?

How to Prevent Credit Card Fraud?

Credit card fraud is one of the biggest concerns for any company that is providing the opportunity for customers to make their purchases using their credit or debit card. This has become such a big issue, that $40 billion is lost annually to fraudulent transactions using credit cards. That is a 500% increase in the last 30 years.

What to Do to Prevent Credit Fraud

To prevent this from happening to you, there are a number of things that you can do. To explain this, will break it down into a few different things to do.

Home - at your home, there are steps you need to take right away to protect your credit cards. This begins by signing any new credit card that you receive right away. Your signature on the back can become your protection against fraud.

When you make your purchases using your credit card, make sure that you keep your card and site. Never sign a blank receipt, and make sure you always fill in all amounts, including for tips. If there is an incorrect copy of the receipt, make sure it is voided. You also want to keep all of your receipts.

As a good safety tip, never give your credit card information to someone over the phone unless you are the one who initiated the call. A lot of times this is how scammers will get your information, by claiming to be somebody that they are not.

Online - make sure that you make your purchases only from websites and organizations that you can trust. Look for that HTTPS certificate in the URL of the website so that you know that there is encryption for that website when you are making your transactions.

Make sure that when you receive emails asking for your credit card or Social Security number that you never provided. No company should ask you for that kind of information. It is also best to use a credit card and not your debit card, as these transactions are much easier to reverse.

If you run a public Wi-Fi it is a good idea to never do financial transactions. These kinds of public locations afford hackers and scammers the opportunity to steal your information. Also, make sure that your antivirus software is updated.

Telephone - fraud through the telephone is becoming a serious issue, especially for elderly people. These scammers are getting a lot more emboldened, and have come up with a number of scams that sound absolutely legitimate but aren’t.

Before deciding to provide any information to a company that calls you, ask for information from that company. What is the person’s name, what department did they work for, and what is the phone number there? It may even be a good idea to ask for the number and to call back. A lot of times scammers are able to appear as if they are calling from one phone number when they are not. By asking to call the number back you can expose this kind of fraud.

You must take safety measures to protect yourself. Failure to do so can cost you a lot of time and money. For further information on how to prevent credit card fraud, click on this link

GB Payments is a UK-based payment solution provider that you should get in touch with to take easy and hassle-free business payments. Feel free to visit their website for more info.

GB Payments