There is no doubt that credit cards have made life a lot easier and the pockets a lot lighter but they have made lives a lot riskier to thanks to the increase in credit card frauds. With online shopping taking over a majority of our shopping the risks have become steeper and higher.
Thankfully this guide will help you spot frauds and prevent it to the best extent possible but not avoid altogether because fraudsters are learning new ways of beating the system.
How to keep a watch?
First and foremost, you must turn off the autopay in your card and make a conscious effort to keep track of all your purchases. When you do it on a regular basis you will be able to spot any discrepancies immediately and report to the bank authorities at once.
Next look out for purchases that you don’t recall however small and from regions or shops, you do not frequent. This could mean that someone is testing the waters and if you are found inattentive they will strike big.
How to prevent fraud
To begin with, always reconcile your bank statement each month to ensure that your expenditure tallies your actual purchase. While you can prevent physical credit card by keeping your card in view all the time it is being used and tearing up all wrong receipts and carbon copies, all high-tech fraud takes place online.
Always ensure that you are shopping only on reliable sites. Never click on links from unknown sources even if it comes on your email. Another must-do step is to ensure that the address bar of the website always carries a green padlock and starts with https://.
Make sure your antivirus is up to date on your personal laptop or pc and as far as possible do not use your card on public WIFI.
The time is right for introducing video kyc services such as Fully Verified prevent unsuspecting customers from falling prey to high tech fraudsters.