Even if you have little to no liability on your credit card, falling victim to fraud or identity theft can cause major headaches for both customers and banks. While the bank’s zero-liability policy offers financial protection, it’s still a hassle to deal with the aftermath—reporting the fraud, getting a new card, and updating all your accounts.
Recent stats show that credit card fraud is on the rise, with global losses hitting billions of dollars. This not only hits your wallet but also shakes your trust in the bank’s services, leaving you feeling emotionally drained.
So, how can you avoid credit card fraud? Here are some simple tips:
- Keep your login details safe: Don’t share your PINs or passwords with anyone, and avoid sending them over email.
- Don’t pay upfront: Be wary of emails asking for payments upfront for prize money or investments. These are often scams.
- Take your time before paying: Don’t rush into payments just because of discounts. Take your time to evaluate the product or service.
- Beware of phishing and viruses: Scammers use various tactics to trick you into revealing your credit card details. Be cautious of suspicious emails, calls, or texts asking for sensitive information.
- Watch out for skimming: Skimming occurs when thieves steal your card details during legitimate transactions. Keep an eye on your card during transactions, especially at restaurants or fuel stations.
- Use different cards for autopay and everyday spending: Reserve one card for autopay subscriptions to avoid multiple hands accessing it. This reduces the risk of fraud.
- Pay with mobile wallets: Mobile wallets offer secure payments using tokenization technology, preventing merchants from accessing your credit card details.
- Set payment limits: Adjust your card’s payment limits to minimize potential losses in case of fraud.
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