Credit card fraud…you hear about it all the time. It is the most common way for thieves to steal your identity.
How can you protect yourself? Credit card fraud will ruin your credit and any chances of getting a loan or line of credit.
Is there a system for credit fraud detection? Are there warning signs of fraud? How many credit card scandals have been exposed?
If you suspect you're seeing signs of credit card fraud, you need to do your homework.
Arm yourself with the knowledge you need to avoid becoming a victim. Read this guide on credit card fraud detection.
There are several types of credit card fraud from simple to extremely sophisticated. You will never be able to totally protect yourself, but you can lessen your chances of becoming a victim of credit card fraud.
Credit card fraud involves the use of someone's credit card information for unauthorized purchases or a cash advance.
Existing credit card accounts can be "hijacked" and used to make purchases or get cash. This is known as an account takeover.
Another type of fraud involves using a person's information to open a new credit card account. This is referred to as application fraud.
Sometimes credit card thieves target email accounts. They will send you a link that when clicked installs software on your computer that gains access to your login information and passwords.
This information allows access to your financial accounts.
Protect yourself by doing the following:
You hear it on the news from time to time - thieves putting skimmers on the credit card readers at the gas pump.
A skimmer is a device that is installed on ATMs, check out terminals, gas pumps or handheld card readers. Its purpose is to steal credit or debit card information.
One way to detect a skimmer is by visually looking for one before using your credit or debit card.
If you are suspicious, it is always better to use a credit card than a debit card so that a thief isn't able to clear out your bank account.
It's also smarter to use the ATM at your own bank because they are more likely to be monitored.
Dynamics GP Credit Card Processing offers secure solutions for credit card processing.
Phishing is a type of fraud where scammers make phone calls and try to trick people into giving them credit card information.
Do not ever give anyone your credit card information without verifying where they're calling from and making sure it is legitimate.
You've now learned some tips on credit card fraud detection so that you can protect yourself. Keep your credit score and identity safe so that you can make investments in your future. Contact us if you have any questions on real estate investing.