Debit card and credit card scams take place when a scamming party gets access to your card details. These may include your card number and personal identification number for making unauthorized and illegal purchases or withdraw money from your account.
It is vital to acknowledge the increasing chance of such scams in the current world where everything is online, so you can better equip yourself against such situations. Online customers are especially vulnerable to these scams.
The Financial Conduct Authority or FCA defines a vulnerable person to be someone who, because of their ongoing situations, is highly susceptible to any kind of harm, primarily when a firm does not act using appropriate care levels.
So, how to avoid a debit card or credit card scam?
Top 8 Tips to Stay Protected Against Card Thieves and Scammers
To avoid any scam, you need to know the warning signs and how you can protect yourself. Here are our top scam-proofing tips that will help you avoid debit and credit card scams.
§ Get Bank Notifications
You should not only check your recent transaction and balance on a daily basis, but you should also sign up for different banking notifications.
The bank will contact you using a text message or through email whenever there is any activity in the account. This includes withdrawing an amount or any changesin the address. Not to forget, always review your billing statements every month.It will allow you to report any transactionimmediately that you did not make.
§ Prefer Going Paperless
If you sign up for paperless bank statements, you will eliminate any possibility of your credit or debit card details stolen from a mailbox.
Shredding already-existing statements and debit card receipts using a paper shredder when you are done will also help reduce the chance of having any kind of bank account information getting stolen from somewhere else.
§ Prefer Using Credit Card
Out of your debit and credit cards, you should prefer a credit card against a debit card while making any purchase. A credit card appears to have significantly stricter protection against any kind of corruption. So, it’s vital that you know thisand practice it, especially when larger transactions are concerned.
- Keep tabs on your cards.
Most transactions today happen virtually with no actual card swipe needed, meaning your physical card is not required on a daily basis. So, you need to keep track of the wallet your cards are in, making sure they don’t fall into the wrong hands. In case you lose your card or think it may be stolen, you must report it right away.
§ Be careful when shopping online.
Scammersuse different methods to access your information, and one of them is setting up online stores.
So, always ensure there’s an “https” (“s” means secure) before the website name in the address bar with a padlock icon next to it before entering your card details. Also, be cautious about phishing scams; these are usually fraudulent emails pretending to be from banks or retailers.
§ Protect your devices& be careful about where you store the data
We recommend you avoid storing your debit/credit card number or PIN on your device or sending it through email. Why? Well, if someone gets access to your computer, phone, or email, they can get all the information needed to take money from your account.
You also need to install different anti-spyware and anti-virus in your computers and all other electronic devices that you use or may use for money transactions. This will help your devices stay protected against cybercriminals.
§ Use Payment Processors
The best place to get facilitated is through a service that you can trust, for which a payment processor works great. These are third-party servicesthat process and verify your debit or credit card using secure internet connections.
A processor for payments such a BridgerPay connects merchants and financial institutions involved and facilitates a safer and on-time transaction of funds. BridgerPay for payment processing comes with an ideal solution for any kind of eCommerce setting where you can enjoy PCI level 1 payment in a single go safely.