9 Simple Tips For Guaranteed Credit Card Safety

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  • 25 Apr, 2022  |
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1 9 Simple Tips For Guaranteed Credit Card Safety

Credit card purchasing can be convenient and rewarding. However, if used irresponsibly, it can become a threat to your personal information and financial accounts. Unfortunately, the Internet is filled with stories of people who became victims of credit card fraud and identity theft. Why? Because they weren’t careful enough in using their cards online and offline.

Yes, responsible use of credit cards can be the new era for money, convenience, and shopping benefits. But, on the other hand, it can also start a new chapter of life filled with scam calls, hacking attacks, and so much more. So, what should you do? Ditch the cards? You can’t have enough cash availability all the time. Then? Here’s what you can do:

• Search for a list of the best credit cards in Canada, Australia, the USA, the Uk, etc. (anywhere you live at)
• Understand and compare the benefits you’ll get from the card
• Analyze and calculate the security level of the card

Sounds confusing? With this guide, let us take you on a simple ‘safe credit usage’ journey. Keep reading!

Tips For Guaranteed Credit Card Safety

Taking precautions to maintain credit card security is critical for safeguarding your personal financial information and reducing the danger of theft. Unfortunately, the same convenience that allows you to shop online at your home premises or ditch the plastic money can cause you trouble with fraud alerts.

So, now it has become even more essential to take extra precautionary measures to keep your personal and financial information secure. Here are some helping tips:

1. Read & Understand Your Card Terms

Your journey to credit card security starts from day one. When deciding on which card to buy and opening your first bank account, read and understand what you’re getting yourself into.

• Read your agreement and ask anything you don’t understand
• Make sure you fully acknowledge all the fees, penalties, and other hidden interests

According to Julia Kagan, a company’s terms and conditions regulate the relationship between the issuer and cardholder. So, if you want to avoid any confusion or misunderstanding in the future, you must be clear on every standard.

2. Sign Your Card

If you don’t want your card to fall into the wrong hands, you must first sign it after receiving the card. There would be a designated cardholder’s signature spot or account name at the back for the signature. The signed card is an additional defense tactic to keep your card secure from misuse.

• If your card was stolen and used for shopping, the salesman could match the signature with the one on your card to cross-check the identity.
• So, if your card doesn’t have a signature, they might discard the payment, but you never know.

It’s better safe than sorry, so do it now if you haven’t signed your card yet! It can save you from troubles at the starting point, so you don’t have to deal with issues that can come after.

3. Activate Authentication & Alerts

Alerts and transaction verification can save you from troubles that can otherwise cost you money. For example, a credit card authorization confirms that the customer's card has adequate money to cover the transaction. An issuer's approval is normally obtained through a credit card processor.

Suppose the customer's information is correct and their account has sufficient funds. In that case, the specified amount is kept and subtracted from the customer's credit limit after submitting the verification code. In contrast,

• For instance, you haven’t activated the alert notification that you must receive a verification code every time a transaction is initiated.
• So, if someone with your account information tries to make the payment, it will be deducted directly from the bank.

To be safer, turn on your security notification alerts to instantly receive an email stating that an authorized person is trying to get your financial account’s access.

Bonus: Click to read a thorough guide by BigCommerce to understand how credit authorization works.

4. Carefully Check Account Statements

Checking your credit card statements regularly, whether online or in the mail, can help you stay on top of your spending. In addition, it can assist you in identifying transactions that you are unfamiliar with. And that could assist you in avoiding becoming a victim of credit fraud.

• Contact your credit card company right away if you notice an unauthorized charge.
• The sooner you identify and report credit card fraud, the sooner you can put a stop to any fraudulent purchases made in your name.

You have to keep things accurate for the safety of your financial information. For example, if you notice even a trivial activity of $10, you have to report it immediately. It can help you avoid becoming the bait of big scam sharks.

5. Keep Your Cards Separate

The best way to stay financially safe and protected online is by keeping your shopping card separate. Don’t understand? Let us explain! Suppose you own four credit cards and use each for different purposes. However, if you want to avoid credit fraud and theft, the wise thing to do is to use one card for all your online or offline shopping. But, if you think that’s impossible, here’s what you can do:

• Use online commerce portals that are secure and protected
• Avoid using open network websites because they are scammy
• Don’t share pictures or any information about your card with anyone

Following a few tips and keeping certain things in mind can ensure your credit card safety. Of course, if you want to have fun with a prank call or credit scamming, then that’s totally your choice. :p

6. Monitor Your Score Activities

Keeping a tight check on your credit is usually a good idea. Checking and maintaining track of your credit might help you stay on top of things. It's also another tool for detecting faults and potential fraud efforts that could harm your credit. Good credit is your friend to be financially stable and strong. But, if you’re still not noticing it getting better after making all the efforts, there’s a chance something might be wrong at the backend.

So, contact your credit company or bureaus like Equifax and ask for a credit report to see a detailed summary of your account. It can allow you to view things on a bigger scale and really find the problem hurting your score.

7. Keep Your Information Private

Do you know you can be held responsible for your account transactions that use your authentic information? Yes, if the scammer entered your true information like name, code, CVV, etc., to initiate the money transfer, it might be impossible for you to recover it back. The reason is its authenticity. Yes, if the scammers have your correct information, the company might find it hard to revert it. Here are some tips to avoid that:

• Never share any picture of the front or back of your credit card, even if you cover the CVV code or card number with your finger (online hackers have many ways to use your information still)
• Don’t disclose your PIN or security code to anyone (unless you really trust the person)
• Ignore the calls if they ask you to share a verification code that was sent to you by the company (they might use it to initiate the transactions)

In fact, it’s wise to avoid sharing any of your account’s important or trivial information with anyone because you never know who’s waiting for you to get scammed.

8. Ditch Public Networks

No matter how important it is to make the payments, you must avoid using an open-source website or network to enter your private information. Usually, the public networks are the most dangerous for your sensitive data. This is because various hackers are looking for opportunities to keyboard tap into your record and use it for their benefit.

• The verification email you clicked might have a virus to look into your personal data.
• The website you opened might be insecure, thus ruining your chance of getting any fraud help.
• The free Wi-Fi you connected to your mobile phone might have a bug that can tap your phone records and, even worse, pictures!

So, using a public network for your sensitive work is the last thing you should do. Instead, here are some things to look out for:

URL: Always use secured website portals, so your data stays encrypted. Websites starting with https:// should be your top priority.
Secured symbol: If you’re using a secured portal, it must always have a lock sign at the start of the URL. In fact, you must be able to view the security information after clicking on it!

These are the essentials you must know and apply to secure your everyday credit card usage.

9. Avoid Saving Your Card Information

Criminals spend a lot of time and effort attempting to get their hands on your credit card data, so you should make it as difficult for them as possible. Some websites allow you to save the credit card information you input to be easily available and ready to use every time you revisit their website. As easy as it may sound, the more records you leave behind, the more opportunity you are providing to scammers for identity theft. Don't allow a website to save your credit card information when given the option at the time of checkout.

• According to Experian, even if the website is secured and protected, saving your card information online can put your private information at risk.
• The pre-saved information can be used by anyone using your phone to either surf the internet or purchase.
• In the end, the user information and card will be yours, leaving you no chance to dispute the transaction once it’s been made.

Yes, it sounds convenient and effortless as you won’t have to re-enter all the user information every time you try to shop, but the same goes for a scammer. According to Forbes, almost 64% of adults had their information saved online. So, imagine if all of them were financially attacked online, how easy it would be to use their card information.

10. Report Your Missing Cards

If your card is missing or you believe your account number has been taken, report it as lost or stolen. When you do, your previous card will be deactivated, and no one else will be able to use it. You can also notify the issuer if your account has purchases, transactions, and any credit information that you don’t recognize.

In addition, many card companies offer 0$ fraud liability to their customers, which implies you won’t have to struggle with paying any of the illegal charges. So, if you lose something, report it as soon as possible.

• You can also lock your card activity for a specific duration if you believe your card has been misplaced.
• You can apply for the card lock even if you don’t remember whether you have lost it or simply forgotten where it is.

Card lock might be a better option if you want to find the card first but don’t want to risk illegal transactions. You can do the locking from your company’s mobile app or call and talk to customer support.

Bottom Line

In a world full of hackers, you have to think like time in order to save yourself. No, no, we are not implying you start doing the bad stuff. Instead, think of the ways your card can be hacked or misused. So, only then you’ll be able to protect it at all costs. Your credit card is a powerful financial tool that can help you build, rebuild, maintain, and develop a credit journey that can be beneficial for your current and future life.

It’s your utmost responsibility to use it wisely and take precautionary measures to protect it. And, to help you out, we have come up with 9 simple tips and tricks you can follow to stay secure wherever you are. So, give it a read and let us know if there’s anything we missed!

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