Have you ever been a victim of credit card fraud? This is a serious problem with great financial consequences for the victims. People around the world have been victims of credit card fraud. It is not only an issue of financial fraud but identity theft as well. In this post, I will share my experience with credit card fraud and what I did after I became a victim of it. I'll also share tips on how you can protect yourself from it.
In today's modern world, having a credit card is a convenience that many of us enjoy. We use it for online transactions and it is more convenient than carrying cash. But the convenience that credit cards bring also has its disadvantages. For people like me who have experienced credit card fraud, it can lead to a lot of security concerns.
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I have been a victim of credit card fraud on several occasions. I don't know how this happened, only that a couple of my cards had charges on them that I did not use. It led to sleepless nights and stressful, paranoid moments.
I am lucky that the banks where I have those cards helped me with my situation. They reversed the charges on my card and told me they would investigate the matter. There has been no update since I reported the unauthorized transactions. At this point, I'm just glad they reversed the charges.
It was scary to see the unauthorized charges on my card. It was obvious that whoever it was who tried to use it wanted to max out the card. I've seen attempts at buying solar panels, lawn equipment, and Google ads on my card.
It helped that the purchases were far from my usual card charges. It became obvious to the card company that the transactions weren't mine. The fact that the purchases were in the US and I was in the Philippines also helped to justify my dispute.
For one of my cards, the company was very vigilant. By the second or third attempt on a large transaction overseas, the bank had locked my card. This was even before I called them to tell them about it. They already knew it was a suspicious transaction.
Because of my recent troubles with credit card fraud, I had to figure out how to protect myself. The card company can do its part but I need to do mine too. Here are some of the things I have done to report the issue and protect myself that could prove useful to others:
Tips When You Have Unauthorized Credit Card Charges
Report the Charges Immediately
Once you notice unauthorized transactions, report them immediately. The card companies would usually have the current card blocked. They will then replace your card with a new one.
One of my cards got unauthorized charges twice. First right after I activated it (which was weird). The next was AFTER the card was replaced due to the unauthorized transaction I reported. If possible, ask them to not provide you with a pre-activated card as a replacement.
In my case, they said that they always release pre-activated cards. I requested that they not provide me with a replacement. I decided that I would cancel the card instead.
Check Your Credit Card Bills and Recent Transactions
Check your recent card bills and transactions for any charges that you do not recognize. Report any transactions you do not recognize immediately. This is something I used to take for granted but now that this has happened to me, it's better to be safe than sorry.
Secure Your Credit Cards
If you have any other cards, I would suggest locking them immediately. If you use your credit cards for any recurring payments, I would suggest placing them in one card. That way, only one card is active and the rest are safe.
If you need to use any other card that you have locked, unlock them only when you need to use them. Most credit card companies now have apps that can help you do this.
Limit Your Cards If Possible
If you have more than one credit card, try to reduce that number to make sure your records are secure. It may be hard to keep track of transactions if you use more than one card. If it is possible, reduce the number of your cards to be safe.
Try to separate your transactions per card: one card for home, one for business, and so on. It helps to keep a consistent record that can help justify any dispute you may have. This is one of the reasons I was able to dispute the unusual charges on my card. I only had specific regular charges on my card and I have never diverted from them.
Protect Your Physical Card
Keep your physical card in a safe place. Make sure that it has your signature on the back. If you want to be extra careful, use an RFID-blocking wallet or card holder. It helps keep your card safe from people who want to copy your card information for their personal use.
Keep Your Personal Information Safe
Never share your personal card information with anyone. Credit card companies will never call you to ask for that information. Anyone who asks for your PIN, OTP, or CVV is most likely a scammer.
I once got a call claiming to be from the card company asking for similar info. I told them that I would prefer to call the customer care hotline myself to verify that it was being requested. When I checked, I confirmed that the caller was not their representative. That was scary!
It can be difficult to differentiate which calls are legitimate. It seems many companies outsource their customer service. This means they sometimes use unofficial numbers, which can get confusing. I usually opt to call the official hotline when I get similar calls or SMS notifications to be safe. I try not to answer these calls now that I've had a scary experience with them. It never hurts to be careful.
One other thing to keep your information safe is how you use your card info online. Do not save your credit card information on your web browser. It is safer to enter it with every transaction than to save it online. That way no one can get your information from your browser.
Use Secure Websites
Make sure that the places where you use your credit cards are secure and reputable shopping sites. These sites will have the padlock icon on their URLs to prove that it is a secure connection. Make sure the sites use "https://" as these are more secure than "http://" URLs.
Set Up Transaction Alerts
Most credit cards allow you to have transaction alerts for every use. This is how I was able to discover my unauthorized transactions right away. I get notifications via SMS and email. Call your card company to check how you can get the same notifications for your card.
Keep Your Devices and Online Log-ins Secure
Use strong passwords for your devices and online account log-ins. If you can use biometrics for access, make sure that you take advantage of it. Use two-factor authentication whenever possible.
Also make sure to keep your device software, virus protection, and operating system up to date.
Be Careful of Phishing Scams
Be careful about links coming from emails and SMS. If you don't know the sender, block it immediately. Never click any links from these senders.
Double-check your emails before clicking on anything. Many phishing emails look legitimate until you look closer.
Keep Your Contact Information Updated
Make sure that your contact information with your card company is up to date. Check that they have your current address, phone number, and email. The card company needs this so that they can contact you in case of suspicious transactions. This can also help them to verify your identity in case you need to report something like this.
Avoid Using Public Wi-Fi
While this is convenient, this is not always a safe option. Avoid using public Wi-Fi. Anyone can use it to hack your device to steal sensitive information. Avoid using public Wi-Fi for online purchases. If you need to use it, make sure that you are using a VPN (virtual private network) to encrypt your connection.
All these tips can help to reduce the risk of credit card fraud, but none of it is foolproof. With technology the way it is these days, there can always be new ways to gain access to our information. The important thing is to be cautious about the use of our credit cards. We need to act right away in case of any suspicious card activity. Card companies can help you, but you also need to help yourself.
If you have been a victim of credit card fraud, please share your story with me in the comments section. If you have learned any good tips that you can share with me, I'd love to know about them!
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