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Have you or someone that you know ever run into the problem of credit card fraud or identity theft? Believe it or not, it’s a lot more common of an occurrence than you may think. Credit card fraud is one of the most common forms of identity theft and with recent regards to the pandemic, the number of identity theft cases has skyrocketed. Reports from Fidelity National Information Services Inc., state that fraudulent transactions increased by 35% from 2020, especially due to the fact that more online purchases are taking place virtually since the beginning of the pandemic. How can we as individuals do our part to prevent falling victim to online scammers and credit card crooks? Keep on reading for top tips for credit card fraud prevention and identity theft prevention that you should follow starting today to best protect your finances.
Top Credit Card Fraud Prevention Tips
Nowadays, there are various methods of payments we as consumers have the ability to use for purchases. Credit cards have made it more convenient for carrying around our finances but do not necessarily prevent thieves from attempting to steal. One critical tip to help prevent credit card fraud is by making sure your cards are safe wherever you go with them. Do your best to put your cards back into your wallet or purse as soon as you are finished using them to avoid granting criminals the chance to snatch them or snap a picture of them. There are even scan-proof wallets on the market today that avert credit card scammers from obtaining your card information.
How often do you read your bank statements? Whether you receive them from your bank in the mail or get an electronic statement sent to you, one key indicator of credit card fraud is unauthorized charges to your account that can easily go unnoticed if left unmonitored. Check your billing statements every month to ensure every transaction that was made is correct and not fraudulent. If you suspect that there are payments being made by someone else, notify your bank immediately.
Credit card scammers have stepped their game up in how they go about obtaining people’s information illegally, one of them being at gas stations. Believe it or not, scammers will use “credit card skimmers” that can make digital copies of your card’s information right at the gas pump that you enter. Please be sure to check gas stations and even ATMs for suspicious scanning devices with every purchase you make in person!
Top Identity Theft Prevention Tips
Did you know 33% of adults in the United States have experienced identity theft? Even though adults are more likely to be a target for identity theft, it can really happen to anyone, regardless of age, gender, and SES. No matter the individual, when identity theft does take place, it can seriously impact all aspects of one’s life and make it extremely difficult to get their information back.
In order to better protect your identity, it’s important to do your part and be proactive by consistently monitor your accounts online. From bank accounts to loan accounts, any account you may have should be checked on at least a monthly basis. Another crucial way to prevent identity theft is by protecting your most important identity asset: your social security number. Instead of having this number written down, try making an effort to memorize the number so it remains in a safer place!
All in all, a fantastic way to prevent identity theft is to stick with a bank that offers hands-on identity theft protection. At BHCU, we supply our members with the best identity theft protection that is catered to each individual’s assets and needs. We provide extra support for fending off identity thieves and are there for our members who may suspect their information is in the hands of a scammer. For more financial tips or to become a BHCU member, contact us today.
