Are you an online credit card fraud victim? Or have you lost your debit/credit card recently? If you have, you are far from alone. According to the Federal Trade Commission’s (FTC) Annual Data Book 2020, credit cards were the most frequent payment method out of all fraud reports. The report also suggested that in 2020, credit cards made up over 4,50,000 reported instances of identity theft and online fraud all together. The aftermath of stolen credit card information can be a significant hassle, from changing your online payment details to getting your card replaced and contacting your card issuer.
The inconvenience associated with falling prey to credit card fraud is serious. Fortunately, the Fair Credit Billing Act protects cardholders in the US. As per the FTC, the maximum you might be responsible for is $50, depending on how quickly you report to the respective bank as soon as you notice theft or unauthorized transactions. Most cards come with fraud detection capabilities that will notify you immediately in the event of a suspicious transaction and protects you from any loss.
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Even with existing protections, there is always a risk of fraudulent online transactions. So, the question is, how do you minimize the risk?
- Report the loss or theft immediately. Do not wait to report if your credit or debit card is stolen. Call your credit card issuer or log in to the respective bank mobile app and report the incident as soon as you realize the loss.
- Keep a close watch on your accounts. Check your account statements and report them immediately if you spot fraudulent transactions. Waiting will only cost you extra charges or a loss of money withdrawn from your account.
- Be careful about where you use your card online. Before you browse through a website and make a purchase, ensure the page is safe and that the merchant is authentic. If the site seems fishy or you do not recognize the online merchant, double check before entering your card details.
- Use Apple Pay, GPay (Google Pay), or any other reliable digital wallet when you can. Those systems use a virtual account number associated with your device, meaning your actual card detail are not exposed in case of a suspicious event. For brief information on virtual card numbers, you can visit the website of the respective digital wallets.
- Avoid storing card details on the merchant’s site. It may sound inconvenient to re-enter your card details every time you make an online purchase, but this precaution is more inclined towards smaller businesses.
Despite these measures, there are still tons of ways scammers can target you by SMS, phone, email, or messages on social media. One day it could be credit card loss protection insurance; the next, they will pretend to be from your credit card company, saying you need to reconfirm your account number to enable card protection services. No matter what explanations these scammers offer you, it is still a scam, and they are just after your card details. If you see a fraud or a scam, report it immediately.
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