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How to Avoid Being Scammed by Credit Card Fraud!

How to Avoid Being Scammed by Credit Card Fraud!

BY Wendy 9 Jan,2023 Fraud Credit Cards Finance Vigilance


While credit card scams are full of tricks, there are many ways to avoid them.

1,Sign up for a free credit card monitoring service that works by periodically checking credit reports for any changes and notifying consumers of those changes via text message, email or phone call. It is usually provided by credit bureaus, credit card issuers, banks and independent companies.

2,Check and reconcile your statements regularly. Don't miss a single purchase during the process, you may find some very low purchases, don't take it lightly! This may be a means used by fraudsters to determine your account information, and if you ignore these purchases, they will probably charge you more.


3, Freeze your credit report when you find an anomaly. Once you freeze your credit report, no one will be able to open a new account in your name, including yourself! Of course, this does not prevent you from unfreezing your credit report if you need to.

4, Set up alerts on your credit accounts, which means that you will receive alerts when purchases are made on your existing accounts, and if these purchases are not made by you or by someone you have authorized, then you can take action to stop further purchases.


5,Avoid single authentication, for example, you can set up another step in addition to entering your password, such as getting a verification code via SMS or email. Multiple verification methods can protect you from credit card fraud.

6, Be wary of unknown callers. You should know that no legitimate government agency will ask for your information over the phone. Therefore, the best way is not to answer when faced with an unfamiliar caller's inquiry.


What should you do if you are unlucky enough to encounter credit card fraud?

First of all, you need to notify your card issuer as soon as possible, they can help you to take prompt and effective measures and will also compensate you for the lost funds after conducting an investigation, it is important to note that there is a limited period of time, so you have to deal with it in a timely manner. Although your card has been cancelled, your information may have been compromised, so you should keep a close eye on your credit report to ensure that no one has taken your identity and opened a fraudulent account. Finally, you should report any fraud you encounter to the FTC so that they can use the information to prevent the same type of fraud as well as build a case against the offender.