If you own a credit card, there is a good chance that you are a victim of a scam or that you may be there immediately.
Approximately 63% of US cardholders say they were victims, with over half saying they have experienced multiple frauds. Recent surveys from security.org. Overall, unauthorized purchases exceed $6.2 billion each year.
When I hear numbers like these, I get excited to raise my hands. After all, if you have any kind of online footprint, then at least some of your information is there. But that doesn't mean that at least some simple steps should not be taken to protect your credit card information, says Corie Colliton, senior editor of industry research at Security.org.
“There are some really basic things that are basic online hygiene practices,” she says.
Security.org found that 84% of cardholders are engaged in behavior that puts their credit card information at risk. Here are three things that Koriton says she's always watching, and what you can do to reduce the chances of criminals getting your card.
1. Bad password habits
Keeping your card information safe isn't just about ensuring you Change your password to your credit account from “Pass1234!”
“Each online account requires a unique and strong password,” Colliton says. “Don't repeat the password.”
That may be intuitive. Having the same password on many sites greatly increases the chances that a single hack consists of multiple accounts. Nevertheless, according to Security.org, 48% of Americans say they use the same password on multiple sites.
According to cybersecurity experts, the easiest way to mitigate this risk is to sign up for a password manager. The Password Manager creates unique and complex passkeys wherever you are logged in.
Of course, the password manager also needs a password. According to Colliton, choose something complex and unique so you don't remember and don't use it anywhere else.
2. LAX Online Shopping
Approximately four in ten Americans are permitted to use public Wi-Fi connections and store credit card information on a website or internet browser.
“You should be careful about public Wi-Fi connections in general, but definitely avoid purchasing via public Wi-Fi,” she says. “Sending information over that type of connection makes access so easy.”
Once someone is able to store card information (by physical or virtual means) on your computer, it becomes all easy for scammers to use “see it and without permission” .
Both are classic cases of cardholders that undermine security in the name of convenience. One convenient way to actually enhance security is using cards stored within a digital wallet. Cybersecurity experts say that encryption of apps makes it safer to use than physical cards.
3. Falling asleep on the wheels
Even if you are not willing to change your online behavior, you should at least check your credit card statement regularly.
She knows from experience that a little hard work will pay off. She learns that she is a victim of fraud by listening to her statement.
“It was so mean, it was a gas station six or seven miles from my house where the transaction occurred,” she says. “I could have overlooked it pretty easily, and it might last for a while.”
If you determine that a fraud has occurred, please report the suspicious fee to the card issuer. Card issuers can take steps to refund your money, lock your account and issue new cards. You can also check your credit report to make sure your new account or credit line is not open to your name.
One thing is for sure, according to Coriton, the more you catch these things quickly, the less you will sort things out later.
“It just takes just five extra minutes to look at your financial info anyway and can prevent you from losing a lot of money through credit card fraud.”
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