Credit cards, debit cards, and e-wallets have made financial transactions and business deals much easier. However, as with everything else, there are some things to watch out for when using plastic money. Credit card security becomes more and more paramount with each passing year. Keeping your credit card secure depends on your own volition just as much as good luck. If you are not responsible with the safety of your card and you trust anyone with its details, it will only be a matter before your luck runs out and the security of your card is compromised.
Not keeping your credit card safe may result in you having personal data exposed publicly and even have someone steal your identity. Identity thefts are very common in this digital age because the ubiquity of the internet prompts you to make purchases on websites which may not follow basic security protocols. It’s possible that you may even become a victim of a phishing attack causing your details to be stolen at the time of the online transaction. Your card details can then be added onto an unsecured public network. Learn the right security steps that will help you to protect your credit card online as well as offline.
Cashco Financial can temper your financial distress
Credit cards, although convenient are often not safe if you don’t follow the proper credit card security rules. You are advised to use one or at most two cards for your daily shopping. If you need to borrow money for an emergency expenditure, it’s best to consider Payday loans or Flex loans from Cashco Financial rather than signing up for a new credit card or maxing out your current card.
Maxing out a credit card and carrying credit card debt can badly impact your credit score which will obstruct your ability to get most types of personal loans, insurance and pre-qualifications for credit. The rate of interest on a credit card cash advance is also much higher than long-term personal loans from Cashco Financial called flex loans.
Top 9 Credit Card Security Tips
- Don’t make financial transactions on unsecured websites: There is a tendency today to use your credit card at the drop of a hat. Unfortunately, we don’t always look for the security seals on the site or whether it uses an ‘https’ URL, which are indicators of the security apparatus in place. The ‘s’ in https stands for secured, and guarantees that your financial data is encrypted when transmitting online.
- Handle your cards as safely as you would handle cash: Don’t make the mistake of entrusting a stranger with your card. Ask store clerks to swipe your card in front of you. Or do it yourself, and use pin code verification whenever possible. Don’t share too many details with anybody at any store, even if prompted. Never share your credit card pin or details through email. Don’t let anyone besides you handle your card.
- Beware of card skimmers: Card skimmers are devices with magnetic readers akin to normal card readers. They are often hidden inside, beside or on a normal card reader. As soon as you complete a transaction, the details of your card get recorded on the legitimate reader as well as the skimmer. If you feel that there is something strangely odd about the appearance of the reader, such as a cheap look, a piece of plastic hanging out or something seems to be falling apart, don’t use your card on that machine.
- Report an incident of card theft immediately: If you feel that the security of your card has been compromised, contact your bank immediately and ask them to block or revoke it. Acting fast would ensure that you are not held liable for transactions done after your card was lost.
- Track your banking transactions as frequently as possible: Continue to track your banking transactions. Don’t just wait for the monthly bill. If you are traveling abroad, inform your bank of the period during which you would be away and ask them to notify you if any suspicious transaction takes place.
- Don’t share your credit card PIN with anyone: Don’t share your credit card PIN with even your closest friend or partner. Don’t let anybody handle your card/cards because there are machines and software that allow cybercriminals to clone your card and use them.
- Use secured connections, a VPN, and updated antivirus software: Never use public networks at airports, copy shops for making payments online. If you have to make transactions on the go, use a secured virtual private network service and also create a security bulwark around your laptop by using updated antivirus software.
- Read privacy and security documents before buying online: Every website has some security and privacy policies. You may not be someone who reads them carefully. Start reading them to know if they have the jurisdiction to use your card details for some purpose. In case you see a red flag, don’t make a purchase from that website.
- Sign on the back of your credit card as soon as you receive it and maintain the bills and receipts: You should never use your credit card without putting down your signature on the back of the card within the designated box. Keep all the online transaction receipts and shred the old bills and receipts before throwing them away. Also, shred your old cards to small bits before throwing them away.
The credit card security tips suggested in this article are easy to follow and implement. You can minimize the chances of being a victim of a financial fraud if you implement these steps meticulously.