Protect Yourself From Credit Card Fraud

This is the best ways you can protect yourself from credit card fraud when in Singapore

Today, cybersecurity data breaches and credit card fraud are becoming extensively common in Singapore. The threat to money through a credit card is rising every day. Fortunately, by taking these simple measures, you can save yourself from expensive master card frauds.

Credit Card Frauds

Never Share Your Details

It goes without saying that you should never share your credit card details such as the card number, PIN code, CVV number and other details with anyone. Even if you are sharing it with your close ones, you never know who might just overhear the details and use it against you. The same is the case when you share details through chats or emails. Hackers today have countless tools that record your activities on the internet so that they can misuse your credit card details. Therefore, the only people who should be aware of your credit card details are the ones who jointly use the card.

Shred Card Documents

If you have a credit card, you will also have documents that contain sensitive information related to your card. These documents can be monthly statements, card’s PIN details, credit charge slips, receipts, etc. Make sure you shred these documents into small pieces before discarding them. You never know who might pick up your documents from the recycling bin. And nowadays, it is very easy to use any part of the information for major credit card fraud in Singapore. Thus, discard the documents thoroughly. If you don’t want to shred the documents, you can at least cut out the parts with sensitive information before throwing them away.

Memorize Your PIN

It is important that you memorize your credit card’s PIN, it’s just four digits. Saving the PIN in your phone or writing it down somewhere can both be disastrous. If you are one of those people who write down the PIN on a piece of paper and stick it to the card or store it with the card in your wallet, this is for you. Your wallet can be stolen, and so will your card and the PIN you’ve written down. It is highly likely that your credit card will be used for transactions since you have given all the details that a thief needs. The same logic applies to your mobile phone. In case it gets stolen, thieves will be able to access your PIN details within minutes. They can use these PIN and card details for online transactions. Thus, don’t save your PIN and card details in these ways, and rather memorize them.

Lock Your Phone

We always tell people to keep their phones locked, in every situation. And this isn’t only when you have stored crucial information about your card on your phone. It becomes even more important to lock your phone if you access your credit card from your phone. The mobile application of your bank will be open if you use it regularly. In case your phone gets stolen, the thief will be able to make transactions from the application itself, without any need for card-related information. Locking your phone reduces the chances of such transactions as a person will have to format the phone in order to use it. And formatting the phone means losing the mobile application altogether.

Don’t Operate Publicly

Another risky thing that can put your credit card details at threat is accessing your credit card’s online account publicly. By publicly we mean accessing it on a public computer and not your own system. When you use a public computer, logging out after every online session isn’t enough. Hackers often install a keylogger, which is a computer program that records every keystroke that you make, on public computers and public Wifi networks. If you use these devices or systems to make a transaction or just to access your account, your login information and your password will be instantly exposed. Thus, never access your credit card’s account on any device other than your computer, laptop, or smartphone.

Review Credit Card Statements Regularly

If your bills are being paid automatically, you may not pay as much attention to your credit card’s monthly statements. There is a risk that you might not even notice if there were transactions that you hadn’t made. Reviewing your credit card statement on a frequent basis is essential. How frequently? Weekly or fortnightly. Doing so will help you identify any fraudulent activities immediately. If more than one person is using a debit or credit card account through supplementary cards, you should keep each other in the loop about recent purchases, so you don’t accidentally flag a “real” purchase. in this digital age, you can access your credit card’s statement online as well. So see to it that your online account is accessible to avoid any delays at the time of review.

Avoid Fake Calls

Getting a call from a person pretending to be an employee of the bank that has issued your credit card has become too common now. The guys will usually have some details about your card. This information will be conveyed to you so that you are convinced that the call is genuine. The next step in this process of credit card frauds is that this person will ask for your password or your CVV number. You must understand that your bank officials won’t call you for such sensitive information as even they are aware of the online threats to information. Your actual credit card company would never call you even if they wish to know something about your card. But still, to be sure, when someone asks for your confidential information, you could always hang up first and call your bank to see if they really wanted to reach you.

In spite of taking all these precautionary steps, there isn’t a 100% chance of protecting yourself from credit card frauds. But following the steps mentioned above will lower the risk by several times. Just be alert and mindful about your credit card and its details to avoid any frauds.

This is the best ways you can protect yourself from credit card frauds when in Singapore

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