Card fraud can happen many different ways, but there are strategies and tools you can use to shield yourself from it. Use these tips to help protect yourself from this form of financial fraud.

Fraud is a worrisome topic to think about, but one that should be on your radar. Fraud can take many different forms, including elder abuse, pyramid schemes, cybercrimes and counterfeiting. Can you guess one of the top fraud concerns of Americans? Financial fraud.  

4 Ways to Protect Yourself from Credit and Debit Card Fraud

February 23, 2017

Use these tips to help protect your debit and credit card from fraud.

Fraud is a worrisome topic to think about, but one that should be on your radar. Fraud can take many different forms, including elder abuse, pyramid schemes, cybercrimes and counterfeiting. Can you guess one of the top fraud concerns of Americans? Financial fraud.

One type of financial fraud is credit and debit card fraud. The US accounted for $8.45 billion in card fraud losses in 2015, according to the Nilson Report. This makes up almost 40% of total card fraud worldwide. What makes up this fraud?

"Fraud losses occur from counterfeit cards at the point of sale and automated teller machines (ATMs), card-not-present (CNP) transactions (made online or via mail, telephone, a social network, or mobile app), fraudulent applications, lost and stolen cards, and other smaller categories,” Forbes.com

Card fraud can happen many different ways, but there are strategies and tools you can use to shield yourself from it. Use the tips below to help protect yourself from this form of financial fraud.

Keep important documents and financial items secure




It’s unfortunate to think about, but many identity theft victims know the perpetrator who committed the crime. In 2014, 550,000 fraud and identity theft victims reported that they had their information compromised by someone they knew, according to a study by Javelin Strategy & Research. Keep all your important personal and financial documents locked in a safe to keep your information secure. Always keep track of the whereabouts of your cards and don’t leave any financial statements or receipts with card information out in the open.

 

Lock your card if lost or stolen



Take control of your card by using a tool like Credit or Debit Card Control if you believe your card is lost or stolen. You can use these tools to turn your card off to block any fraudulent transactions. Be proactive and input your card information now to safeguard your accounts in the future.

Stay cool and collected if you happen to misplace your card by reviewing the steps to take if you lose your card.

 

Keep track of your credit report



Being aware of red flags is one of the best ways to stop fraud in its tracks. One way of doing this is by reviewing your credit report on a frequent basis. You can access your credit report for free from the three credit reporting agencies at annualcreditreport.com. Make it a habit to check one every four months to look for any unauthorized account openings or incorrect information. If you find an error or believe you’re a victim of fraud, report it immediately.

Read more: 5 Reasons You Need to Check Your Annual Credit Report


Set alerts and track card activity



Card fraud can start small, but escalate quickly. Check your card statements online often, and be aware of any charges you don’t recognize—no matter how small. It’s also a good idea to set alerts, which help you monitor your card for any unusual activity. Keep your card habits in mind and set your alerts accordingly. For instance, if you never shop online with that specific card, see if there is a setting to block any online transactions.

Card fraud can change your life in a matter of minutes. Take the extra steps above to help protect yourself and stop fraud in its tracks. Continue protecting yourself from fraudsters with this simple way to keep your account safe.

Protect Your Debit Card

Safeguard your debit card from fraud and make your card more secure than ever by adding Debit Card Control in our Mobile App! Customize your preferences to help protect your card today. 

Secure It Now

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