What if one morning you wake up with an empty bank account and maxed out credit card? Facing charges you didn’t make is truly a horrible experience in the eCommerce-based society today. Therefore, it’s so important you keep your credit card details confidential and secure. But how?
The following are three proven ways you can practice in order to avoid credit card fraud:
1. Regularly run antivirus scan and system check on your laptop or mobile devices. If there’s a certain device that you always use when making online payments via credit card, make sure that device is protected against malware, viruses, and spyware.
You can search for the latest security tools in order to maintain online protection. Malware programs are designed to infiltrate computers as well as mobile devices to access sensitive data. So always be careful when browsing websites and never download infected files on your computer.
2. Consider top security features when visiting web pages. The Secure Socket Layer and security certificates are excellent security features you should consider before visiting a site. Websites encrypt sensitive details that are transmitted between web servers and web browsers.
The best way to determine if you’re accessing a legitimate and protected website is to check for the “padlock icon” found in your address bar. It’s important you practice secure browsing to avoid credit card fraud and other cyber attacks. Also, secure browsers are those with green address bars; take note of that when surfing online.
3. Lock your credit card if it’s misplaced or lost. It’s really important that credit card users know the basics in protecting their account. Temporary lock is a feature that helps users secure their identity when cards are stolen or lost. It can be unlocked anytime.
While the lock is effective within 15 days, reporting unrecoverable credit card should be done to get a replacement. Credit cards that are locked and remain unreported as stolen or lost will be automatically unlocked after the 15-day period.
How Can Businesses Help Avoid Credit Card Fraud
Nowadays, customers normally pay for the services and products through the use of their ATM, debit, or credit cards. With the technology advances in financial sector, payment process has made very easy. In just a swipe or one click in the internet, you can buy or purchase all the things that you want without worrying if you still have some cash left in your wallet. But using cards has its own disadvantages. Credit cards are always prone in falling to frauds.
This is where business responsibilities in avoiding credit card fraud enters. Keeping an eye in protecting customers personal information is a must for businesses.
Businesses can help avoid credit card fraud by making sure they comply to the Payment Card Industry Data Security Standard (PCI DSS), business owners can enroll their employees in a PCI compliance training to help them understand the objectives why PCI DSS was implemented. Training them into complying could help ensure best practices and to protect cardholders from cyber-theft.
PCI DSS main objectives are as follows:
- Keeping a secure network for safe online transactions.
- Any cardholder information must be carefully handled and stored.
- Systems must always be updated to help fight against intruders such as viruses from hackers.
- Access to personal information must be limited to only few person to avoid misuse and data loss due to negligence in handling the data responsibly.
Businesses can also implement a procedure for employees in accepting credit card as a mode of payment:
- Examine the card holder’s behavior in using the credit card, you can look out for signs to be suspicious such as: pulling out the credit card from the pocket instead from a wallet, buying number of expensive items, rushing you to process the payment, etc.
- Examine the credit card thoroughly, when there’s a sign of tampering or damage, it may be a stolen card.
- Ask for a valid ID along with the credit card. This is the easiest way to confirm if the card holder is the really the owner of the credit card since credit cards and valid ID contains name as identification.
With so many scams developing every day, keeping up with the latest security updates is essential. Becoming defrauded is the last thing you want to experience, especially that money is involved. So always be vigilant of suspicious emails, attachments, and links online. Business, on the other hand, must also do the same thing to help and protect their customers.
Do not share any sensitive information with any site you think is not authentic. Use strong passwords and PIN to make sure you are not risking your credit card to fraudsters.