So, do you think you already know yourself so much that you know how to protect your credit card against online fraud? In a world increasingly based on technology and especially the internet, none of us are secure on the internet. Internet fraud has become in recent years the field of action of organized crime. And the model of hackers acting alone is no longer applied to the current reality.
In fighting internet fraud, being smart is not sufficient to protect yourself against online scams. On the contrary, very educated people are targeted by hackers. With almost two billion users, the Internet has become increasingly accessible to anyone.
If that is the case, how can you protect your credit card against online fraud or scams? Let us provide you with some ideas on how you can secure your money.
Is your credit card in the 3D Secure System?
Credit cards can be more easily compromised during the holiday season when the number of transactions increases. For your account’s protection, the first and most important thing a cardholder should do before processing any transaction on the Internet is to register his card on a 3D secure system.
You also need to check if the merchant’s website is also secure. It is important that both parties – merchant, and cardholder – are enrolled in the system so that they allow trading in a 3D secure environment.
With 3D Secure the risks of fraud are reduced because the cardholder is prompted for a password known only by him every time he makes an online transaction.
Basically, a 3D Secure password works in the virtual environment the same way PIN numbers work for an ATM.
How to protect yourself against unauthorized card use?
Besides 3D Secure, here are some other useful recommendations for cardholders to avoid unauthorized use:
- Verify if the merchant’s site is secure: the web address should be in the form of HTTPS instead of HTTP.
- Check the contact details of the online trader and seek references – due diligence is the key!
- Do not take into account e-mails that direct you to sites where personal information is requested about the bank account, PIN, card number, and/or 3D Secure password.
- Use a secure internet connection. If you must, use a reliable VPN to encrypt the data sent and received over the Internet. VPN can protect your personal data, including credit card information, passwords, downloads, and instant messages. When you run it, no hackers can intercept or spy on your internet activities
- Save the details of the transaction and keep documents/messages on the delivery date, warranty, and the provider’s data.
- Periodically verify your account. Use an online banking account that will give you full access to your credit card information. It’s a good idea to check the financial status of your card all the time.
- Use strong passwords. Weak passwords like “password1” is never ever a good idea. No more name + date of birth passwords, because they can easily be cracked.
The best-known types of online fraud attempts
The most common attempts of fraud in the online environment are phishing. Usually, offenders send e-mails that appear to come from a financial institution. It is commonly under the pretext of updating personal data or stating a risk of fraud. Cardholders are directed to a cloned website and asked to enter personal data such as credit card number, account number, and the full name of the cardholder.
In this case, prevention is the best method to protect your credit card against online fraud or phishing. Cardholders must never act on such requests because no real institution will ever request the personal data of customers by mail. Some of the most exposed segments to online fraud are usually the traveling, telecom, services, and IT&C industries.