According to new research, it is found that there is almost a possibility of 10 trillion combinations for your Credit card. Moreover, to our surprise, there are 65 million users using credit cards. These odds can take you a step back to think about the safety of your cards, while cybercriminals can easily lay hands on your cards data and use it to their fortune.
- What is credit card fraud?
- How do criminals use credit cards to steal money?
- How to keep your credit card safe?
- Use your common sense while practising credit card safety
- Always keep your account number private
- Update your information.
- Throw away receipts.
- Invest in cyber security software.
- Browse safe.
- Avoid public WiFi systems.
- Be vigilant.
- Instantly report frauds.
- Don’t respond to attractive emails or messages.
- Final Verdict
The cybercriminals choose various digital tools to gain access to your accounts and then cross-referencing them to bank and other accounts to gain access to them. In simpler terms, the cybercriminals commit identity thefts, while using them to cash out from your bank account. See our latest article about Online Credit card generators and I am pretty sure that you will learn a great thing.
In the last decade, cybercriminals have committed a crime, which is expected to reach a staggering height of 6 trillion dollars by the year 2021. They commit identity thefts, credit card frauds, data breaches, and many more. This not just affects big Multi-National companies (MNC’s) but it also affects the general hardworking public.
Now that we have an idea that using your credit card is not that safe as you thought before. So, let us get to know about credit fraud and how does it work.
What is credit card fraud?
Credit cards are a great step towards a greener and safer environment. Credit cards eliminate the use of paper currency and magnetic strip plastic cards for payment purposes. The Payment Card Industry Security Standards Council is formed to regulate and mandate rules regulations to increase the cardholder’s control over the card while reducing credit card frauds by cybercriminals.
The fraud committed using a magnetic strip payment by criminals to steal confidential personal details and capital from their bank accounts is understood as Credit Card Fraud.
You can also use Virtual Credit Cards to avoid information leak by Magnetic foil. We have already discussed some benefits of Virtual Credit Cards in another article.
How do criminals use credit cards to steal money?
Criminal masterminds use two techniques to commit credit card frauds, one of them is not so common these days while the other technique has gained momentum in the past few years. These techniques of committing credit card fraud are,
- Card present fraud
- Card not present fraud
The first technique occurs when a criminal decides to steal the credit card from the owner thereafter, using the card to his benefit this phenomenon is known as card-present fraud.
The second technique is has gained its momentum in the past few years, here the criminals use to digital methods to gain access to the banks or the credit card companies servers and commit theft of information of various account holders. This scenario does not just occur with companies and banks, but the general public is also in target, in particular, to make back doors into their systems and steal their valuable details.
Even as we speak now, somewhere there is occurring some kind of fraud with the people. So, millions of user’s databases are being dumped into the dark web. These data are then purchased by other cybercriminals, thereafter they commit theft from your bank account by stealing from it.
We need to understand that all these are occurring without the common knowledge of the user and the banks. Therefore, as a bank, they need to fortify their systems with firewalls and continuously analyse their systems to provide appropriate security patches in their system.
On the other hand, individual cards holders need to be cautious while using their card in any scenario and making sure they do not share their financial details with anyone.
How to keep your credit card safe?
Keeping your cards safe is not some rocket science that you need to decode in your brains; it is just the use of common sense while making cautious and rational decisions to keep your credit card details safe. Let us take a look at the various methods that can be in use by us to keep our credit cards safe from security breaches that we do not want and the thefts.
Use your common sense while practising credit card safety
Credit card safety is not a tough mathematical question, which requires many of your brains to understand. This is simple and easy to understand. All you need to do is to be smart and cautious while using your credit card.
You need to make sure you use strong passwords and you do not share with anyone. Avoid storing your data online on your systems, while also make sure you don’t share your card with anyone else
Always keep your account number private
This is your duty to keep your account details private. While understanding the risks involved while sharing the details of your account with other individuals. You never know, what mishap can cause and who might be having eyes on your accounts.
These loopholes in the judgement of character and decision-making lead to the primary causes of having credit card fraud.
Update your information.
Keep your information updated to the latest details. If you sign up for alerts, make sure to be active while receiving them. In case of an emergency, contact your bank services to immediately resolve issues. Financial security is a critical issue and you must deal with it properly.
Throw away receipts.
You might not be aware of this but, thieves can steal your data with the help of the receipts generated after a transaction. Crush the receipts and tear it immediately to save your data from getting stolen.
Invest in cyber security software.
Hesitating to invest in cybersecurity software can lead to many critical issues. Install a premium software to save your systems from cyberattacks. Cybercriminals are notorious for their ability to evolve according to current security systems. So, keep updating your security systems.
While browsing, make sure not to click on suspicious links or open suspicious files. You might risk getting your data stolen if any hacker gets in touch with your server. Even if you make monetary transactions online, be sure to keep a check on the security of the website. Look at the upper left corner of the screen. If you see a lock symbol, then the website is secure.
Avoid public WiFi systems.
Although its alluring, free WiFi can cause you much harm than good. Invest in good internet packs and use your wifi when at home.
Aggressively checking the status of your account can save you from a lot of harm. Use an app or a verified website to get the details of your account. If you see any suspicious activity, report it immediately.
Instantly report frauds.
You might not be suspicious about a threat in the beginning. But, reporting late can harm you in a lot of ways. If you suspect anything malicious, don’t waste time in figuring it out yourself. Report it to the authorities immediately and let them take the necessary actions. If you report the issue within 3 days, chances are that your data might get recovered.
Don’t respond to attractive emails or messages.
Often, we receive lucrative mails that promise to give us money. If you get trap in such a situation, you cannot be saved in any way. Your security is your responsibility so always be careful with what you click on.
These were how you can save your credit card data from getting stolen. Always remember that you need to stay away from suspicious people. Trusting anyone on the web might lead to unprecedented attacks on your security. Even if they are your friends or family, don’t trust anyone. Sharing credit card details might invite attacks from hackers who might be eavesdropping. Stay aware of your surroundings and don’t discuss monetary matters in the public. Choose a safe and secure surrounding for discussing financial matters. Keeping your credit card safe is both easy and difficult. It’s easy if you follow the necessary guidelines. And lastly, don’t share any OTP or CVV details with strangers.