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Essential Things that You Should Know About Credit Card Fraud Detection

It is essential to note that credit card fraud is one of the most common ways thieves can steal your identity and many cases have been reported on this. It is essential to know how to protect yourself because it will ruin your credit and any chances of getting a loan or line of credit. If you suspect that you are seeing signs of credit card fraud then you need to do your homework. Discover more now on credit card fraud detection as discussed herein.

You find that there are several types of credit card fraud from simple to extremely sophisticated. Truth be told, you will never protect yourself from credit card fraud but you can lessen your chances of becoming a victim of credit card fraud. You should also know that credit card fraud involves the use of someone’s credit card information for an unauthorized purchase or a cash advance. Besides, we also have account takeover where an existing credit card account can be hijacked to make purchases or get cash. Where you use someone’s information to open a new credit card account that is being referred to as application fraud.

Email scams is one thing that will give you a guide on credit card fraud. You find that sometimes credit card thieves target email accounts. One thing that they will do is to send you an email with a link that when you click it installs the software on your computer that gains access to your login information and passwords which they will use to access your financial accounts. For that matter, never email anyone any personal information, do not click on any unverified link, install antivirus programs and keep them updated and never click a pop-up that claims your computer has been infected with a virus.

The next thing to look at is skimmers. This is a common thing as the thieves always put skimmers on the card readers at the gas pump. You find that a skimmer is a device that is installed on the ATMs, check out terminals, gas pumps or handheld card readers for the purposes of stealing credit and debit card information. This is something that you can visually check before you use your credit or debit card. In case you are suspecting something, you should use your debit card instead of a credit card so that the thieves do not clear your account. Besides, you should also use ATM at your own bank because they are more likely to be monitored.

Apart from that, there is also phone phishing. In this case, the scammers make phone calls and try to trick people into giving them credit card information of which should not give your information.
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Category: Financial

- 7. 8. 2019

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