Digitization has brought more efficient ways of service delivery. These innovations are benefiting the banking industry. And you no longer have to handle your daily transactions with physical money. You can now make your purchases and handle other transactions using plastic money in the form of credit cards and debit cards.
Even with their benefits, credit and debit cards have drawbacks. Online and paperless transactions have led to an increase in digital insecurity. Hackers and fraudsters have found ways to get online data regarding credit and debit cards. Therefore, how do you safeguard your credit card from damage and theft as a credit card user? Don’t worry; this article will guide you correctly. Read on!
1. Adopt RIFD Blocking
Radio Frequency Identification (RIFD) is a technology that’s been around for some time. It’s an innovation to help track data, goods, etc., in business. However, like any other technology, there are associated disadvantages. In this case, fraudsters are using RIFD to steal your credit card data from your pockets. How?
Most credit cards have electronic chips on them. The RFID will use radio waves to read and write data from your credit card through the said chip. The fraudster doesn’t have to be in physical contact to get your credit card information. The radio waves allow them to get the data as long as they’re within your proximity and your card has an electronic chip. Due to the rise in such theft cases, you must protect yourself from the possibility of falling victim. But how?
You should use RFID protection that’ll disrupt nearby radio waves using the RFID technology. These RFID protection tools can be in the form of bags, wallets, purses, etc. They’ll prevent signals from reaching your cardholder, preventing rigging.
2. Reconcile Your Transactions
Often these credit card users have no idea how much they’ve spent within a month. This is because there’s a lot of swiping, unlike handling physical cash, which you’re more conscious of. Most banks will send you monthly or quarterly financial statements. These statements detail your expenditure with the said card within the said period.
Once you receive these, make sure to check each transaction. Clarify that you made each transaction. If you notice a payment you don’t recognize, call your bank and inquire about it. Suppose you still don’t remember the transaction. In that case, you can decide to freeze your account for some time as you investigate the transaction and inform your bank. Failure to, there’s a probability of the transactions being large tomorrow, which could financially strain you. Most hackers will make small transactions to test if you notice. If you don’t, they’ll believe there’s a high probability you won’t notice a bigger transaction, or it’ll be too late once you do.
3. Avoid Phishing Scams
Phishing happens when a hacker tries to get your credit card information by impersonating reputable companies, such as banks. The hackers will send emails or call you, claiming to be your bank, etc., and request data from you. You’re likely to assume they’re legit and divulge your personal information. You do not, however, have to fall victim to such scams; you can protect yourself.
The main way to safeguard yourself is by avoiding clicking on emails from senders you don’t recognize. If they call you and say they’re from your bank, tell them you’ll call them back in a few. Meanwhile, contact your bank and inquire about the call. In most cases, they’re usually not the ones. By confirming, you won’t give out your data, safeguarding your credit card.
4. Use Strong Passwords
Although the use of strong passwords has been a technique recommended for ages, it’s an ideal way of protecting your credit card from theft. Most credit cards will require a pin before completing a transaction. Some credit card holders use passwords relating to their everyday life, which isn’t ideal. Suppose you use your partner’s birth year as your pin. This is information a hacker can easily guess, especially if they have a little background on you. Be sure to use strong pins that one can’t easily guess. In no way should it be related to your personal life.
Most banks send statements to your email. Ensure your email password is strong; consider mixing characters, from letters to symbols to numbers. A password with all these characters is challenging for a hacker to guess. It’d also help to adopt multi-factor authentication, such as biometrics. Here, you must go through several layers of identification before gaining access to gadgets containing your data.
Protecting your credit cards and all your information on them isn’t challenging. The article above has given you simple but effective ways to ensure safety. Therefore, consider implementing them in your everyday life, and you’ll enjoy the digital innovation.
Information sourced by the author for luxuryactivist.com. All content is copyrighted with no reproduction rights available. Images are for illustration purposes only.