Any individual can easily apply for a credit card online today by using a mobile banking app. However, an important step that you must take after getting a credit card is to secure card from online fraud.
Credit card fraud prevention – Tips to keep your card secure
Here are some tips that you can follow to keep your credit card secure from all forms of online fraud:
- Keep your credit card safe, and in the right condition: You must keep your credit card in a place that is not accessible to others. Be sure to sign at the back of your card as soon as you receive it and make sure that you don’t tamper with the envelope in which it arrives. After making a purchase at a physical terminal, be sure to collect your card from the vendor and put it back in the case in which you generally keep the card.
- Regularly monitor your credit card transactions online: If your bank offers you the option of receiving real-time alerts on your credit card transactions, it is advisable for you to choose that option. The bank will notify you of any suspicious or unauthorised transactions made using your credit card.
- Shred credit card statements before disposing them in a public place: While disposing credit card statements, you must avoid throwing them directly in a dustbin as these statements generally contain your entire credit card number and other personal details. Shredding these statements is a good way to dispose them.
- Do not sign blank credit card receipts: You must thoroughly verify the amount on the credit card receipt before signing the bill. If the bill has blank spaces, fill these spaces with zeros or scratch through before signing.
- Never reveal your credit card information in public: This might seem like an obvious thing to do, but you’ll be surprised how often we reveal our credit card information without even realising that we have done so. Do not give your credit card information to any individual over the phone or via text. Remember that you can contact the bank directly using their mobile banking app. You must also beware of phishing emails.
- Immediately report a lost or stolen credit card: If you think that your card has been stolen or lost, inform the bank immediately.
- Create strong passphrases for your mobile app or wallet: A strong passphrase is a phrase such as “Thisismycreditcard70&”. Passphrases contain a sentence and a combination of numbers and special characters, which is why they function as strong passwords. You must regularly change your passphrases.
You must also avoid using public Wi-Fi while transacting using your credit card and opt for highly secure login modes such as biometric authentication while accessing your mobile banking app. Be sure to double-check your credit card billing statements to detect any suspicious or unauthorised transactions. You must also use credit cards that use RFID technology to secure online transactions to further increase the level of security for your credit card transfers.