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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. You find that credit card fraud can ruin your credit and any chances of getting a loan or line of credit. Therefore, you need to do your homework of you are seeing signs of credit card fraud. Discover more now on credit card fraud detection as discussed herein.

It is essential to note that we have many types of credit card fraud types from simple to extremely sophisticated cases. Honestly, you will never be able to totally protect yourself but you can lessen the chances of becoming a victim of credit card fraud. One thing that you should know is that credit card fraud is a case where you use someone’s credit card for unauthorized purchases or 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.

The first thing that we are going to look at is email scams. You find that sometimes credit card thieves target email accounts. Where they will send you a link that when clicked installs software on your computer that gains access to your login information and passwords and this is what they will use to access your financial accounts. Therefore, protect yourself by not emailing anyone your 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.

Not only that but we also have skimmers. This is something that you hear even in the news as thieves put skimmers on card readers at the gas pump. It is essential to note that a skimmer is a device that is installed on 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. It is also better to use ATM at your own bank because they are likely to be monitored.

Lastly, we have phone phishing. Phone phishing involves a scammer calling and try to trick people into giving them credit card information of which you need to verify the caller before you become a victim.
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