How to protect yourself from credit card fraud
Millions of Canadians use credit cards everyday, and the credit card transaction is quickly becoming the most popular form of payment around the world. Unfortunately, this also means credit card fraud is on the rise.
As us Canadians head out to travel this summer, we will be using our credit cards often. Here are some handy tips to protect you from credit card fraud.
Don’t use the same password or PIN for everything
Sure, you may feel defenseless at times as criminals get more and more creative; but that doesn't mean you should make it easy for them. Use strong passwords to make it difficult for the hackers. Changing your passwords regularly is also a good idea.
Monitor your account daily
Check your bank account and credit card activity online daily to see if you have any suspicious transactions. This way you can catch the fraud and report it immediately to your card issuer right away, thus mitigating any damage that occurs.
Check your credit report
You can order a free credit report by calling or mailing in a form to one of the two main credit reporting agencies, Equifax and TransUnion. However, to get your credit report instantly online, you will have to pay. If you believe you have been hacked, you should get your report right away. It is worth the price. The TransUnion report will cost you $30.85 while Equifax will cost you $23.95. Reviewing your credit reports on a regular basis will help you spot any suspicious transactions.
Be smart when shopping online
It is amazing that you can buy the products you love in your pajamas and without leaving your bed. But be cautious. Please make sure the website is secure by looking for “https:”
at the beginning of the URL. In addition, beware of links sent to you with offers that seem like they might be too good to be true. The hacker is throwing you bait—ignore it.
Protect you mail
If you are travelling or leaving town for a couple of weeks, have a family member or a trusted neighbor pick up your mail daily. A thief can get very precious information from your mailbox. You have nobody? No problem. You can call Canada Post and let them know you will be away. Canada Post has a Hold Mail service you can use when away for extended periods of time. Or, you can pray that they go on strike when you are away. It is okay to be selfish sometimes.
Sign up for electronic statements
This can help you eliminate the chances of your card number being stolen, as sometimes we tend to get lazy and discard mail that contains sensitive information. These are the opportunities the hackers will pounce on. Receiving electronic statements instead of paper bills favours us.
Science has backed it up to prove that credit card fraud and identity theft are rising overall. The criminals will do their part but we need to do our part as well. Basic tips such as not sharing your PIN number or covering your PIN even if no-one is around can significantly decrease the odds of credit card fraud. Keep checking your financial transactions and keep ignoring the bones thrown at you by the hackers. Leave the bones for you golden retriever.