20 Credit Card Safety Tips For Everyone
In today's digital age, credit or debit cards are a ubiquitous part of our financial lives. While they offer convenience and flexibility, they also come with potential risks. To keep your money and personal info safe, take steps to ensure your credit card details are secure.
Here are tips to keep you credit card safe when shopping online, shopping in-store, or using an ATM:
Sign the back of your credit card
The easiest step to keep your credit card safe is to sign the back of it when you get it. This helps stop others from using your card without permission. Merchants can refuse to accept your card at the register if you haven’t signed it. Remember, a signed card can be a small yet powerful deterrent against unauthorized transactions.
Go paperless
Opt for paperless statements from your credit card company. This reduces the risk of sensitive personal information falling into the wrong hands through physical mail theft—plus, it's environmentally friendly. Access your statements and account information securely online. You can also set up alerts to notify yourself of any unusual activity.
Designate one credit card for online shopping
Reserve a specific credit card exclusively for online transactions. This minimizes the exposure of your credit card information on the web. It's easier to monitor one card for suspicious activity and mitigate any potential damage if a data breach occurs.
Use trusted retail sites
When shopping online, stick to reputable websites and established retailers. Avoid suspicious, lesser-known sites that may be fronts for scams. Look for online reviews and trustmarks like the Better Business Bureau seal to help validate the reputation of the website. Before making a purchase, always check the URL spelling to help avoid falling for a fake or spoofed website.
Avoid shopping on public Wi-Fi or devices
Public Wi-Fi networks are not secure, making your credit card information vulnerable to hackers. If you must shop online while outside your home, consider a Virtual Private Network. A Virtual Private Network (VPN) will encrypt your data and help prevent hackers from seeing it.
You can also switch to your mobile network for added security. It's also important to not shop on shared computers or devices. It could put your information at risk and could make your information visible to others.
Use virtual card numbers
Many credit card providers offer virtual card numbers, unique codes for each online transaction. These numbers are valid only once or for a short period, reducing the risk of fraud. Check with your credit card issuer to see if this feature is available.
Look for the lock
Before entering your credit card information on a website, ensure that the URL starts with https instead of http. There should also be a padlock icon in the address bar prior to the start of the URL. This shows that the website encrypts data entered on a user's device which helps protect criminals from intercepting your personal info.
Watch out for phishing scams
Be cautious of suspicious emails or messages asking for your credit card information. Scammers often impersonate reputable companies to trick you into revealing personal identifying information. It's important to both verify who the sender says they are and avoid clicking on suspicious links or downloading attachments.
Change your PIN and passwords regularly
Frequently updating your bank account PIN and online account passwords adds an extra layer of security. Use strong, unique passwords and enable multi-factor authentication (MFA) whenever possible to help safeguard your accounts and financial information.
Try a digital wallet
Digital wallets such as Apple Pay, Google Wallet, and Samsung Pay often use “tokenization” to make payment information more secure. Digital wallets link your credit card to a temporary virtual account number. This number is similar to the virtual card numbers provided by credit card companies. People use it specifically for making purchases.
Mobile wallets with payment apps enable contactless payments, removing the need to carry your physical card. Mobile wallets use a QR code for merchants to scan and complete transaction with your payment or credit card details.
What is the difference between digital wallet and mobile wallet?
A digital wallet is a secure way to store your payment information. You can use it on various devices such as computers, tablets, laptops, and phones. Its purpose is to facilitate online purchase.
A mobile wallet has similar functionality to a digital wallet. However, mobile wallets are strictly for mobile devices and used for contactless purchases in-store at a physical register.
Types of mobile wallets
Open wallets – An open wallet connects directly to a bank or through a third party to process a payment.
Closed wallets – A closed wallet connects to specific merchants. Amazon Pay would be an example of a closed wallet.
Semi-closed wallet – A semi-closed wallets like Venmo and ApplePay allow users to make purchases from various merchants. You can only make purchases with this wallet if the merchant and mobile wallet company have an agreement.
Avoid sending credit card information over email or phone
Never share your credit card details via email, phone, or text message, even if the request seems legitimate. Legitimate organizations will never ask for sensitive information this way. Always confirm the identity of the recipient before sharing any financial data.
Avoid saving credit card data on apps and browsers
While convenient, saving your credit card information on apps and web browsers can be risky. Sharing your information with more entities can make your account vulnerable if there is a data breach. Furthermore, if you lose or compromise your device, hackers can access your information. Instead, manually enter your information each time you make a purchase.
Never leave receipts behind
Whether you are at a physical store or an ATM, always take your receipts with you. Receipts can contain private information on them.
Can someone steal your credit card information from a receipt?
A thief should not be able to steal your credit card information from a store receipt. As part of the Fair and Accurate Credit Transactions Act, receipts cannot reveal sensitive card information. While your credit card details are secure, receipts may still have personal information that identity thieves can exploit.
If you receive a receipt with your full credit card details, you can file a report with the Federal Trade Commission.
Check your credit card statements
Regularly review your credit card statements for any unauthorized or suspicious charges. Report discrepancies to your card issuer immediately to minimize potential damage.
Watch out for credit card skimmers
When using ATMs or gas pumps, inspect the card reader for any unusual attachments or tampering. Criminals often attach skimming devices to steal your card information. If something looks off, choose another machine.
Take advantage of additional credit card security features
Many credit cards offer additional security features like two-factor authentication and account alerts. Familiarize yourself with these benefits and make use of them when applicable.
Report fraud ASAP
If you suspect fraudulent activity on your credit card, contact your card issuer immediately to report it. Quick action can limit your liability and help in resolving the issue promptly.
Sign up for credit card alerts
Set up alerts for your credit card transactions through your financial institutions. These notifications can alert you to suspicious or large transactions, helping you catch fraud early and take immediate action.
Consider an RFID-blocking wallet
Credit cards could be vulnerable to unauthorized scans by criminals in proximity with RFID card readers. RFID-blocking wallets or RFID card holder could help prevent criminals from skimming your card information.
Monitor your credit reports and scores with PrivacyGuard
Consider enrolling with a credit and identity monitoring service like PrivacyGuard. These services allow you to regularly check your credit reports for changes and can alert you when certain changes occur in your credit file, which could indicate potential fraudulent activity. Staying informed about your credit can help you spot and address issues quickly.
What next?
Watching out for signs of credit card fraud and identity theft is stressful. Sign up for identity protection from PrivacyGuard for help monitoring for changes in your personal information.