Credit Card Frauds: 5 Key strategies to safeguard yourself in 2024

Credit card fraud is increasingly prevalent and can affect anyone. By staying vigilant and taking the right precautions, you can significantly reduce your risk.  

With credit card fraud rising due to increased digital transactions and ease of scams, many are losing money online and offline. By staying informed and adopting preventive measures, you can safeguard yourself against these threats. Here are five effective strategies to protect yourself.

Protect your personal information 

Make sure you never give any card information to third parties, including your PIN, CVV code, or personal details, especially over the phone or on social media. Never give out such information over the phone; be careful what and how much you divulge.

Monitor account activity regularly

Even though it could seem like a dull job, you need to set aside some time each day to keep an eye on the usage of your credit card and account. This is to make sure there are no unauthorized purchases or other fees. For added security, maintain a record of all offline transactions along with receipts.

Use secure payment methods 

Make sure you are spending your money on reputable, safe websites that use HTTPS encryption when you shop online. To prevent data theft, stay away from clicking on unidentified websites and avoid using public wifi when making payments.

Use Two-factor authorization 

If possible, use two-factor authorisation to ensure an additional layer of protection since it requires a verification code in addition to your password to access the card payment. To keep track of your banking activity, you should also enable notifications and alerts for charges and bank transactions.

Keep your physical card safe 

When using your credit card in public, use caution. Keep it visible at all times, and make sure you destroy all previous bank statements and personal information before throwing them away.
The best defense against these cybercriminals for your hard-earned money is to remain knowledgeable and vigilant. Make sure you take appropriate action and file cybercrime complaints by getting in touch with the National Cybercrime Reporting Portal (NCRP).