If You Get the Message, It's Already Too Late: 7 Tips to Protect Yourself from Credit Card Fraud

by Albert Bustos

I fortunately live in a community that maintains its own highly-active social media site.

A quick scroll through my neighbors’ messages reveals a slew of helpful information; who’s hosting the next bbq, who found someone’s missing pet and that traffic is jammed so leave for work early.

I have to thank my neighbors for giving me the idea for this next article. Because of them, I read thieves infiltrated the local gas station and installed a credit card reader; they stole thousands of dollars.

As of July 2014, 10% of Americans have been victims of credit card fraud. The total amount is at $5.55 billion worldwide. 

No, this article may not be therapy practice related, but in the wake of the Target and Home Depot data breach, it may offer valuable piece-of-mind.

Protect Yourself

Some banks offer text or a representative call-in service when they detect odd or “unusually high” transactions. This is a convenient safeguard, but make it your duty to never get this call to begin with; because if you do, it's too late. 

Here are 7 actions you can do to diminish fraud. Although effective, they are not a guarantee your data will be safe from determined thieves.

Tip #1: Recently moved? Remember to inform your card issuer

This eliminates the possibility of anyone picking up your new card from your old residence.

Tip #2: Keep your memories...and your money

Remember to call your bank or card issuer if planning a trip abroad and when you come back. This lets them know a charge made at the La Zucca restaurant in Italy is legit.

Tip #3: When reporting a lost or stolen credit card, make sure YOU are the one making contact with the card issuer

Should your card get stolen inside a purse or wallet, the criminal may contact you pretending to be the bank. This tactic lures you into revealing more information; thinking you are a speaking to a legit representative.

Tip #4: Free WiFi, free bank accounts

Don’t check your bank account when using free WiFi. Locations offering this connection don’t always have a secure system.

Tip #5: Be wary of emails and texts that ask you to “click here”

This tactic is called “Phishing” (pronounced Fishing.) The messages look legit, but are far from it. If it looks like a viable message, call instead of click and delete the message. 

Tip #6: Use pre-paid cards

If lost or stolen, there is no link to your credit card or bank. Although frustrating, it’s similar to losing cash.

Tip #7: Use PayPal

PayPal is one of the safest ways when using/transferring money online. Its website is very secure.  

A Look Inside

ABC News' "What Really Happens After Your Credit Card is Stolen" sheds light on how cybercriminals race against the clock to use your credit card information before you or your bank shuts down the card. 

http://abcnews.go.com/Business/credit-card-stolen/story?id=25633648