Protect Your Credit Card Info This Holiday Season Shopping Online
With the growth of online spending, you should know how cyber criminals can manipulate the system to steal from unsuspecting people even if you think you are careful in the use of your credit card. They prey on the people that are lazy looking at their credit card statements and they are always looking for ways to scam the credit card companies.
The latest trick are the use of fake web sites that are just set up to steal your credit card information. They then stealthy bill you for small amounts from random web URLs that are not very noticeable for small amounts like $9 that get through the credit card authorization systems. Be wary of foreign transaction fees for very small amounts like 35 cents on your statements as this is a clue that something nefarious is up. If you click on the link that shows up on your statement it shows a website that perpetuates the scam with a website that helps you find out what the transaction was for.
These fake websites may be an e-commerce site that offers great deals, dating sites with fake people or free TV sites. You will still have to double check the vendor even if it is on Amazon too, as they will list a USA address, but are actual a company in China. When banking or shopping online, look for websites with addresses starting with “https” or ones that have a padlock image on the address bar. These are signs that your information will be secure.
Five ways to protect yourself from credit card fraud online
- use only trusted and secure websites when sharing personal information or buying something online
- keep your computer firewall, anti-virus and anti-spyware systems up to date
- avoid giving credit card information over email as it isn’t secure
- avoid using public computers at libraries or Internet cafés to do your banking or online shopping
- clear the history and cache of the computer when you finish your session if you’re using a public computer
Your are Protected in Case of Fraud with a Credit Card
A credit card is not tied directly into your bank account, so if fraudulent charges start appearing, you can appeal those charges without having had your money liquidated. If there is fraudulent use of your debit card, the money would start coming out of your account immediately.
Banks and the credit card companies take credit card fraud very seriously, and have highly sophisticated security systems and teams of fraud experts in place to monitor transactions, protect customers and prevent and detect credit card fraud. For example, the banks’ systems can automatically detect unusual activity in a customer’s account and take steps to prevent fraud from occurring.
Visa, MasterCard and American Express have zero liability policies for unauthorized transactions. Customers are protected when using credit cards issued by banks and are not responsible for fraudulent transactions made on their cards.
Sources: https://cba.ca/credit-card-fraud, https://www.canada.ca/en/financial-consumer-agency/services/credit-fraud.html#toc1, https://www.consumer.ftc.gov/media/video-0023-5-ways-help-protect-your-identity