Tips for Spotting and Preventing Credit Card Fraud

Credit card fraud is a profitable business, with the individuals behind the deceptive practices working at a fevered pace to stay one step ahead of the security measures constantly evolving to protect credit card users. With most people choosing to make purchases with credit cards online and in stores, the potential for credit card fraud to affect everyone grows.

It is vital for consumers using credit cards to remain vigilant to protect themselves from unwanted attacks and continually stay aware of Florida’s ever-changing landscape of credit card fraud. Not only should individuals recognize the various types of credit card fraud, but learning to be proactive by preventing these nuisance attacks will save you money and offer peace of mind.

Data Phishing 

Your credit card may be tucked away safely in your wallet at home and still be hit by data phishing. Phishing schemes are becoming more challenging to recognize, with emails appearing to have come from your financial institute or a business you regularly frequent online. But these well-crafted emails lure the most trained eyes to websites where you’re prompted to update or re-enter your saved credit card information or to create a new password.

Once you’ve entered your information, scammers behind the fake website have access to the information you’ve entered, allowing them access to credit cards and accounts containing sensitive data. After accessing your information, these prepared criminals hit the ground running, intent on doing as much damage as possible within a short time. Data phishing can be particularly damaging to businesses, which often lose customers after a data phishing breach occurs.

Preventing Data Phishing

Never click on links in emails leading you directly to a site. Maneuvering the internet with a click is easy, and scammers rely on this ease to lure individuals to their fabricated pages. A safer way to check your information on any site is to go to a site through your search engine of choice. There, you can verify the data is accurate or make your purchase.

Skimming

Credit card fraud is as simple as a swipe with this deceptive technique. An unsuspecting individual pays for the item they’ve purchased by swiping their card, and instantly, their credit card number, personal information, and security code or pin, when entered, is captured by criminals. Some of the most common places you may be hit by credit card skimming are:

• Gas stations
• ATMs
• Transportation ticket dispensers

These locations, often outdoors, are not the only areas where skimming occurs. Brick-and-mortar stores and even restaurants have been impacted. Recent reporting by Florida news outlets stresses the importance of vigilance as incidents of card skimming rise in areas of Florida.

Spot Skimming Dangers

Before inserting a card into any machine, notice if the terminal appears to be tampered with or modified. Pumps at gas stations further away from a storefront are more accessible for skimmers to alter. Be selective when using ATMs, particularly in areas frequented by tourists. 

Using a credit card instead of a debit card prevents instant access to bank funds through captured PINs. This action does not alleviate the trouble but provides a pause to allow consumers to notice fraudulent purchases.

Counterfeited Cards

Once an individual’s credit card information has been stolen, producing a duplicate card that functions like an authentic credit card is possible. These counterfeited cards can even be used at ATMs, giving criminals access to bank accounts and allowing for the immediate withdrawal of account funds. 

Stop Credit Card Cloning

Implementing the prevention strategies mentioned above, along with others we’ll share briefly, will protect your hard-earned money and peace of mind. Cloning has been used for some time. Small amounts, as much as a few cents, charged from a business you do not recognize is an indicator of suspicious activity.

Some stores put a nominal holding fee temporarily on your card to ensure available funds. Taking the time to note where the charges originate from will help.

Card Not Present Fraud

The name of this fraudulent practice explains how the technique works. Your credit card number is stolen or generated for use with a retailer, and purchases are made by calling in the purchase, emailing in the credit card information, or mailing the card information to the business. While this sounds like the prehistoric days of credit card use, this type of fraud is increasing rapidly, according to the National Association of Federal Credit Unions (NAFCU).

This practice can target any business, but small businesses without secure online credit card payment systems may experience more of these illegal purchases. The most diligent individual can be a victim of these frauds because scammers use card number-generating techniques to create random credit card numbers until one works. This practice is often called credit card tumbling, where programmers utilize algorithms based on mathematical formulas to validate countless debit and credit card numbers, giving the programmer access to fraudulent purchases.

Prevent Credit Card Fraud Using These Additional Tips

Diligence is critical to protection. Becoming complacent is what scammers are betting on, especially during busier shopping seasons, such as gift-giving holidays. 

• Use alternative payment methods.
• Consistently check bank statements and set up banking transaction alerts to know when your debit or credit cards are used for purchases.
• Select an email service using strong phishing and spam protection.
• Compare the contact information in emails with those provided by vendors on their website or in your stored information. Never click on the email links to verify the information.
• Notice the subtle signs of fake emails disguised as official emails. Uncharacteristic formats, errors, and spelling mistakes are signs of phishing scams.
• Contact your financial institutions immediately to freeze transactions to prevent further damage after experiencing credit card fraud.

Work With Trusted Florida Credit Report and ID Theft Litigation Attorneys

The experienced team at Sharmin & Sharmin P.A. understands the devastation that fraud causes innocent victims. Many individuals are often slow to react when credit card fraud occurs because of embarrassment. Technological criminals are knowledgeable and skilled, damaging governmental systems, banks, and businesses and costing unsuspecting consumers money, time, and energy.

The decades of experience and personal attention we provide for our clients are just a few reasons we are recommended by the people who need our help most. Schedule your free consultation online or call (844) 742-7646.