As technology improves and develops at a quicker pace, accessibility becomes easier and more convenient. However, there are a few drawbacks associated with this; having everything available to us online has made us vulnerable to online scams and fraud. These risks are even more alarming when scammers target our finances.
The term “Financial Fraud” essentially encompasses any fraudulent transaction undertaken using debit, credit, or prepaid cards. Cardholders around the globe run the risk of experiencing such unauthorized activities, and each type of card may face a unique challenge.
How to Safeguard Against Financial Fraud?
Financial Fraud occurs when one causes a financial loss to someone by stealing or causing any harm to one’s financial standing through illegal means. Such a crime may be accomplished using a number of methods, including identity theft, investment fraud and card cloning.
In order to safeguard oneself from such a mishap, it is essential that one takes a number of steps to create a secure barrier.
First, Keep Your Cards Safe. Store or place them in a location that others, including known individuals, cannot individually access.
Secondly, Monitor Your Transactions. Periodically go through your bank statement and/or credit card statement to verify activities and transactions that may reflect there. Also, always link your phone to your cards as it is easier to get an alert in times of an emergency.
Thirdly, Double Check Your Online Transactions. If you have transacted online, you should spend time keeping track of them and verifying them periodically. Always use sites with a secure payment gateway. Never let the site save crucial data pertaining to your card or your CVV number.
Finally, Create A Strong Password. Your online presence is only as strong as you password. Try using a group of words instead of a single word. Also, use special characters and numbers to strengthen your passwords further.
Card Fraud continues to affect millions of people worldwide. However, it is completely avoidable. A few simple steps in ensuring safety and security can go a long way in protecting you and your family from fraud and other malicious activities.