Credit cards can be your salvation if you need to make a purchase that your cash can’t. However, if it falls in the hands of culprits, it will start your financial disaster. Despite how Singaporeans know the risks of experiencing credit cards. There are still a lot of cases when people fall prey to fraud and  credit card scams.

Simple Ways to Keep Yourself Safe from Credit Card Scams

Avoid keeping your card in your wallet.

Even if you know, you will use it during your travel. So keeping your credit card and wallet separate is better. Most pickpockets know that your cards and cash will be in one place. So if you lose your wallet, you won’t have your money. But, you still got your credit card.

Another reason why you should not put your credit card in your wallet is to avoid a shopping spree. When you see your card, you will be tempted to swipe it. So better keep it away from your sight as much as possible.

Immediately report the loss of credit cards to the bank.

It is best to report the loss or theft to your card provider as soon as possible. Make sure that you can get a copy of a police report, the name of the officers who are investigating your case, and their phone numbers.

According to the law, you are given a maximum liability of $100. But, this is true only if your negligence did not cause the loss of the card. If the banks say that you were negligent, you can approach a law firm for legal advice.

Carry the card only when you are going to use it

There are times that you will be tempted to go shopping if you have your card readily available. However, leave the card at home if you have no plans of using it for any purchase or transaction.

Never write the security PIN at the back of the credit card

Never write your card PIN on your card for an obvious reason. If someone gets hold of your card, the person can easily shop around with your card and even make a cash advance that will seem unquestionable since your PIN has been used.

Credit: https://www.bitdefender.com/blog/hotforsecurity/online-shoppers-beware-mobile-scams-are-on-the-rise/

Never lose sight of the card.

When purchasing something, make sure that you never lose sight of your card to avoid unauthorised swipes and taps.

Do not hesitate to inquire when you don’t understand something

There are times that we enter into a transaction that we don’t really understand. It is a chance that the culprits take advantage of. If the transaction seems suspicious in any way, then just walk away than risk your finances.

Cut your credit card as soon as you close its account

To avoid credit card scams, do not let anybody from using your card. It is better to cut off the card after closing the account. This way, you will be sure that nobody else will have access to it.

Never pay in advance.

There are fake shopping sites that will ask for advance payments. Then after paying, you will never receive your item. Before making an advance payment, make sure you are dealing with a legitimate website.

Learn to spot warning signs in a fake Facebook promotion

With many promotions on Facebook, you have to be very keen on which one to believe. Check the link. It must end with .com, .org or perhaps .sg. If there are incomprehensible words, then it may not be legit. If a company is offering a promotion, the company’s official website must be mentioned. Check the grammar. Companies are very particular with their advertisements and promotions that wrong grammar will be unforgivable.

Remember to log off

If you are in a public place and using free WIFI, do not forget to log out to prevent other people from accessing your bank account. The same goes if you are overseas and using a public computer cafe. As much as possible, access your account in a private place.

Select passwords that are difficult to guess

Do not use birthdays and the names of your loved ones. These are the easiest to guess. Instead, be creative. Make it a bit longer and combine letters with numerical digits. Change your password regularly.

Enter the full URL of your bank

When accessing your bank account, make sure to type the whole URL. Some fraudsters can create identical fake websites. These fake websites are created to steal your bank details when you type them in. Always check the URL if it is the official site of your bank.

Do not click on any link purportedly sent to you by your bank via email.

You might get suspicious emails from your bank telling you that they have done a system upgrade and made another register. So you have to put in your financial details. Other emails might have spotted questionable activities involving your account details. In addition, you are required to key in your bank details for verifications. Never trust such emails. Give your bank a call immediately and report the email.

Install firewall and anti-virus

There will be culprits who will try to infect your software with the virus through click-bait sites. Install anti-virus and firewall to prevent them from accessing your device.

Check your bank’s website for information on their internet security

Visit your bank’s website. Check if the web address has a green lock icon, and the link should start with https. It means the website is well protected. Also, it proves that the company is legal.

Banks’ Ways to Keep You Safe from Credit Card Scams

New credit cards are EMV chip compliant.

A global security standard for Chip Card technology, the EMV is a smart chip that protects cards from fraudulent activities. It keeps your information safe through complicated encryptions.

Requires an OTP (One-time Password)

The bank sends a password to the cardholder through SMS. Also, you can only use it for a single transaction. Therefore, it ensures that only the authorised cardholder can use the credit card.

Credit: https://www.indiamart.com/proddetail/otp-sms-services-20938039188.html

Immediate email / SMS alerts are sent to cardholders when their card is used in any transaction.

You will immediately receive a message that your card has been used in a transaction. It indicates if the transaction has been suspected of fraudulent. You have to confirm it with your bank immediately.

Be responsible with your credit card and bank details. For example, if the transaction is questionable, it is better not to go through it. No matter how tempting it may be. If you feel safer using cash to make an immediate purchase, you can just easily get a flexible loan from Cash Mart.