{"id":1264,"date":"2020-07-09T13:41:54","date_gmt":"2020-07-09T17:41:54","guid":{"rendered":"https:\/\/www.chameleonjohn.com\/blog\/?p=1264"},"modified":"2020-09-21T12:14:23","modified_gmt":"2020-09-21T16:14:23","slug":"types-of-fraud-and-how-to-prevent-it-a-series","status":"publish","type":"post","link":"https:\/\/www.chameleonjohn.com\/blog\/types-of-fraud-and-how-to-prevent-it-a-series","title":{"rendered":"Types of Fraud and How to Prevent it: A Series – Article 1"},"content":{"rendered":"\n

\u201cIt won\u2019t happen to me.\u201d You have probably told yourself\nthis a million times, but have you ever sat down and thought, \u201cwhat if this\ndoes actually happen\u2026?\u201d If you haven\u2019t, you should, because the chances\nincrease on the daily. Hackers are getting smarter and working nonstop to get\nyour information and money from you, and that is why no one is really able to\nsay it will never happen to me, because we can\u2019t predict the future. One thing is\nfor certain: multiple people have said this exact statement about credit card\nfraud. It could happen to you, so you need to do what you can to make sure\nyou\u2019re as well-protected as possible. In this series of articles, we\u2019ll be\ndiscussing many types of fraud and\/or identity theft. Today, we start with\ncredit cards.<\/p>\n\n\n\n

Article 1: Credit Card Fraud<\/h2>\n\n\n\n

Credit cards are great for many obvious reasons, but they\ncan also easily expose you to having your account or identity compromised\nleading to headaches and life-altering problems. The convenience offered goes\nhand in hand with the potential risks.<\/p>\n\n\n\n

Have you ever had your credit card hacked or stolen? It\u2019s\nscary and can sometimes make you feel as though your life has been violated.\nNot only that, but it also can make you second guess what you\u2019ve done and how\nyou\u2019ve acted in the past to cause this.<\/p>\n\n\n\n

How did it happen? No one can ever be entirely sure, but\nthere are multiple steps and actions that can be taken to prevent a second\noccurrence from happening. You may think your card is safe on your person in\none way or another, but that\u2019s not always the case. <\/p>\n\n\n\n

There are some situations that are more vulnerable. Whether\nor not this has happened to you in the past, it\u2019s always a possibility for the\nfuture, so let\u2019s jump right in so you can be as well-informed as possible!<\/p>\n\n\n\n

There are five main ways to see if your credit card got\nhacked. Be in-the-know, here are the five ways, as noted from Experian<\/a>,\nthat you can tell if your card has been hacked:<\/p>\n\n\n\n

  1. You notice strange purchases<\/li>
  2. You notice small charges on your account<\/li>
  3. You have unfamiliar company names on your\nstatement<\/li>
  4. You see payments in other locations<\/li>
  5. A lower available credit balance<\/li><\/ol>\n\n\n\n

    Now that you know how to tell if your credit card got\nhacked, these are some tips on what you can do to help prevent credit card\nfraud from happening to you and things to be cognizant of while going about\nyour daily life:<\/p>\n\n\n\n

    1. RFID<\/p>\n\n\n\n

    What is RFID? As stated by the FDA<\/a>,\nRadio Frequency Identification (RFID), is a wireless system made up of two components\n\u2013 tags and readers. The reader component has at least one, if not more, antennae\nthat emits radio waves to catch signals from the RFID tag. The tag also uses\nradio waves but, in this aspect,, they communicate their identity and other\ninformation to a reader or readers that are in close proximity, either active\nor passive. <\/p>\n\n\n\n

    Hackers can use RFID devices to\ngrab your credit card information from afar, even if it\u2019s still physically on\nyour person. Some companies have been making RFID wallets that prevent the\nsignals to be passed back and forth through the tags and readers. If you travel\nfrequently, it may be a smart investment. With the high volume of traffic in and\nout of airports, this is a higher likelihood location for RFID to be used to\ngrab your credit card information. By traveling with an RFID wallet, you may\nprotect yourself from having anything compromised.<\/p>\n\n\n\n

    2. Online Shopping<\/p>\n\n\n\n

    The world of online shopping offers\nup many possibilities: unique products, access to small businesses and convenience,\nbut it also offers up possible fraud. Online shopping may be one of the most\nsusceptible locations for fraud. First, if you find yourself on a site that\nseems shady or skeptical in some way, just don\u2019t do it. If the site doesn\u2019t\nlook reputable, get off as soon as possible. Personally, if I\u2019m on a site that\nisn\u2019t \u201chttps:\/\/,\u201d I don\u2019t always trust it. There are online destinations that\nare safe to shop; however, if you choose to shop online, just know to be extra\ncautious. Some secure sites may get compromised, but it\u2019s a safer route if you\u2019re\ntrying your best to avoid fraud or identity theft. It\u2019s not recommended to do\nany online shopping with a debit card because that is linked to your bank\naccount, which has a lot more tendencies to get hacked and cause even more\ninformation to get leaked leading to bigger problems.<\/p>\n\n\n\n

    The FBI<\/a>\ntouches upon all of these and then some on their website. They consider Credit Card\nFraud a \u201cCommon Scam and Crime,\u201d so see what else they suggest for online\nshopping and more.<\/p>\n\n\n\n

    On top of everything, use your best\njudgment: most of the time when people get their information compromised, it\u2019s\nbecause they let their guard down. Stay alert and trust your gut: it\u2019s right\nthe majority of the time.<\/p>\n\n\n\n

    3. Bank\/Credit Card Verification<\/p>\n\n\n\n

    Now, if you receive a phone call\nthat claims to be your credit card company or bank, but something doesn\u2019t seem\nright, there\u2019s a high probability that this is fraudulent. Many card companies\nor banks will have disclosures about what they would\/would not ask for. If the\nperson on the other end of the phone is asking for something you aren\u2019t sure\nseems right, it likely isn\u2019t. <\/p>\n\n\n\n

    Some websites will have some form\nof information on what to do if you feel like you\u2019re being scammed. Depending\non your bank or card company, there may be slightly different privacy options\nor availabilities. Check your company to see what they have to offer or what\nthey suggest you do if you feel you\u2019ve fallen victim to a scam, or something\nseems suspicious. The best way to find this information is go to the website of\nyour credit card company or bank and read the privacy notice and security\ninformation. Keep yourself well-informed.<\/p>\n\n\n\n

    Hackers are getting more and more\nsly and have started copying the actual number or something extremely similar\nto the real thing. Phishing, as defined on sites such as Capital\nOne<\/a>, is defined as something that \u201coccurs when a fraudster sends an email\nmessage appearing to be from a legitimate entity. The email is designed to\ntrick users into providing personal information like credit card information,\nSocial Security numbers, and login credentials.\u201d <\/p>\n\n\n\n

    Practice extra caution on these\nphone calls. If something is bothering you, simply say it\u2019s not a good time or\nsomething came up, you will call them back when you have the time. When you\nhang up this call, immediately contact your credit card company or bank and inform\nthem of what happened, and they\u2019ll be able to tell you if it is legitimate or\nnot. If it\u2019s fraudulent, they\u2019ll be able to alert other customers to stay alert,\nso no one falls victim to the scam. <\/p>\n\n\n\n

    Some companies use the same number repeatedly,\nso save it in your phone so you know what\u2019s real and what\u2019s not. The bottom\nline here is that if someone calls you asking for information over the phone\nthat seems sketchy or like something that shouldn\u2019t be given over the phone,\nchances are it shouldn\u2019t and they\u2019re trying to dupe you. Get off the call\nimmediately and alert the real bank or credit card company that you use and\nthey can cancel your current account and help you open another one quickly and\nefficiently just in case something was in fact compromised.<\/p>\n\n\n\n

    4. Alerts<\/p>\n\n\n\n

    Many credit card companies, if not\nall of them, allow you to set up alerts when your card is charged. This\nprovides you the opportunity to allow or deny a charge via text, alert or\nemail. You can argue a charge placed on your card if it wasn\u2019t you. There are\ndifferent thresholds that you can set for these alerts, but to be the safest, it\nis probably best to set it as low as possible just to ensure that nothing gets\nby you. These alerts can be a saving grace, especially when you forget what\nsomething is. Most alerts will tell you the full amount that was charged and\nwhat company it was charged to so you can keep track. The alerts come in almost\ninstantaneously so there\u2019s no denying if it was you or not. Online logins have\na different threshold than mobile, so explore both avenues to make sure you can\ndrop it as low as possible.<\/p>\n\n\n\n

    Another alert that might be\nbeneficial would be international alerts. Some credit card companies offer\nalerts that show any charges that occurred internationally. This would be extremely\nbeneficial because some of the worst credit card fraud occurs internationally.\nSome retail sites, as mentioned, may be slightly questionable and if you mistakenly\norder something, your card may be compromised and can be used internationally\nbecause most of those \u201csketchy\u201d sites aren\u2019t within the US. Anyone can gain\naccess to your card, so being sure to get those alerts would be a great\naddition to your fraud protection.<\/p>\n\n\n\n

    Different companies may have\nmultiple options for alerts, so dive into what your card offers and what would\nbe the best for you personally. Any alerts you can set are recommended. It can\nreally help in the long run and help keep you protected in as many ways as\npossible.<\/p>\n\n\n\n

    5. Paperless Billing<\/p>\n\n\n\n

    In a world where technology is\nomnipresent, why not bring everything into the digital age? One way to protect\nyour information is to go paperless. Paperless billing not only saves the\nenvironment by using less paper, but it also helps better protect important\npersonal information.<\/p>\n\n\n\n

    When you utilize paper\nstatements\/billing, there is a lot of personal information on the statement.\nWhile this is may or may not be true for all statements, it\u2019s definitely a\npossibility. When you toss this information into the trash, there\u2019s a higher\nprobability that you\u2019re making yourself vulnerable to identity theft as well as\nopening your card\/bank information to possible compromise. If you shred these\nstatements before tossing them, this will help, but the safest way to go about\nit all is to move to paperless and just get everything online. Yes, online\naccounts can also be compromised; however, if you\u2019re diligent in creating\npasswords and keeping them updated and changing them every so often, it will\ndefinitely be helpful.<\/p>\n\n\n\n

    6. Diligent Checking<\/p>\n\n\n\n

    While people differ, on average,\nchecking your account 2-3 times per week is recommended. By keeping tabs on\nyour account(s), you can track spending and see if there\u2019s anything that doesn\u2019t\nalign with what you know you\u2019ve spent. Constant alerts to charges or purchases\nmade will help; however, as with most things, there\u2019s a chance that some things\nmay slide under the radar based on the threshold set for these alerts. Keeping\na constant eye on things will really help ease your mind and provide you ample\nopportunities to ensure that things are staying normal on your account. As soon\nas you notice something that is unusual, you should immediately contact your\nbank or credit card company and get things taken care of. If you wait too long,\nthere\u2019s a chance that there won\u2019t be anything they can do for you.<\/p>\n\n\n\n

    When monitoring your bank\nstatements, balancing your checkbook is common and good practice, but again,\nyou may miss a few things here or there. By keeping an eye on your account,\nyou\u2019ll be able to see if your balance drops too low, and if so, what the\ncharges were that caused it to happen. It could be forgotten automatic\nwithdrawals, or it could be a completely unknown charge that wasn\u2019t initiated by\nanyone who has access to the account. By checking constantly, you can make sure\nall is well within your account and nothing crazy is going on.<\/p>\n\n\n\n

    While these are the most important steps to take to ensure\nyour safety and protection, check out these little tips from Experian to give\nyourselves even more a sense of security:<\/p>\n\n\n\n