credit cards

5 ways to fall victim to credit card fraud

Not using free fraud protection
Not using free fraud protection

Additional fraud protection is available for free by numerous card issuers and financial institutions, though most require a little investigation or enrollment. For example, the Verified by Visa program sets up Visa cardholders with an additional password they can use to shop at participating online merchants. MasterCard SecureCode works similarly. It requires the user to enter the correct PIN during checkout at a participating online retailer.

Another option: Try one-time or "virtual" credit card numbers, which are offered by some banks such as Citibank and Bank of America. These numbers are used for only one purchase and then are no longer usable -- so you don't have to worry they'll be swiped and reused by a fraudulent user.

You can also minimize debit and credit card fraud by making use of free account alerts, which notify you when certain transactions or changes occur, such as a transaction for more than a certain dollar amount or a purchase made overseas.

Check your bank or card issuer's site to find out whether they participate in these programs and services.

advertisement

Show Bankrate's community sharing policy
          Connect with us
Product Rate Change Last week
Balance Transfer Cards 15.66%  0.01 15.67%
Cash Back Cards 16.36% --0.00 16.36%
Low Interest Cards 10.87% --0.00 10.87%
 
Search
advertisement
CREDIT CARD WEEKLY NEWSLETTER

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

advertisement

Blog

Jeanine Skowronski

Smartwatch app answers: Which card?

A smartwatch app from Wallaby Financial can recommend what credit card to use based on rewards, balances and credit utilization.  ... Read more

Partner Center
advertisement

Connect with us