It is a scary world out there! Fraudulent charges can happen to anyone.
The last thing you want to happen is fraudulent charges on your debit card or bank account. You work hard for your money, and you want to enjoy it, not have someone else enjoying it without your consent.
It can be challenging to keep track of all the fraudulent activity online. However, with this article, you will learn some ways you can protect yourself from fraudulent charges.
- Watch Out for “Phishing” Emails
Phishing scams can be a major problem. You get an email from someone posing as your bank or credit card company. They ask you to click on a link and enter personal information, such as your account number and password.
This is fraudulent activity. It will not only result in fraudulent charges but could also cause identity theft issues.
So, how do you avoid falling victim? Never respond when strangers ask for this type of information over the phone or via email. Legitimate businesses will never ask for this information.
Scammers are looking to steal your identity or access your account so they can make fraudulent charges.
Avoiding fraudulent charges starts with protecting yourself from phishing scams that people use to steal information. If you receive an email or phone call asking for personal banking information, delete it immediately without responding.
Another thing to consider when avoiding phishing scams is to check out where links in emails lead before giving out information. Sometimes a link might seem safe but take users to unsafe sites. If unsure about a link’s validity, visit their official website.
- Use Different Passwords for Financial Accounts
Many consumers use the same password for all their accounts. This is a problem because if fraudulent charges happen on one account, hackers could have access to your other financial information as well.
If you use different passwords for each of your financial accounts, fraudulent activity will be limited to only that account and not others.
Not sure how many unique passwords you need? Try using four or five. The more complex they are, the better.
To help keep track of these complex passwords: write them down in a secure spot where no one can find them but yourself. Do not store this list digitally anywhere (e.g., email it to yourself). Instead, opt for good old pen and paper.
Also, change up your password every few months. Make it more complex each time you change it to keep fraudulent charges away from your accounts.
- Treat “Make Money Online” Ads With Caution
Make money online ads are all over the Internet. They tell stories of people making thousands of dollars every month by simply working on their computers or smartphones from home.
While it is possible to make money this way, most searches turn up scam sites. They’ll cost you money while providing little value in return (e.g., “work-at-home monthly kits”).
To avoid these fraudulent charges, opt for reputable platforms with good reviews and high ratings. Avoid sites asking for an initial payment before they give you any information about how they work.
A background check into a company’s reputation can go a long way when avoiding fraudulent activity.
- Fraudulent Charges on Debit Card: Review Your Statement Regularly
Reviewing your credit card or debit card statement is a great way to keep fraudulent charges away. If you check it few days, every purchase will be fresh in your mind.
This can help if fraudulent activity occurs because you know what the transaction should look like and how much money was spent on each item/service.
If a fraudulent activity does happen, this information will come in handy when filing a dispute with your bank. Review statements at least once per week to ensure there are no fraudulent transactions.
- Use Two-Factor Authentication
Two-factor authentication is an extra layer of security. It requires more than just one form of identification to access your accounts. For example, you may need a password and code sent via email or text message.
Some examples include: Some banks send out one-time passwords (OTP) through SMS messaging if you are trying to make large transactions using mobile banking apps or credit cards. PayPal requires a one-time password sent to your phone number when making changes to the account.
The benefit? This added step makes it harder for hackers to gain fraudulent activity because they need two different forms of ID instead of just one. Be sure to check with your bank to see if they offer two-factor authentication.
- Use a Dedicated Debit Card for Online Shopping
Credit cards offer more protection against fraudulent charges than debit cards. If you’re making high-value online purchases, opt for a credit card instead of your regular bank account to avoid fraudulent activity.
If using debit cards online: use one explicitly dedicated to shopping and not used elsewhere or shared with others. This way, if fraudulent activity happens and your money is stolen, at least it will be taken from only that specific account and nothing else.
- Avoid Public Wi-Fi
Public wireless Internet is one of the easiest places to conduct fraudulent activity.
If using public WiFi, avoid conducting online transactions or accessing your bank accounts to protect yourself from fraudulent charges. Instead, opt for private networks you know are secure.
If this isn’t possible, use a VPN before connecting to that network instead of directly onto it. This will encrypt all data sent/received over the connection. So hackers cannot gain access and steal sensitive data.
How To Fight Fraudulent Credit Card Charges
Have you been a victim of fraudulent charges?
It is possible to fight back, but you must act quickly. Here are some financial protection tips:
Contact the issuer immediately after noticing fraudulent transactions
Request an investigation into any fraudulent charges placed on your account
Provide information about fraudulent purchases, including receipts and police reports
Seek legal advice from a consumer protection lawyer (check out Blog – Thorne v. Square, Inc. and Sutton Bank: Allegations of Cash App Fraud for inspiration)
These tips will help you fight fraudulent credit card charges.
Stop Fraudulent Charges
Anything you can do to protect yourself before fraudulent activity happens is the best way to avoid it. If you follow the steps above, fraudulent activity will not stand a chance against you.
Be diligent about checking your statements and keeping an eye out for anything suspicious. If fraudulent charges do occur, take action quickly to ensure they can’t hurt you financially.
We hope you found this article helpful and informative. For more interesting posts, keep exploring our blog.