Card Fraud: How to Protect Yourself

With the advent of online commerce, credit and debit card fraud has exploded. Unfortunately, credit card fraud can go unnoticed until it causes serious damage. Here, we’ve outlined what you need to know about credit and debit card fraud, how to protect yourself, and what to do when you’re targeted.

What is card fraud?

Credit and debit card fraud occurs when a scammer gains access to a victim’s card information and goes on to empty their accounts, commit identity theft and more. Card fraud can be pulled off in many ways:

Card skimming involves a scammer tampering with an ATM or payment terminal. The machine reads the victim’s card information and transmits it to the scammer.

Brute force attacks employ an auto-dialer to access the card numbers issued within the target’s BIN. The scammer can perform infinite guesses until they land on the card’s expiration date, security code and numbers.

Online phishing is done through insecure links embedded in emails or online ads, or through bogus surveys, solicitations, job offers, dating profiles and the like. The scammer uses these means to gain access to the victim’s credit or debit card information.

Protect yourself

Follow these tips to stay safe from fraud:

Monitor  your checking and credit card accounts frequently, so you can spot the first signs of fraud. TXDPSCU has online and mobile banking features that will let you monitor your accounts and if you detect any fraudulent activity on your account, let us know.

Sign up for alerts. Sign up to receive notifications about your account activity. This ensures you’re on top of your finances and spot potential fraud quickly.

Use strong, unique passwords across all your accounts.

Shop with caution. Only shop reputable sites and avoid clicking on pop-up ads or links in emails from unverified senders. To confirm a site’s security, look for the padlock icon and the “s” after the “http” in the URL. Avoid storing your credit card info in online shopping accounts. Finally, make sure the security settings on your devices are current.

If you’re targeted

If you believe your card has been frauded, take immediate steps to mitigate damage. If your card has been frauded, let Texas DPS Credit Union know as soon as possible. Your old card will be canceled, and you’ll be issued a replacement card immediately. You may also want to place a credit freeze on your accounts to prevent the scammer from taking out a loan or opening another account in your name.

Texas DPS Credit Union has many card options for you to choose from. All 3 of our credit cards have fraud protection and EMV Chip technology for more secure transactions. Our debit card also has a chip that provides an extra layer of protection from fraud, so you know your card is secure. Click here to learn more about our card options.