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Es Donde Perteneces
Descubre la Iniciativa Hispana de WeStreet: un espacio creado especialmente para ti. Nuestra página en español ofrece educación financiera y detalles sobre nuestros productos y servicios.
Discover WeStreet in Spanish: a space created especially for you. Our website in Spanish offers financial education and details about our products and services.
westreet españolOnce holiday spending comes to an end, many consumers will start to pay off the balances they accrued during the holiday shopping season. According to Discover Financial Services, Americans favor credit cards as their primary payment method for holiday shopping. The holidays can be a great time to earn cash back or miles when purchasing gifts and decorations.
However, as more purchases are made with credit cards, scammers are improving their techniques to take advantage of shoppers. With so many transactions taking place in such a short time, scammers hope nobody will notice any suspicious activity.
Protect yourself and your wallet from credit card fraud with these safety measures and preventative tips that will help you stay safe in the new year.
If you can, choose a credit card with zero liability protection. This way, you won’t be responsible for any unauthorized charges made on your card.
Some companies may charge you for a portion of any fraudulent purchases if you’re not completely covered or have an additional fee to avoid paying the total amount.
Many credit card issuers offer instant text or email alerts that are sent whenever a transaction happens, which can help cardholders be alerted to fraudulent transactions so they can take action before it happens again. Alerts for transactions that occur outside of where you live may also be available.
Keep an eye on your alerts if you have them set up and carefully review your credit card statements. It’s a smart move to enroll in alerts to be notified of unusual or large purchases made on your card.
The new year is a perfect time to review the passwords on your accounts and make necessary updates. Does each account have a unique password? Are your passwords strong, using a combination of letters, numbers, and symbols as well as varied capitalization use?
If any passwords use your personal information, such as your date of birth, your hometown, or your mother’s maiden name, change them. Hackers have an easier time cracking passwords like these to hack into multiple accounts, and this can even lead to identity theft. Keep your passwords strong and change them frequently to prevent fraud.
Be a smart shopper and do your research before you buy it. Only shop at reputable sites and avoid clicking on pop-up ads or email links from unverified senders.
To confirm a site’s security, look for the lock icon before the URL and the “s” after the “HTTP.” Finally, make sure you use a device with properly updated security settings and choose a VPN (a virtual private network) if you must use public Wi-Fi.
Some scammers use phishing scams to pull off credit card fraud. In these scams, a target will receive a phone call or a text message from someone who allegedly represents their credit card company or financial institution.
The scammer may ask the cardholder to share sensitive information, such as their card numbers, account details, passwords, and more. Unfortunately, if the cardholder complies, they will be playing directly into the hands of a scammer.
If you receive one of these phone calls, hang up and block the number. You can reach out to your card issuer on your own to check if there is a problem with your account. But chances are, everything will be in order.
If you suspect that your credit card has been stolen or hacked, alert your credit card issuer and financial institution immediately. The company will cancel your old card to prevent the scammer from making additional transactions with your information. You’ll be issued a new card so that you can complete your shopping.
Consider setting up a credit freeze with the credit bureaus as well, which will make it nearly impossible for the fraudster to open new accounts or take out loans in your name.
This article is for educational purposes only. WeStreet makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as legal, tax or financial advice. Nor does the information directly relate to our products and/or services terms and conditions.
