It happened to me, Credit Card fraud occurs every day. It is ironic that I just recently watched Catch Me If you Can and then was a victim of fraud. I consider myself very lucky as I was able to catch it fast and what they took I could handle but not everyone is so lucky. This is the second time in 3 months that my personal credit card has been taken and hackers have used it to go on a shopping spree. Find out some facts about Paypal, Google Pay, why one is safer than the other. Also, the best credit cards for security or none, and why a debit card from the bank is a terrible idea. We meet with A-Jay Orr from SimplePlan IT to talk about the best ways to keep you safe this holiday from Credit Card Fraud. Here are some of the top ways to prevent credit card fraud.
Do not use a debit card from your bank
A-Jay says using a debit card from your bank can be a big security risk. This is because hackers and criminals have full access to your money using a debit card. In fact, A-Jay does not use a debit card at all. So be careful as this was the mistake that I made. Just a few days ago criminals went on a shopping spree and spend over $800 at Apple.com.
Set Alerts for your credit cards
This one I did follow, as a result, I was notified when there were some bigger transactions using my bank card. A-Jay recommends setting the alert to a very small number so that way you know every transaction that goes through. Unfortunately, my alerts were set too high so I didn’t catch all of the transactions. Live and learn.
Use Protection
Using a credit card or a service like Paypal that offers buyer protection can better mitigate when fraud occurs. Companies that offer buyer protection can help you get your money back quickly should such issues arise. I was pretty shocked when I heard that Google pay and similar services do not actually offer buyer protection so they might be ones to avoid. If you use Google pay and a credit card it will be the credit card company that will handle any issues with fraud and getting you your money back and not Google pay, something to note.
Use a credit card to make purchases
Credit cards offer greater protection against fraud than a bank card. When you use a credit card you are actually not technically using your money. You are using someone else’s money. It basically gives you access to capital that you can use and then pay back using your own capital. Credit cards can get your money back quickly compared to a bank and are the biggest protection because it isn’t really your money! That has it’s own risks so just make sure you can pay it all back.
The least secure credit card
The least secure credit card is your bank card. This often has the “credit” option as well as a debit but this is a direct connection to all your hard-earned money. This makes it the least secure compared to a credit card or other ways to pay. Debit cards can be taken a number of ways A-Jay states. From scanners, to people in businesses that get hacked, to people even writing down card numbers or swiping them using an app on their phones. So do not use your debit card. The bank suggested to lock my debit card when I don’t use it but the issue there is that I am human and I can’t see myself always locking it before and after I buy something. The best solution is to not use it.
The Best Credit Card
A-Jay did not have a specific card recommendation but instead said compare cards and find one that gives you the most benefits. All credit cards are about the same with good security and all try to be competitive with benefits. It doesn’t matter between Visa, Mastercard, American Express, Discover as they all provide much better security compared to debit cards.
Watch the full interview video below
Check out A-Jay’s website for help with your business and for resources to help prevent fraud at https://simpleplanit.com/