Online shopping has completely overhauled the way the retail system works. With a click, anything you want is delivered to your door quickly. This makes your life more convenient and easier, but there are also many pitfalls associated with it. Those who create these traps are phishers and scammers. Phishers and Scammers steal your credit card information and use this information not only to make big purchases but also to clear accounts in a flash.
Credit cards are a very popular payment method around the world, and naturally, cybercriminals always try to steal card information to commit fraud. Cybercriminals have several methods to hack and exploit credit card information. Given the exponential growth of e-commerce and online transactions, cybersecurity has never been more critical. Hackers can try to breach our privacy in a number of ways, but one area they find particularly attractive is credit card information.
The use of credit cards – and especially their online use – continues to grow rapidly as fewer transactions are made with cash. This trend accelerated during the Covid-19 pandemic when the growing demand for electronic payment options impacted shopping and selling trends. Scammers are trying to take advantage of the increased convenience with remote payment options, the increase in online sales volume, and the increase in the number and diversity of people turning to the Internet to make transactions that have already been completed in person.
Phishing theft for credit cards; can take several different forms, including phone calls, fake websites, and sales emails. For example, someone pretending to be from your card issuing bank or credit card company calls and says they need to verify your credit card activity with some personal information and starts by asking for your credit card number. Alternatively, a phishing email masquerading as a retailer offering you discounts or free products could be trying to trick you into giving up account details. The best way to prevent phishing scams by email, phone, or text is to never give out any personal or credit card information unless contacted.
Stolen credit cards can negatively affect not only your finances but also your personal identity and privacy. Effectively protecting them and the data connected to them is crucial in the online world. Phishers or credit card thieves can break into a bank or business database to steal personal information about customers and sell that information online. Then the thief who bought this information can use it to fake an account with the victim’s details.
The cyber world does not just increase the risk of fraud for credit and debit card holders. It can also play an instrumental role in protecting people, businesses, and financial institutions from the risks of credit card fraud. If you run a financial institution, you need cybersecurity tools to help reduce credit card fraud. The right programs identify identity patterns and flag potentially fraudulent transactions before they become a problem.
Ways of Protection from Cyber Attacks Caused by Credit Cards
1) Stay Aware of Phishing Attempts
Cybersecurity experts warn citizens to always be on the lookout for phishing attempts. These are done through phone calls by people impersonating a bank official. Your name, address, phone number, etc. Suspicious emails asking questions should be deleted immediately. Also, never click on any of the links contained in these emails. Banks are now warning customers more than ever, and you need to pay attention to these warnings.
2) Strong Credit Card Authentication
Most online portals ask for the CVV number on their payment gateway. This is the unique three-digit number printed on the back of your credit card. It stays virtually private while you feed on details and allows the bank to verify your information. Also, zip codes on payment kiosks are another form of authentication.
Today’s banks use sophisticated algorithms to monitor your shopping habits and red flag a suspicious transactions when necessary. This means that no suspicious transaction will occur.
3) Monitor Your Credit Card Transactions and History Closely
It is imperative to generate and closely examine credit card statements and bank account statements for any suspicious or fraudulent transactions. Try to get a security freeze on your credit history reports. This prevents hackers from applying for a card using your name, as the lender is denied access to your credit history. Use mobile banking apps that are more secure and change your debit card password regularly.
4) Avoid Public Wi-Fi Use
Public Wi-Fi is free, and it can be tempting to get online wherever you are. But you are not the only one using free resources. Cybercriminals look for such trolls and victims. If you must use Wi-Fi, do not share any confidential information.
5) Always Check Site URLs
Logging into a fake website can cost you your life. Always check the domain name of the site. The URL should always start with ‘https,’ not ‘http.’ It should also have a lock icon meaning the website is secure. When shopping online, do so on websites with a solid online shopping infrastructure. These websites help you track payment and delivery and have a 24/7 customer support line. They follow strict norms in terms of Cyber Security.
6) Do not save credit card information on websites
It can be tempting to store your credit card information on Google or your favorite e-commerce sites. However, you should consider avoiding this practice as it potentially gives hackers access to your personal information in the event of a data breach.
7) Do not write your credit card information anywhere
You can use your credit card number, PIN, expiration information, etc. Avoid writing it down anywhere or posting pictures of your credit card number online.
8) Use Tough Passwords, Protect Your Information
If you are doing a banking transaction, never use an easy password. Passwords for your bank accounts should always have a combination of numbers, letters, and characters, making it harder for fraudsters to crack the password, thus preventing credit card theft. Protect your personal information, such as date of birth, mobile phone number, and account numbers, and never unwittingly use it on websites where offers are too good to be true. In particular, being aware of the methods they use to steal credit card data and other types of personal information that can lead to identity theft, among other things, is the first step in protecting yourself. Use Phishup to keep your credit information safe and take a more active role in preventing you from becoming a victim of fraud