Credit card scams have been part and parcel of the user experience since the first card was ever printed. With that being said, scammers and fraudsters have only gotten better at their jobs over the years. For that reason, Mark Hauser of Hauser Private Equity took it upon himself to share some keen insights about credit card fraud as well as how to overcome the situation when it presents itself.
What Is Credit Card Fraud
Credit card fraud is an umbrella term that refers to several different forms of illicit and non-consensual credit card use. A fraudster can acquire a lost or stolen card, purchase information off of the Dark Web, or even clone a copy of a credit card through the use of a card skimming machine. Purchases can be made before the victim ever notices that their card has gone missing, thus leading to adverse outcomes for their credit and financial security.
Common Types of Credit Card Fraud
- Lost or Stolen Card
- Cloned Credit or Debit Card
- Purchased Card Information Online
- New Account Registration Fraud
Identifying and Overcoming Credit Card Fraud
Mark Hauser has been working in his position at The Hauser Group since 1995, helping to build the company up throughout the years. Over that time, Hauser has come to understand several ways that individuals can identify and potentially overcome credit card fraud.
Let’s look at a few of Hauser’s best ideas for avoiding becoming a victim of fraud.
- Diverse Password Portfolio – One of the biggest sins of credit card security is the over-reliance on a personal password to maintain our network of accounts. Use a diverse portfolio of passwords that are changed regularly to protect your account.
- Avoid Public WiFi – The internet can be a scary and dangerous place for your credit card, so avoid going online and shopping when utilizing public WiFi. Unsecured wireless networks are a risk to you and your financial future.
- Use Secured Websites – Make it a point to shop on platforms that are secured. You can find out if a platform is secured by looking for a padlock icon to the left of the HTTPS section of the address bar.
- Don’t Save Online Details – Finally, Mark advocates getting into the habit of clearing out your card details when using the internet. A merchant’s platform may offer to remember your account information for your next login. Don’t let it!
If you run into an issue with your card, it is up to you to contact the bank that issued the card. Mark Hauser advocates quick and thorough responses, including the changing of all passwords, pins, and security details. Additionally, cardholders may reach out to the FTC before contacting Experian, Equifax, and TransUnion.