Editor’s note: This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance journalist. Join the discussion about this article in the comments below or on Google+!
Hi everyone, I’m Joshua Rodriguez and thank you for coming to read my first post on The Money Principle! Today, I’d like to discuss a topic that seems to have been left in the past. However, it’s still to this day, a very real problem. Theft of credit and charge card numbers online and in person costs the world economy tons of money each and every year. The good news is, there are simple ways to protect yourself from being the victim of credit, check or charge card fraud! Here are 3 things that you can do online and otherwise to protect yourself…
Take Advantage Of Online Browser Functions
Making a purchase online can be risky business. There are tons of people who have found ways to work the system and steal payment information from consumers while making online purchases. Luckily for us, knowing this, computer engineers have come up with nifty tools that can help us ensure that we don’t become the next victim of online fraud.
These days, security certificates generally ensure that the information being typed into a website is safe and out of the reach of con-artists. They’ve also made it pretty simple to see if a web page has it or not. All you need to do to find out is look at the address bar in your browser. If the web address looks like this https://… the page is not secure. However, if it starts with https://… you can be sure that the page has a security certificate.
Keep in mind that you will seldom find an entirely secure website. Most websites that make sales, or provide financial products have secure and non-secure pages. So, keep in mind that if an information page is not secured, it’s OK. The pages you should be concerned with are the pages that ask for your information.
Check Your Accounts Nightly
Although the internet has invented a new type of con-artists, it has also invented several ways for you to keep track of your finances. As a matter of fact, chances are, you are able to access all of your accounts directly online whether they are credit cards, checking accounts, savings accounts or any other type of account you may have. It’s important these days to take advantage of this ability.
Most con-artists that get hold of your payment information will not stop using it until it doesn’t work anymore. Therefore, nightly checks to ensure that you remember all actions on your account can save you tons of money if someone has snatched your information!
Never Leave Your Wallet Or Pocket Book Unattended In Public
Although, I haven’t personally been the victim of a stolen wallet, I’ve heard stories from close friends who have. Not to mention, we see the shows on T.V. about it all the time. Leaving your wallet or purse on a table while you eat could simply be bait for a slick pick pocket to get an easy grab!
I’m always checking my accounts. Something always seems to be wrong!
Having strong passwords is another key point to securing your financial information. “f00tballfanat1c” isn’t a strong password like most people think!
@TFMITH: Agreed and I am not terribly good with passwords myself. Thanks for mentioning it.
Great post, Joshua. Do any banks in your country offer One Time Password generators?
They’re common in business online banking but HSBC in the UK have recently begun passing them out to consumers. A small keyfob type device that generates a unique six digit key every you can use every time you log into your bank account.
@Yuen Tuck: Thanks for sharing this; very useful.
In-person fraud is making a comeback, too, it seems!
I have had my credit card compromised and my wallet stolen before; I’m no stranger to the danger of having somebody else spend money! You’re right, it’s so important to protect yourself.
I check my accounts nightly. I can’t say it’s fun but I do it.
I check our accounts each morning for this very reason. Having a solid password is a great way to help with this as well.
There’s nothing wrong with being too cautious, especially when it comes to money. Change your password always and always protect your moeny and your self.
I can see a pattern emerging here :). Between you and me, I check our accounts every day as well. But before thinking about fraud I though I am just an obsessed control freak; now it is all clear and a great excuse it is – I am making sure that no one has been misusing my account.
You missed a couple out.
Never let your card out of your sight, in restaurants or shops for example.
Shield your PIN at ATMs especially if people are hanging around, there was a report this week that ‘old-fashioned’ theft is on the increase, whereby you are distracted at the ATM, your PIN is observed and your card swiped by good old-fashioned sleight of hand.
Never click on a link in an email from your ‘bank’ asking you to log-in for security purposes. Its a scam.
You should always monitor your accounts anyway, sometimes even the bank makes a (genuine) mistake.
That’ll do for now. Cheery-pip!!
Nice post Josh. I had my credit card number stolen last year. I have no idea from where. I got a call from Visa one day asking if I had bought plane tickets in Portland, Oregon. I live in PA and was sitting at my desk, so I was definitely not buying Plane tickets the whole way across the country. I was very happy that Visa’s fraud filters kicked in, the lady I was talking to said that it was a $900 purchase. They reversed the charges and sent me a new credit card.