Protect yourself from credit card fraud

Card providers live in constant fear of major security breaches that could weaken their customers' confidence in their services. This threat is especially genuine in recent years with the onslaught of credit card fraud in Australia.

But card providers are not the only ones concerned. If you become a victim of fraud or card skimming, it could cost you days or weeks of inconvenience to replace your funds and rectify your transactions, so here's a handy guide to help you protect yourself from these crimes.

Online hazards

Online protection doesn't mean avoiding online shopping. However, you will need to purchase up-to-date software to fight malicious viruses or websites, as well as give you added security for personal information that you enter online.

Here are some of the best security features offered by card providers. It's always a good idea to match these features with your cards to make sure you're getting the best deal:

  • Personal passwords: Commonly known as 'Card Code Verification'(CCV) these are usually the three digit codes on the back of your card that prevent thieves from simply using your card number online.
  • Security chips: Installed in credit cards to verify authenticity and prevent illegal use.
  • Some card providers cover you for an unlimited amount in the event of fraud, as you could see thousands dwindle from your account in a matter of minutes.
  • Active fraud protection systems are installed in some credit cards to automatically react against fraud.
  • And lastly, make sure that your card provider promises to call you in the event of abnormal spending. The last thing you want after arriving back from a holiday is to find yourself in debt!

Security is your choice

Use some initiative and register for online services such as 'Mastercard SecureCode' or 'Verified by Visa' and take the necessary steps to never use your card in unsafe machines or websites.

At the end of the day, you can blame card providers and criminals for fraud crimes against you, but a part of you will always regret not comparing credit cards for the best security features in the first place.

Compare over 200 credit cards using the RateCity credit card comparison tool.

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