Did you know about 91% of all cyber-attacks begin with a phishing text or email and can lead to credit card fraud or identity theft? What’s more, a 2023 Credit Card Fraud Report revealed 65% of U.S. adults, or 151 million individuals, have experienced a fraudulent card charge at least once.

Here’s how you can spot and avoid credit card fraud.

1. Be wary of suspicious emails, texts or calls.

Phishing scams rank among the most prevalent methods fraudsters use to steal credit card information. Typically, these scams occur when a fraudster contacts a victim via email, text or social media. The fraudster’s objective is to craft a scenario where the victim willingly provides their credit card or personal information. These scenarios can range anywhere from impersonating loved ones to false job opportunities.

To protect yourself from these attacks, you should always verify the identity of those you interact with online. Be especially cautious of strangers who suddenly ask for your personal information. Most importantly, you can enable two-factor authentication or sign up for Account Alerts on all financial accounts, so you get notified of any login attempts to your account, whether it’s you or somebody else.

2. Be vigilant when shopping online.

A recent Experian report found that 80% of consumers are worried someone will steal their card information. Two common methods involve fake delivery attempt texts or false online ads/websites.

• Fake delivery attempt texts: these messages are designed to make you believe the item you purchased online is delayed due to missed delivery attempts. It will prompt you to click a link directing to a fake website to resolve the issue. However, once you click on the link and enter your personal or financial details, the fake site will capture your information, and fraudsters can use it to steal your identity or open new accounts in your name. You should always report or block the sender and never click on suspicious links.
• False online ads/websites: fraudsters will often impersonate well-known brands or companies and create fake ads/websites to lure you into entering your personal or payment information, like your credit card. When shopping online, it’s important to double-check the sites you’re using to ensure they’re secure. Look for ‘HTTPS’ in the website’s address and a lock or key icon indicating the website’s security certificate has been authenticated. Without these indicators, you may be at risk of being on a fraudulent website.

3. Stay informed about data breaches. 

Data breaches occur when cybercriminals gain unauthorized access to sensitive and confidential information. Whether it’s a retailer, college or corporation that has your personal information stored, data breaches may also compromise the security of your credit card on file. If a data breach does occur, most businesses will alert their customers. For tips to help safeguard yourself, check out “4 Steps You Should Take to Protect Yourself Against a Data Breach.”

How to prevent credit card fraud.

If you believe your credit card information was compromised in a phishing scam, you should notify your bank or credit card company immediately. Your call will prompt the representative to place a freeze or hold on your card, issue a new one, and begin the steps for reimbursement.

You should always:

• Keep an eye on your bank account to catch any fraudulent activity as soon as it happens.
• Remember, if an online shopping deal seems too good to be true, it may be too good to be true.
• Double-check the website you’re browsing is legitimate before putting in your credit card information. Some scammers create fake websites that look just like the original to steal your credit card information.

While credit card fraud has become increasingly prevalent, some precautions can be taken to avoid it. Through robust account security measures and staying in the know of common fraud tactics, you can avoid becoming a victim.

If you feel you’ve been a victim of fraud, contact FirstBank’s 24-hour customer service line 1-800-964-3444.

For more helpful tips and tricks, visit the Fraud Prevention page at efirstbankblog.com.

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