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Tag: credit

A man holds a cell phone and a credit card with a tablet on the table.

How to protect yourself from credit card fraud

posted on

September 1, 2026

In the modern world, almost everyone holds a credit card. A recent study revealed that 84% of American adults have at least one credit card and that are 572 million open accounts in the US. 

 

The reach and popularity of credit cards have made it a major target of scammers. Many fraud schemes target credit cards, such as skimming (copying the credit card details electronically and duplicating the card), card theft, identity theft, phishing, vishing (voice phishing), card not present fraud, etc. 

 

Here is how you can protect yourself from these credit card scams. 

Types of credit card fraud 

Unfortunately, there are multiple credit card frauds you need to be aware of. The most straightforward of them all is the card theft. When you order a new card upon the expiry of your existing one, someone may steal the new card from your mailbox. Similarly, if you lose your card, an unscrupulous person may get his hands on it and may take advantage of your credit. 

 

Card ID theft happens when the fraudster comes to know the details of your card and tries to use those details to make charges with it. 

 

Phishing is a scheme in which the scammer steals credit card details. It’s an online tactic in which the perpetrator, posing as a legitimate entity, solicits your credit card number, expiry date, and CVV number. 

 

Vishing (voice phishing) is similar, but here someone pretending to be from the bank or the credit card company calls you to get more information about your card. 

 

Card not present (CNP) fraud happens when the perpetrator uses your CVV number to pretend they are in possession of your card. Merchants use the CVV number to verify that you are in possession of your card when you make purchases online or over the phone. This verification is not required for in-store purchases. 

 

If the fraudster somehow obtains your credit card number and expiration date, they can try to find the three-digit CVV number by trying various number combinations. They may try 1,000 different combinations before they succeed. 

 

Credit card skimming is a fraud scheme in which an illegally modified point of sale (POS) machine is used to capture your card details. The details are then used to create a duplicate card that can be used to make charges to your account. A fraudster who wants to withdraw money using your card may even install a spy camera in an ATM to capture your PIN. 

 

Protecting yourself from fraud schemes 

Try not to let these schemes get you too stressed. If you’re careful, you can greatly reduce the potential damage to your credit. Here are a few precautions you can take to protect yourself from wannabe thieves. 

  1. Never share your credit card details

Actual employees from banks or credit card companies will never call you and ask you for the credit card number, expiration date, or CVV number as part of any verification process. Never divulge this information to anyone online or offline. 

 

Always ensure you type in your bank URL on the address bar of your browser, rather than clicking a link in an email. Phishing perpetrators usually set up a website that looks similar to your bank’s website to fool you into handing over your credit card details. 

 

Also be sure to look at the address bar and ensure the browser verifies the site’s security certificate. It may say “secure” or there may be a padlock symbol. Don’t enter your credit card details at any site whose security isn’t verified. 

  1. Keep checking your account

Instead of waiting for your monthly statement to scan for anomalies, keep checking your credit card account online at least once a week to ensure there are no unusual transactions. Small charges also shouldn’t escape your scrutiny. Small charges on your account may well be an indicator that someone is trying to test your CVV number. Be vigilant and ensure you inform your financial institution about any unusual charges you find. 

  1. Never let your card out of your sight

When giving your card for payment, ensure that it remains visible the entire time. Additionally, don’t give your PIN to anyone. Instead, insist on typing the PIN yourself on the POS machine. It may be difficult to check whether the POS device used by the merchant is genuine or has been modified to skim your card. If something doesn’t feel right, take your card back. 

  1. Check your credit report

You’re entitled to a free credit report every year from Equifax, Experian, and TransUnion through AnnualCreditReport.com. You can use this to check if your identity has been used by someone else to make transactions. 

 

The credit report will give you detailed evidence of any fraudulent activities in your name. If you see some fishy activity, initiate a fraud alert with your credit bureau so that financial institutions or creditors are informed every time a credit request comes up in your name. You can initiate the fraud alert with only one of the above the above listed credit bureaus; the other two will receive automatic notifications. 

  1. Check where you swipe your card

There are many skimming methods to steal your card information. Sometimes it involves attaching a skimming device inconspicuously to the ATM. Gas stations, department stores, and other retail locations also may have compromised POS machines with a skimmer placed on them. 

 

Usually, the skimmer on a POS machine can be detected if you look carefully for any ill-fitting parts. To get an idea of what to look for, check out YouTube videos on identifying a skimmer at a POS. 

 

You might think it pays to be paranoid in today’s world. When it comes to credit cards, the main issue is their prevalence. Almost everyone has one, but only a fraction understands the technologies involved and the vulnerabilities present. However, if you’re careful with credit card and information, and make a commitment to continue to keep up with the latest scams, you can give yourself greater peace of mind. 

 

Have questions? SRP offers free financial coaching where you can meet with one of our Financial Counselors to help you navigate your finances. 

Meet our Financial Counselors

 

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA. 

 

Article Credit: BALANCE 

A college student holds a credit card.

College students, which credit card is right for you?

posted on

August 17, 2026

Many college students are graduating with more than just a degree – they are also leaving school with credit card debt. If you are a college student, does this mean that you should rip up every credit card offer that comes your way? Not necessarily. If credit cards are not used responsibly, possessing them can seem like a mistake, but having good credit provides considerable benefits in today’s credit-oriented society. 

 

Once you graduate from college, you will find that having a good credit score is important for many things – such as renting an apartment, getting a car loan or mortgage (especially one with a good interest rate), and finding a job (some employers check credit reports when making hiring decisions). Even many insurance companies check credit scores to determine what rates to charge their customers. Having a credit card is often a good way to start building your credit score. Credit cards can be easier to get than other types of credit, like car loans, personal loans and mortgages, and generally, as long as you pay off your balance in full each month, you will not have to pay any interest. 

 

When deciding what credit card to apply for, note and compare the important features of each card, including the: 

  • Annual Percentage Rate (APR): This is the interest that you are charged on any balance that you carry-over, or do not pay off each month. If you pay off your balance in full every month, the APR is not important, but it doesn’t hurt to look for a card with a low APR just in case. If the card comes with a teaser rate – a low or no interest rate for a temporary period of time of at least 6 months – don’t forget to check what the interest rate will be once the teaser rate expires. It could be much higher than for other cards. 
  • Credit limit: The credit limit is the maximum amount you can borrow at any given point in time. Having a higher credit limit is better for your credit score, but if you are worried you will overspend, it may be a good idea to look for a card with a lower limit. 
  • Grace period: A grace period is the window of time, usually 21 to 30 days, between the cut-off of your billing cycle and your payment due date. Normally, if the balance is paid in full by the end of the grace period, no interest is due on the new charges (although be aware that it only applies if you paid off your balance in full the previous month). This, however, doesn’t apply to cash advances, where interest is applied immediately. 
  • Fees: Most cards charge a fee for a late payment or going over the limit (if you “opt-in” and allow the creditor to process over-the-limit transactions). Some also charge an application or annual fee. It is best to avoid these, but if you are new to credit, you may not have a choice. However, if you use your card responsibly for a year or so, you may be able to have the annual fee reduced or eliminated. 

 

If you are under 21, you cannot get a credit card unless you can demonstrate you possess an independent means of repaying balances (such as a job) or have an adult co-sign for you. 

 

What should you do once that card is in your hand? While having credit is needed to have a good score, careless use will only hurt your score and cost you money. Before using your card, think about if what you are purchasing is necessary and affordable. Continually charging more than you pay each month only leads to increasing minimum payments and, potentially, interest costs. If you financed college with student loans, you will also have to eventually start making student loan payments (on top of rent, a car loan, credit card debt, or whatever other expenses you may have), and people often over-estimate their expected first job earnings. 

 

It is important to make your payments on time each month. If you make your payments late, not only will you possibly incur late fees and a higher APR, but your credit score (and your co-signer’s, if you have one) could be damaged as well if the payments are late by 30 days or more. Set aside a specific time each month to pay your bills. Another good idea is to set up payments online. This way, you do not have to worry about your payment getting lost or delayed in the mail. If you decide to pay by mail, leave plenty of time for the creditor to receive the money before the due date. Try to avoid paying the bill last minute – many creditors can charge a fee for using an “expedited service” by a service representative of the creditor. 

 

When you are thirty, you probably do not want to still be paying for purchases you made when you were twenty. If you do not manage your cards responsibly, the costs of meals out with friends, movies, and whatever else you bought on your cards will hang around long after the fun is gone.  Graduating college and starting your adult life is an exciting time – avoid letting it be saddled by credit card debt. 

 

Have questions? SRP offers free financial coaching where you can meet with one of our Financial Counselors to help you navigate your finances. 

 

Meet our Financial Counselors

 

 

This article is for informational purposes only. All loans subject to approval and rates may vary depending on individual's credit history and other factors. Refinancing restrictions apply. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. Membership required. SRP is federally insured by NCUA.

Article Credit: BALANCE 

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