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Tag: identity protection

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 woman holds a smart phone in an urban setting, illustrating the use of digital payment apps.

Digital payment apps: A safety guide

posted on

August 1, 2025

It’s a tough reality of living in a computer-driven world: scams will always find their way into popular technologies. Digital payment apps are no exception. With their use becoming increasingly a part of our everyday life, knowing the steps for safeguarding your information and maintaining control of your money is essential. 

Use known, trusted apps

With new payment apps popping up all the time, it can be challenging to keep track of which ones are legitimate. If a friend or business is asking you to use an app you’re not familiar with, take the time to research the service online and check reviews. If an app is trustworthy, there will be lots of information available about it on the internet. 

Know your recipient 

Commit now only to send money to people, businesses, or organizations you know and trust. It’s too common these days for scam artists to contact people via text, phone, or mail to request an app payment. There’s never any reason to respond to these types of appeals. You can always contact companies or other entities you have dealings with at a phone number you know to be correct to ask if you owe them money. Odds are you don’t. 

In some cases, fraudsters are even posing as government agencies and asking for past-due funds. Remember that government agencies—including the IRS—will never ask for an app-based payment. 

 

If you get an unexpected request for money that looks like it came from someone you know, confirm with them that they did send you the request. Don’t use any contact information included in the request to speak with them. 

Check for errors 

Some apps don’t allow you to cancel a payment once it’s sent. If you make a typo or select the wrong recipient from a list of search results, you may only get that money back if the incorrect payee does the right thing and returns your funds. It’s worth the few extra seconds to ensure you’ve got the right person. 

 

You can also ask that the person receiving the money send you a request for the funds to avoid this kind of mishap. 

Step up your device security 

If you’ve got payment apps on your phone and your security game isn’t up to par, a criminal who steals or finds your lost phone can access the app and use it to send themself money from your account. 

 

It’s recommended by data security experts that you use two-factor authentication on your phone and strong, unique passwords on your accounts to prevent these types of intrusions. If you’re comfortable with it, biometric authentication—like a thumbprint or facial scanning—is ideal for safety purposes. 

Consider credit instead 

Credit cards provide fraud protection that payment apps typically don’t. If a situation presents itself in which sending money via an app feels dicey, think about using a credit card instead. A credit card payment will likely be much easier to reverse if things go sideways. 

Review your linked accounts 

As a general security measure, reviewing all your checking and credit card accounts regularly is a sound practice—ideally, at least once a month. If security breakdowns are happening because of a payment app, the evidence is going to show up in the account you have linked to the payment app. By staying vigilant, you can react quickly to any mischief. 

 

Along the same lines, setting up transaction notifications for your payment app(s) is a good idea. With so many apps trying to send you updates and alerts, it can get more than a little tedious, but these are notifications you don’t want to forego. 

Utilize the protection of credit cards 

Speaking of your linked accounts, it makes sense to charge your digital payments to your credit card. As mentioned above, credit cards provide more recourse for fraudulent charges than debit cards. If you don’t have a credit card or don’t feel comfortable using one for these types of transactions, that’s fine. But it’s important to understand that foregoing credit could heighten your risk level. 

Hold on to your phone 

Some thieves are so brazen that they’ll ask to borrow your phone due to an “emergency” and then send themselves money using a payment app on your phone. Bottom line: don’t hand your phone over to anyone you don’t know. If they need to make an emergency call, you can dial the number and hold the phone to their ear while they talk. This may seem awkward, but it’s better than losing thousands of dollars. 

Get the goods first 

Scammers want you to do everything quickly so that you don’t stop and think about what you’re doing. If someone insists you pay them with an app before receiving your merchandise—whether online or in person—tell them you’re uncomfortable with that. 

Share sparingly 

There’s no reason to believe digital payment apps play fast and loose with your personal details more than other apps or websites. However, it’s just wise to never provide more sensitive information—like birthdate, Social Security number, etc.—to an app than you need to. There’s no point in increasing your potential exposure. 

 

We live in a world obsessed with doing things quickly and in conjunction with multiple other tasks. If you can slow down and use caution with payment technologies, there’s no reason why these tools can’t be both efficient and safe. 

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA. 

 

Article Credit: BALANCE 

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