Do this if you suspect your credit card has been compromised

Credit cards may be safer to use than moving with cash, but they can be compromised. Smart hackers can steal your identity and use your credit cards to conduct some malicious activities. Your financial details in the wrong hands is scary, but you should not let it affect your finances.

When you realise that your credit card is missing, inform the credit card company.  A prompt notification allows them to block your card fast so that nobody can use it to withdraw your funds from your account. After closing the account, the company should open a new account for you and issue a new number. You should update the accounts where you use your card to facilitate automatic billing. Depending on the credit card issue, they can resolve the matter within a few days or a month.

You should also keep track of your credit card accounts. This can prevent you from identity theft and increase the safety of your finances. Go through your statements to watch out for any recent activity that you may not be aware of. Be keen on small transactions since most fraudsters assume that people do not notice small charges. You can even set activity alerts to notify you of any changes in your credit card accounts.

There are also financial tracking apps that can help you monitor your finances. Most of these apps are free and can save you from hackers. Monitoring services such as credit sesame can also track new balance changes and credit inquiries.

Familiarise yourself with the signs of Identity theft. A person does not have to steal your credit card to hack your account. They can simply get access to your card’s information and use it to purchase things. Someone can get your card number as well as your signature from a receipt. By using a fake ATM, you also increase the chances of your credit card being hacked.

It is unfortunate that some fraudsters go to the extent of opening other accounts or getting some government documents using your credit card data. Being aware of all this can make you more cautious when using credit cards.

You can also set a fraud alert with bureau agencies such as Equifax or Experian. A fraud alert asks for more identity verification before anyone can get credit in your name. The bureaus can also help you go through your credit report regularly. Through this, you can dispute any inaccuracies in the report. You should also inform the local authorities about the crime so that they can follow up and help you trace the fraudster.

Keep the records with the credit reporting agency until the problem is solved. Sometimes, data breaches may not be beyond your control. You should do everything possible to minimize security risks. Shop online on secure sites and use virtual numbers that do not reveal your account number when shopping online. Avoid saving this crucial data with online merchants. Use anti-malware protection to update your computer to prevent hacking.