Best Practices for Protecting Your Credit Card in 2024

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Credit card fraud and identity theft are growing problems, with criminals constantly finding new ways to steal personal information and make unauthorised charges. As we head into 2024, consumers must stay vigilant and utilise best practices to keep their credit card information safe. This article outlines key tips to protect your credit card from threats in the coming year.

 Let’s take a look at them.

  1. Opt for Contactless Cards

When you apply for a credit card online, always choose a contactless credit card. These cards allow you to tap or wave your card over a reader to make payments without inserting your card or entering a PIN. They have built-in EMV chip technology that generates a unique code for every transaction, making them very secure.

 As contactless payments grow in popularity, opting for a contactless card in 2024 provides more security than swiping. Just be aware that contactless transactions have higher limits before requiring a PIN, so check your statements regularly.

  1. Set Up Fraud Alerts

Fraud alerts notify you of suspicious activity on your credit card account via text, email or phone call. They provide real-time monitoring that lets you take quick action at the first sign of unauthorised charges. 

Call your credit card company to set up fraud alerts in 2024. Make sure alerts are enabled for online purchases, larger transactions, foreign transactions, and more. Getting alerts instantly can prevent criminals from racking up huge charges in your name.

  1. Beware of Zero-Liability Protection

While zero-liability policies offered by credit card companies protect you from fraud charges, they have limitations you should understand. Protection often requires reporting unauthorised activity within a short timeframe, usually 60 days or less. 

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In 2024, don’t rely solely on zero-liability protection. Review statements vigilantly so you don’t miss the window to report fraudulent transactions you aren’t liable for. Check the policies of your cards, as they can vary.

  1. Travel Smart

Travelling with a credit card inevitably poses risks, as you have less control over protecting your card when on the go. Criminals leverage devices called credit card skimmers to steal data from travellers rushing through airports, restaurants, or hotels.

  1. Utilise Security Features

Credit card companies offer account security features that provide an extra barrier against fraudsters trying to access your information or make unauthorised transactions. These often require an additional step for purchases and account access.

 In 2024, consider setting up two-factor authentication, temporary account locks if your card is missing, and secure online account access via tokens or biometrics. Just don’t lock yourself out of accounts permanently!

  1. Use Account Alerts

In addition to fraud alerts, set up account notifications for big-picture account security. Receive alerts for late payments, cash advances, balance updates, payment confirmations, address changes, and more right on your devices.

Building on fraud alerts, account alerts create a comprehensive net to catch criminal activity you would otherwise miss until seeing your statement. Log into your issuer account portal to set up real-time text or email alerts based on account events in 2024.

  1. Shop Safely Online

When shopping online, never enter full credit card details unless on a secured, encrypted checkout page indicated by “HTTPS” in the URL and a lock icon. In 2024, stick to trusted online retailers and be wary of amazing deals on unfamiliar sites, often fronts for scams. Before providing payment information, verify legitimacy via reviews and complaints.

  1. Embrace Digital Wallets
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Digital wallets like Apple Pay, Google Pay, and Samsung Pay offer enhanced security for in-store and in-app purchases. They tokenise card details into random numbers useless to hackers. Biometric authentication prevents unauthorised access, and instant alerts are provided if devices are lost or stolen. 

To limit exposure of actual card numbers in 2024, use digital wallets whenever possible instead of reaching for your physical card. Just be sure your phone locks automatically in case it gets lost or left unattended.

  1. Freeze Your Account

If you don’t use a credit card for an extended period, freeze your account to protect it from fraudulent charges or unauthorised access. This blocks all transactions until you lift the freeze with your issuer, either temporarily or permanently.

Account freezes also prevent criminals from opening fraudulent accounts in your name. When not planning to use a card in 2024, log into your account and initiate a freeze until ready to make legitimate purchases again.

Conclusion

Protecting your credit card requires vigilance but doesn’t need to be overly complex if you follow security best practices. In 2024, leverage fraud alerts, account notifications, contactless payments, and other features purpose-built by issuers to stop fraudsters in their tracks. Commit to safe habits when travelling, shopping online, and making everyday purchases to keep your card out of criminal hands.

Visit AU Small Finance Bank website today to obtain your own lifetime free credit card!

 

 

 

 

 

 

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