Blog Highlights

• The latest in credit card fraud: Equip yourself with knowledge of emerging fraud trends to recognize warning signs of credit card fraud. 

• Useful advice for staying protected: Learn what security measures to take so you can mitigate fraud and protect your financial freedom. 

• What to do if you are a victim of credit card fraud: Take immediate action by following must-do steps to prevent further fraud from happening. 

  Credit cards are convenient, flexible, and often come with great benefits – but they can also be a target for fraudsters. Credit card fraud is more common than many people realize and even one suspicious charge can create unnecessary stress. The good news? With a few simple habits and smart precautions, you can safeguard your financial information and enjoy peace of mind.

1. Monitor on Your Accounts Often

One of the easiest ways to spot fraud early is by keeping a close eye on your account activity and reviewing your transactions regularly.

• Set up account alerts
  to monitor account activity and review your statements often. Even small, unfamiliar charges can be a red flag for fraud.
• Check your credit report to ensure your current and past accounts are accurate
  . Immediately report suspicious or unusual activity.
• Tell your local credit union and credit card companies when you plan to travel, where, and for how long so they can monitor unusual activity to prevent fraud.

2. Use Security Features and Strong Passwords

Skip the easy-to-guess options like birthdays or “1234.” Instead, use unique passwords that include a mix of letters, numbers, and symbols, or use short phrases.

• Enable two-factor authentication and biometric authentication methods whenever possible, to secure your mobile banking apps and payment platforms.
• Avoid using the same password for multiple accounts.
• Don’t leave passwords in easily accessible areas. A password manager can help you store them safely without having to memorize each one.
• Regularly update your apps and software to ensure you have the latest security patches and bug fixes.

3. Choose Contactless Payments and Digital Wallets

Contactless cards are embedded with a security chip that uses radio waves to transmit a unique one-time security code to enhance protection for your payment information. Digital wallets – like Apple Pay or Google Pay – use tokenization, so your actual card number is never shared with the merchant. Both options also limit physical handling of your card, adding an extra layer of security.

4. Shop Smart Online

Online shopping is convenient, but it’s also a favorite playground for fraudsters. When shopping online, be sure to follow these precautionary measures:

• Avoid public Wi-Fi for transactions and purchases.
• Never store credit card information on websites.
• Use secure websites and payment systems. Websites with the 's' after http means they are 'secured' and the information you're sharing is encrypted.
• Always log out of accounts and close out websites when finished.

5.  Keep Your Information Safeguarded

Never share your card number, address, or security code with anyone unless you’re absolutely certain of the recipient. Fraudsters pretend to be family members, financial institutions, government agencies, or other companies you trust.

• Do not share card details, billing or other personal information through unsolicited requests.
• When in doubt, don’t respond (no matter how urgent they claim the request to be). Instead, contact the company directly using the contact information from their website.
• Safely dispose of credit card statements or other documents that contain your credit card details using a paper shredder.
• Keep sensitive personal information such as statements or other documents with your credit card information in a locked drawer or safe.

6.    Act Quickly If Your Card is Lost or Stolen

If you misplace your card – or suspect fraud – don’t wait. Contact your credit union or credit card company right away to freeze your account and request a new card. Prompt action can prevent further fraud from happening and protect your credit.

If you believe you’ve experienced fraud, act immediately.

1. Report the fraud to your credit union or credit card company, the credit bureaus, and local police.
   
   
2. Place a credit freeze on your report at all three credit bureaus to block anyone from opening new accounts in your name.
   
   
3. Add a fraud alert on your credit reports to notify creditors that a criminal could be using your personal information.
   
   
4. Enroll in credit monitoring to receive alerts any time a new account is open or if there are changes to your credit report.

Leading Fraud Trends to Be Aware Of

Phishing scams are one of the most prevalent ways criminals gain access to credit card information. Fraudsters often pose as trusted companies and family members – contacting unsuspecting people via email, phone call, or text. Using fear as a tactic, they’ll claim that something bad will happen if you don’t take immediate action or pay.

• Never give out information through communication that you didn’t initiate.
• If something feels off, trust your instincts and verify the source.
• Don’t click on links, download attachments, or give anyone access to your computer or online accounts.

Other common credit card fraud to be wary of:

• Card skimming: Captures card information on card readers most often found in unattended or low surveillance areas.
• Account takeover: Hackers gain access to your online accounts and conduct fraudulent transactions.
• Card theft: Credit cards are physically stolen and used to make unwarranted purchases.
• Mail theft: Criminals steal mail – specifically credit card applications – and open new cards in other peoples’ names.
• Data breaches: A security incident in which unauthorized parties steal credit card details.

Stay Safe, Stay Alert, Stay Protected at A Smart Place to Bank

At Peach State, your security and peace of mind are our top priorities. We’re committed to protecting your financial future while providing the tools and resources you need to stay safe. If you ever suspect fraudulent activity on your Peach State credit card, contact us right away – we’re here to help you every step of the way. If your card is lost or stolen, – report it immediately to prevent possible fraud. Always be sure we have up-to-date contact information – phone number, email, and home address so you don’t miss important communications about your account.

Neither Peach State nor any of our third-party vendors (e.g., Visa) will ever call, text, or email you asking to disclose account or other personal information. If you believe you were contacted from someone pretending to be from Peach State or another legitimate agency, please contact us immediately at 855.889.4328, stop by your local branch, or email us at psfcu@peachstatefcu.org.

To learn more about fraud, scams and ways to keep yourself safe, visit the Fraud Prevention section in our Dollars and Sense blog.