FRAUDCOLLEGE

Fraud Prevention with MSUFCU

Amidst the hustle and bustle of everyday life, few people want to take the time to consider how to protect themselves from card fraud. Although it can be difficult to think about, fraud effects people of all ages and backgrounds. Below are some steps you can take to protect your debit and credit card information during what fraudsters feel is the most wonderful time of year.

Tip One: Know who you are buying from

Make sure to check website URLs and email addresses to ensure you are on the correct website or buying from a trusted seller. If an email address or website URL looks unusual, has lots of typos, or has important information misspelled, do not click on anything! Be wary of internet and social media advertisements as well. Do your research before buying from a source you have not confirmed and prior to purchasing something via social media ad. Instead of shopping from an unfamiliar source, see if you can find a legitimate website with that product aside from the link sent to you or outside of the social media platform.

Tip Two: Enroll in trusted security tools

Use free financial technology like MSUFCU CVVKey to generate a unique CVV code for shopping online and over the phone. Using this tool increases security when using your cards to make purchases and helps protect you against fraud, especially during times when shopping online is more common. You can also enroll in eAlerts at your financial institution to keep track of your transactions and sign up for fraud alerts as an extra protection against fraud. Taking advantage of security resources can be a great way to protect yourself.

Tip Three: Be conscious of how you pay

If you plan to shop online, you may choose to use a credit card rather than a debit card to protect the funds in your primary checking account. If you have spending and bills money in separate checking accounts, you may choose to only use the debit card associated with your spending account. If you use a credit card, do your best to payoff what you spend to avoid bringing debt into the new year. Digital wallets and utilizing tap to pay services help to further protect you from fraud. Consider ways to avoid swiping or inserting your cards to avoid swiping or inserting your cards to avoid card skimmers.

Tip Four: Complete regular check-ups

Regularly review your accounts and charges for fraud, especially if you are making more purchases than usual. If you see any suspicious charges, contact your credit union or bank right away. Oftentimes, you can lock and unlock your credit or debit card within your financial institution’s app as an added security option.

This is a good time of year to check your credit report to ensure everything reporting belongs to you. Another option available to you is a credit or security freeze. This disables anyone from being able to gain access to your credit report, and therefore, open any accounts or lines of credit in your name. To place a freeze, visit each credit reporting bureau’s website (Experian, Equifax, and TransUnion) and add a freeze for each. Keep in mind you will have to file a request to unfreeze or temporarily lift a freeze of your credit any time you want to apply for a new line of credit or loan, but bureaus are required to remove them within an hour.

According to the Senior Vice President and Head of Global Fraud Solutions at Transunion, Shai Cohen, fraudulent activity tends to be particularly prevalent in online retail during the holiday shopping season. Keeping this in mine, do your research and only shop on sites you trust. Regularly review your transactions and utilize additional safety measures when possible. Use the tips outlined in this article to keep your finances secure and retain your peace of mind.

Sources:

https://www.fbi.gov/how-we-can-help-you/safety-resources/scams-and-safety/common-scams-and-crimes/holiday-scams#:~:text=Every%20year%2C%20thousands%20of%20people,delivery%20and%20non%2Dpayment%20crimes

https://www.aarp.org/money/scams-fraud/info-2019/holiday.html

https://www.aura.com/learn/holiday-scams

https://www.bankrate.com/finance/credit-cards/how-to-protect-credit-card-data/

https://www.msufcu.org/cvvkey

https://newsroom.transunion.com/holiday-fraud-2022