If you own a credit card, there’s a good chance you’ve been the victim of fraud — or that you may be soon.
Some 63% of U.S. cardholders say they’ve been victimized, with more than half saying they’ve experienced fraud multiple times, according to a recent survey from Security.org. All in all, unauthorized purchases amount to more than $6.2 billion each year.
It’s tempting, when you hear numbers like these, to throw your hands up. After all, if you have any sort of online footprint, at least some of your information is out there. But that doesn’t mean you shouldn’t at least take some simple steps to protect your credit card information, says Corie Colliton, senior editor of industry research at Security.org.
“There are some really basic things you can do that are basic online hygiene practices,” she says.
Security.org found that 84% cardholders engage in behaviors that put their credit card information at risk. Here are three that Colliton says she sees all the time, and what you can do to reduce the chances of criminals getting a hold of your card.
1. Bad password habits
Keeping your card information safe isn’t just about making sure you change the password to your credit account from “Pass1234!”
“You need unique, strong passwords for each online account,” says Colliton. “Don’t repeat your passwords.”
That may feel intuitive. Having the same password across a bunch of sites vastly increases the chances that one hack comprises multiple accounts. Nevertheless, 48% of Americans say they use the same password for more than one site, according to Security.org.
The easiest way to mitigate this risk, according to cybersecurity experts, is signing up for a password manager, which creates, unique, complicated passkeys wherever you may find yourself logging in.
Of course, your password manager requires a password, too. So pick something complicated and unique that you can remember and don’t use it anywhere else, says Colliton.
2. Lax online shopping
Around 4 in 10 Americans admit to using public Wi-Fi connections and storing credit card information on websites or in their internet browsers — both bath habits, says Colliton.
“You should be careful with public Wi-Fi connections in general, but definitely avoid making any purchases over public Wi-Fi,” she says. “When you send information over that type of connection, it becomes very easy to access.”
If someone is able to access your computer — either by physical or virtual means — having card information saved makes it all the easier for crooks “to see it and use it without your permission.”
Both are a classic case of cardholders compromising security in the name of convenience. One convenient way to pay that actually enhances security: using cards saved within digital wallets. The apps’ encryption makes them safer to use than physical cards, cybersecurity experts say.
3. Falling asleep at the wheel
Even if you’re not willing to change your online behaviors, you should still at the very least be checking your credit card statements on a regular basis for unauthorized charges, Colliton says.
She knows from experience that a little diligence can pay off. She found out she was a victim of fraud herself from poring over her statements.
“It was very sneaky. It was a gas station maybe six or seven miles from my house where the transaction occurred,” she says. “I could have overlooked it pretty easily, and that could have just gone on for a while.”
If you determine fraud has occurred, report the suspicious charge to your card issuer, who can take steps to refund your money, lock your account and issue you a new card. You may also want to check your credit reports to make sure no new accounts or lines of credit have been opened in your name.
One thing’s for sure, says Colliton — the sooner you catch these things, the less of a headache you’ll have sorting things out later on.
“Just taking five extra minutes to look over your financial information is good practice anyway, and it can prevent you from losing a lot of money through credit card fraud.”
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