Credit card usage is so common today that it has essentially replaced cash and expanded into the realm of online payments. This convenience has brought many benefits to people, but at the same time, it has also brought potential security risks.
A recent survey from Security.org shows that 63% of credit card holders in the United States have experienced fraud, with many becoming victims multiple times. What’s even more surprising is that the annual losses due to “online theft” exceed 62 billion US dollars.
Faced with such data, one might feel overwhelmed by the challenge of protecting oneself. When it comes to internet security, many people feel it’s too complex and beyond their control. However, Corie Colliton, a senior editor at the security information and resource website Security, told CNBC make it that safeguarding credit card security can start with simple everyday actions.
Colliton explains that while completely avoiding risks is difficult, some basic protective measures can significantly reduce the likelihood of credit card misuse. For example, developing good habits when shopping or making payments online is as simple and effective as maintaining “personal hygiene” in the online world.
The survey results indicate that as many as 84% of cardholders engage in at least one behavior that could potentially compromise the security of their credit card. Here are three common problems and suggestions on how to address them.
Are you still using simple passwords like “123456” or “888888”? Even worse, are you reusing the same basic password across multiple websites? Colliton points out that secure passwords should be unique and complex. Using the same password across different accounts makes it easy for hackers to access all your accounts if one site is breached. Data shows that 48% of Americans admit to this habit.
The solution is not complicated: use password management tools. These tools can generate complex passwords for each account and securely store them, requiring you to only remember one master password to access the tool. Of course, this master password must be unique, difficult to guess, and not reused across platforms.
When using public Wi-Fi in cafes or airports, do you enter credit card information directly? The survey reveals that about 40% of Americans shop on public wireless networks or store card numbers in browsers. Colliton warns that this behavior is akin to leaving your wallet wide open on the table. She advises avoiding making payments on insecure networks, as data interception is highly possible in such environments.
Additionally, storing credit card information directly on websites or browsers increases the risk. If your device is accessed by someone with malicious intent physically or virtually, stealing such information becomes easy. A relatively secure alternative is to use digital wallets, such as mobile payment applications, which offer higher levels of protection through encryption technology.
Even if you are stubborn and resistant to changing old habits, don’t forget to regularly check your credit card statements. Colliton shares her experience of discovering an unfamiliar transaction on her credit card bill at a nearby gas station that she had not made. Such transactions can easily go unnoticed if not carefully reviewed. These small unauthorized charges are often hard to detect but can accumulate over time, resulting in significant losses.
Upon detecting unusual payments, she immediately contacted the credit card issuer, who usually freezes the account, refunds losses, and issues a new card. Furthermore, checking credit reports can ensure that no unauthorized accounts are misusing your identity. Colliton believes that the sooner you find a problem, the easier it is to resolve.
In conclusion, online payment security is not out of reach. Spending a few minutes to develop good habits can save you a lot of trouble in the future. As Colliton aptly puts it: “Taking an extra look at your bill not only protects your wallet but also gives you peace of mind.” Start protecting the security of your credit cards from now on!