This week is National Consumer Protection Week (3-9 March) 2019. It is time to help people understand their consumer rights as well as make well-informed decisions about money.
Fraud is a major problem all around the world. It can affect anyone, and it may also be perpetrated by any person, whether it’s a stranger or a known person. Consumers do not only need protection from falsified or inferior products, but they also need ID theft protection while making payments.
An act is considered fraud when it is purposely deceptive for the idea of stealing or otherwise causing the victim a financial or some other types of loss. Identity theft, for example, is a case of consumer fraud, which involves using a person’s social security number, access codes, banking account information, etc. for making purchases or financial gain. While this is just one example of consumer fraud, there are countless other types of fraud that all consumers must be aware of. A basic understanding of some of the more common kinds of fraud can raise awareness and help people to understand how to prevent credit card fraud.
What is Online Fraud?
Nowadays, most customers are purchasing stuff online and as we are talking about national consumer protection week 2019, we must talk about online fraud. Online fraud is an umbrella term that involves any scheme or scam or scheme that uses the internet and false information to dispossess someone of money, information, and personal property.
One example is online banking fraud, which is a foremost concern for consumers because criminals can set up false websites that look very close to the actual banking site. These sites are used by criminals to collect financial information such as PINs and account numbers of the bank. Online shopping fraud is very similar, with both requiring consumers to be cautious in making sure that they are visiting legitimate websites. Additionally, consumers must never enter information of a personal or financial nature without first confirming that the page is safe. This can be making sure by looking for the letter “s” following the “HTTP” of the Web address. These are just basics of how to prevent internet fraud. But, mind you hackers are getting smarter every day; hence, you need to be even smarter.
Credit Card Fraud Prevention
Credit card fraud is a risk that any consumer who uses debit or credit cards faces. It is a kind of identity theft wherein one’s credit card information is used to make purchases. Hijacking or taking over a victim’s current credit card account is one way of credit card fraud. The internet is another way to steal credit card information used for illegal use. Credit card information may be stolen online by a hacker or virus or through a loss of data from a retailer’s electronic database. To avoid this from happening, consumers must guard their credit cards and card numbers and maintain receipts to check against the account. Give close attention to the security on any website that credit card information as it is necessary for credit card fraud prevention. Checking one’s account status and credit rating is important too, to detect any unusual activities. If fraud is noted, speak to the issuer of the credit card to report the stolen card or any false purchase.
So, whether it is about credit card or ID theft protection, you need to start taking internet frauds seriously.