Credit cards are found in most Americans’ wallets. Multiple studies say around seven out of ten Americans have at least one credit card. If you’re someone who uses a lot of credit or debit cards, you know how important it is to keep your information safe. If you ever get into a situation where your information is compromised, it can have disastrous results. If you’re uncertain, here are some ways to protect your credit card processing information.
First, make sure you’re checking your bank account statements regularly. Most banks these days have a smartphone app you can use to check your balance, so you don’t need to wait for your print statement to come in the mail. If you see any suspicious activity, it’s better to be safe and cancel the card immediately.
In addition to banking statements, you should also be keeping up with credit reports. You can get as many as 18 credit reports each year so you’ll be able to regularly monitor and look for fraudulent actions. If you feel like your information may be compromised, you can file a report with your credit bureau and receive a full credit report within 90 days.
IT’s also important to be aware of other methods hackers may use to get your information. This can include emails and even calls claiming to be your bank or card issuer, asking for personal information they may need to fully hack your financial accounts. This is called “phishing” and it can be avoided by knowing that most banks will never call to confirm personal information, so never give it out over the phone.
You should also know that you should never waste money on expensive identity theft prevention services. They can cost up to $300 a year or more, and most of them will just do things that you can do yourself. If your information is breached and the retailer offers free credit monitoring, you can consider it, but don’t let it create a false sense of security, and you’ll also have to remember to cancel the service before you get charged the annual fee.
Overall, identity theft and fraud can never be fully prevented, but taking these steps assures that your information will be much harder to retrieve by potential hackers. If you have any fear that your credit card processing information may be compromised, get a new card immediately, and if you have any questions about business credit card processing, business credit card services, online credit card payment processing, or other financial issues, speak with a professional.