Paying for expenses when traveling by way of a credit card is the most convenient means of payment.
But it is also risky. If yourcredit card has been compromised, you may lose a lot of money due to fraud. There are a few measures you can take to prevent credit card fraud. We will review some of the tips below. This will ensure that your credit cards are safe. You will also enjoy the convenience and peace of mind during travel if your credit cards remain safe.
Here are some tips on how to prevent credit card fraud while traveling.
- Pack light
It is advisable to carry fewer cards when traveling. You should have at least two, and you should leave one in the hotel in case you are traveling to a meeting, or going shopping. The main advantage of carrying fewer cards is that in case they are stolen, it will be easier to report the loss to various issuers on time. You also minimize the risk of fraud. If you have one or two cards, it is also easier to notice when one gets lost. But if there are many cards, you may not easily notice in case one is lost or stolen. Again, it is advantageous to ensure you limit your spending.
- Card activity monitoring
Some card issuers will offer the service of monitoring card activity of their clients. They may inform you in case of big suspicious transactions. It is good to sign up for that service with your bank. You should also notify your bank when traveling. This way, in case the card is used in a location that you did not specify, they can block the card and confirm with you first before authorizing other transactions. It is also important to sign up for alerts on your phone for every purchase.
- Be more vigilant at the ATM
When at the ATM, ensure that you safeguard your pin. You should memorize it instead of saving it in your notebook or your phone. In case you lose either of the two and the card, a fraudster cannot easily trace your pin. Before you use any ATM, ensure that you check for any abnormalities at the machine. Some fraudsters may try to skim the card pin and later use the details to skim and use your card fraudulently. Do not engage strangers in a conversation around the ATM. They may be trying to get your card information.
- Use secure payment options
You should use your card at secure websites for booking hotels and flights. It is also important to get chip cards that are not easy to skim. Most financial institutions are now offering EMV chip cards since they are more secure. When traveling, ensure that you get such cards since even if they get lost, a fraudster cannot skim since they are chip and pin compliant.
To prevent credit card fraud while traveling, or even when at home, you need to secure your card information. If you are paying with the card at any point of sale, do not let the card get out of sight. When at the ATM shield your pin from onlookers and also ensure that you use the banks ATMs only.