We love the convenience and benefits that comes with a credit card. Occasionally, we may come across an article like this one, reminding us that credit cards are still susceptible to hackers and scammers. It might seem like an unlikely occurrence, especially in Singapore. But make no mistake, as a familiar tagline goes, low crimes doesn’t mean no crime.
Here are a few simple ways to find out if your credit card has been hacked.
1. Go through your credit card statements carefully and regularly
Many of us make the mistake of assuming that everything on our statement is fine, as long as the balance amount seems roughly accurate. Hackers know this, and they deliberately make transactions in small amounts in the hope that you don’t notice. Overtime, this snowballs into a significant amount and it could be too late to dispute the charges!
You can opt for your bank statement to be mailed to you or sent electronically. Make it a point to go through the statement with a fine-tooth comb for discrepancies.
2. Activate SMS notifications for every card transaction that you make
This might sound excessive and annoying. But as we mentioned above, smart hackers tend to steal your money in small amounts. If you set your notifications only for large amounts, you might be missing out on potential fraudulent activities.
If there is a change in your contact number, immediately update your contact details with the bank.
3. Keep up to date with security breaches at e-commerce retailers or companies that store your credit card details
It’s common for us to store our credit card details or personally identifiable information with third-parties that we transact with frequently. Common ones for Singaporeans tend to be Uber, Yahoo, Agoda, Airbnb, and ASOS. While these companies tend to be secure, there’s always a possibility of a breach.
So keep an eye on news about security breaches, and be extra vigilant when there is one.
What do you do once you have learned that your credit card has been hacked?
If you come across any card transaction that is not made by you, immediately alert your bank to the suspicious activity, request a full waiver and cancel the credit card.
Banks have a maximum liability cap on fraudulent transactions. If you report the misuse of your credit card to the bank immediately and file a complaint with the police, you will not be held liable for the transactions made using your card from the time of reporting. Or else, you might end up paying for the unauthorised transactions.
Tips to keep credit card hackers at bay
Here are a few simple things to remember:
- Never give your card details to anyone via email or phone.
- Make card payments at the cash counter where you can keep an eye on it to prevent card swapping, skimming, or double swiping.
- Shop online only on sites that provide secure payment gateways for credit card payments. Look out for ‘https’ in the URL, especially when making payment.
- Be extra careful when traveling overseas, as thieves target tourists more often for credit card theft.
Additional read: [Infographic] 5 Cool Trends the Credit Card Is Poised to Create
Keep reading the BankBazaar blog for more insights how to protect your money, and tips to get the most out of your credit cards.
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