7 Ways to Protect Your Financial Information from Scammers

While online stores are warming up on the eve of the holiday season, the FBI warns: consumers should learn about the existence of a common scam called “e-skimming”.

Фото: Depositphotos

Skimming suggests that thieves install devices in ATMs or credit card machines at gas stations. These devices secretly register financial information of an unsuspecting user at the moment when he enters it, writes CNBC. In the electronic version, scammers edit JavaScript code and “capture credit card data in real time when the user enters them,” according to the FBI announcement.

This data is then sold to other criminals or used by scammers to make online purchases. Small and medium-sized retailers are at risk, says the FBI.

While the FBI and security experts make clear that sellers have the primary responsibility for ensuring the safety of their sites and informing employees about cybersecurity, there are a number of measures that everyone can take to ensure the security of their financial information. Here are 7 things you can do now.

1. Use a virtual credit card

Virtual credit cards are temporary numbers that allow you to use your real credit card without revealing your account information to the merchant's website. You can use them only once or as many times as you like, depending on the option.

If your information is compromised in a data breach, you won't have to replace your real credit card—you'll just have to close your virtual one. You can create virtual cards on Privacy.com or on your card issuer's website.

Never use a debit card when shopping online. Credit cards offer the best protection for consumers. Debit cards act essentially like cash, whereas if a thief uses your credit card, he will not actually take money from you.

On the subject: Credit Card Fraud: Xnumx Ways to Cheat

2. Pay with a third party

Rick McElroy, chief security strategist at Carbon Black, a cybersecurity firm, says that if you don’t use a separate credit card to shop online, it’s wise to pay through a third-party processor such as PayPal or Venmo if the retailer gives you this opportunity .

For example, if you use PayPal, an online store will never see your information, says McElroy.

“They see your email address, but other than that, PayPal just sends a token that says the payment has been made.” There is no personal information that can be stolen.

3. Keep abreast of technology

Consumers should keep their Internet browsers, phone and computer operating systems up to date, especially during the holiday season, says McElroy. He offers everyone to enable auto-updates on their personal gadgets.

“Attacks on retailers increase between Thanksgiving and the first days of the new year,” he says. “Vendors know this, so they are constantly releasing updates.”

He also suggests installing secure browser plugins. For example, SiteJabber and Web of Trust provide site security ratings. HTTPS Everywhere ensures that the sites you visit are automatically encrypted and protected (when you browse, you want site addresses to start with “https: //” rather than “http: //”).

And if you shop in small stores, do it personally. Small retailers often do not have the resources to fully protect their sites.

“From a consumer perspective, stick to the major retailers. They do a pretty decent job of making sure everything is protected,” McElroy says.

On the subject: Fraudsters tricked out $ 900 thousands from Americans by posing as IRS agents over the phone

4. Be careful with gift cards.

Fraudsters are using the same tactics they use to steal credit card information—only now they're stealing gift card balances, McElroy said. While you'll likely immediately notice a mysterious credit card transaction or a lack of money in your checking account, that's not the case with gift cards.

“Who checks their gift card balances daily? says McElroy. “Thieves have much more time to escape.”

5. Beware of phishing emails

McElroy warns that emails from companies claiming the title of Apple and Amazon are found in abundance precisely on holidays. Always check spelling and grammar errors carefully and be careful with emails asking you to click on specific links. This could be a phishing attack that gives scammers access to your financial information.

“Always be vigilant about incoming messages,” he says.

6. Monitor your bank accounts regularly

With all kinds of sophisticated financial scams that are used in abundance these days, consumers must reasonably protect their financial information.

Regularly check your bank and credit card statements, and set up notifications of withdrawals from credit cards and bank accounts. If you received a notice about your purchase that you did not actually make, immediately notify the bank and the issuer of the credit card.

On the subject: 10 most dangerous types of fraud in the US and how to protect yourself

7. Keep track of your credit report.

In addition to bank and credit cards, you will also want to regularly check your credit reports. Although by law you can only receive your reports from Equifax, Experian and TransUnion once a year for free from AnnualCreditReport.com, there are many applications and other financial platforms that can track your report for you, for example, Credit Karma. If you see that something is not right, you will want to challenge it immediately.

And if you regularly make purchases on the Internet, you can also consider the possibility of freezing your credit reports to protect against data leakage on the site on which you purchased something.

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