According to the Federal Trade Commission, credit card fraud was the most common form of identity theft in 2023. Now more than ever, it is important to prioritize the safety and security of your credit card information while conducting transactions.

In this blog post, we will explore the ins and outs of credit card fraud, offer some proactive security tips and share steps to take if you suspect fraudulent activity on your credit card account.

Understanding Credit Card Fraud

Credit card fraud is a form of identity theft that occurs when unauthorized individuals gain access to your card information and use it to make illegal transactions. This can occur through various means, including but not limited to:

• Skimming. Criminals use skimming devices to capture your credit card information when you swipe your card at an ATM or point-of-sale terminal.
• Phishing. Phishing is when a fraudster sends a deceptive email or message posing as a legitimate financial institution to trick you into voluntarily providing your credit card details or other personal information.
• Physical theft of your credit card can lead to unauthorized charges if the thief uses your card before you realize it’s missing.
• Data Breaches. A data breach is a security incident that results in hackers gaining unauthorized access to sensitive information being stored in a business or financial institution’s database.

Protecting Yourself from Credit Card Fraud

When it comes to protecting yourself from credit card fraud, the best thing you can do is be proactive. Below are a few points of emphasis if you want to keep your information secure:

• Guard Your Information. Treat your credit card details as sensitive information. Never share your card number, expiration date or CVV code unless you are certain of the recipient's legitimacy.
• Monitor Account Activity. Regularly review your credit card statements and transaction history for any unfamiliar charges. Utilize online banking platforms or mobile apps to track transactions in real-time and set up alerts for unusual activity.
• Secure Online Transactions. Prioritize secure websites with HTTPS encryption when making online purchases. Avoid saving your credit card information on multiple websites and use strong, unique passwords for your accounts.
• Be Cautious of Phishing Attempts. Exercise caution when responding to unsolicited emails or messages requesting personal or financial information. Verify the authenticity of the sender before providing any sensitive data.
• Protect Your Physical Card. Keep your credit card in a safe place and never leave it unattended. Shield your PIN when making transactions and be wary of any suspicious devices attached to ATMs or card readers.
• Utilize Security Features. Take advantage of security features offered by your bank or credit card company, such as two-factor authentication, fraud alerts and spending limits. These measures can add an extra layer of protection to your account.

What To Do If You Suspect Credit Card Fraud

• Report the Incident Immediately. Contact your bank or credit card issuer as soon as you suspect fraudulent activity on your account. Inform them of the unauthorized charges and request to freeze your card to prevent further transactions.
• Dispute Unauthorized Charges. Work with your bank's fraud department to dispute any unauthorized charges on your account. Provide any relevant documentation or evidence to support your claim.
• Monitor Your Credit Report. Keep a close eye on your credit report for any suspicious activity or accounts opened fraudulently in your name. Report any discrepancies to the credit bureaus and request a fraud alert or credit freeze if necessary.
• Update Security Measures. After resolving the fraud incident, review and strengthen your security measures. Change your PIN and passwords and consider replacing compromised cards to prevent future breaches.

Safeguarding your credit card from fraud requires vigilance and proactive caution. By staying informed about the various forms of credit card fraud and implementing a few simple security practices, you can minimize the risk of becoming a victim of fraudulent activity.

If you believe you’ve been the victim of fraud or a scam on a Busey account, contact our Customer Care team, reach out to your Relationship Manager or visit your local Service Center to place a fraud alert on your account. You can also read our Fraud Prevention FAQs for more information or check out our Fraud Prevention Toolkit.