credit card fraud It has been on the rise in recent years.
According to the Federal Trade Commission’s latest database, 416,582 credit card frauds were reported in 2024, making it one of the most common forms of identity theft. You know you’re a victim of this scam when you notice fraudulent transactions on your credit card bill.
To avoid detection, these transactions are typically less than $100. However, in some cases it can exceed $1,000. One such incident happened to Martinsville, Virginia, resident Martin, who was randomly charged $1,095 in Hong Kong.
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“Hello, I recently received a fraud alert from my credit card company stating that my credit card was charged $1,095 in Hong Kong. I use my iPad and the Safari browser to make online purchases. Why? Can someone explain to me why something like this happens? By the way, my credit card company canceled my credit card and is planning to mail me a new Mastercard, I am not responsible for the charges on my card. What can I do to prevent this from happening again?”
Martin, I am sorry to hear that there was an unauthorized charge on your credit card. The good thing is that you are not responsible for the charges as your credit card company will take care of it for you. For future reference, we will explain how this happened and how to stay safe.
Woman shopping online using credit card (Kurt “Cyber Guy” Knutson)
How does credit card fraud occur?
Credit card fraud can occur in a variety of ways, often without your knowledge. One common method is for fraudsters to obtain your card information by: data breach Online stores and banks mean your personal information is exposed without your knowledge.
Another sneaky tactic is PhishingIn , scammers pretend to be legitimate companies through emails and fake websites to trick users into divulging their card information.
There is also a risk thatcard skimming”, devices at ATMs and gas stations secretly capture your card details when you swipe your card. In some cases, fraudsters can take advantage of weak security. Public Wi-Fi network Or, your app could be compromised and your information accessed while you were shopping online.
Man shopping on mobile phone using credit card (Kurt “Cyber Guy” Knutson)
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Credit card fraud is happening too often
Security.org’s report reveals: 52 million Americans will experience credit card fraud in 2023This number is even higher than the number reported by the FTC. Four in five U.S. adults own at least one credit card, and the report found that three in five cardholders have faced fraudulent charges, with an estimated 1 in 5 victims. It is estimated that there are 28 million people. Even more concerning, 75% of victims report having their credit card information stolen multiple times.
A typical fraudulent transaction is approximately $100, totaling approximately $5 billion in criminal purchases annually. Interestingly, most fraudulent transactions involved credit cards that were not physically lost or stolen, highlighting the increased risk of online fraud and data breaches.
A woman paying using a credit card (Kurt “Cyber Guy” Knutson)
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The need to prevent identity theft
Data breaches are one of the main ways credit card fraud occurs. Hackers often gain unauthorized access to sensitive information stored by businesses and institutions. When a data breach occurs at a retail store, financial institution, or online store, hackers typically target the payment systems where customers’ credit card details are stored.
If these systems are not properly secured, hackers can steal credit card numbers, expiration dates, and even security codes. Once you have that information, you can use it yourself or sell it to others.
But credit card information isn’t the only thing at risk. data breach Personal information such as your name, email address, and phone number may also be disclosed. Fraudsters can use this stolen information to launch phishing attacks, pretending to be from trusted companies, and tricking users into providing more sensitive information.
What is artificial intelligence (AI)?
This is why identity theft monitoring is so important. Identity theft companies monitor your personal information, such as your social security number, phone number, and email address, and alert you if it is sold on the dark web or used to open an account. It can also help freeze bank and credit card accounts to prevent further misuse by criminals.
One of the best things about some identity theft protection services is that they come with up to $1 million in identity theft insurance to cover losses and legal costs. and the White Glove Fraud Resolution Team, where U.S.-based case managers help recover losses. Check out our tips and recommendations on how to protect yourself from identity theft.
Illustration of credit card fraudster (Kurt “Cyber Guy” Knutson)
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10 ways to protect yourself from credit card fraud
1. Immediately notify your credit card issuer. If you notice a fraudulent charge on your credit card, the first thing you should do is call the number on the back of your credit card. From there you should get detailed information on what to do next.
2. Monitor what you say regularly. One of the best ways to catch credit card fraud early is to keep an eye on your statement. Check your transactions regularly to find any charges you don’t recognize. The sooner you notice something suspicious, the sooner you can report it to your credit card company and prevent further damage.
3. Check your credit report regularly. In addition to monitoring your credit card statements, regularly check your credit report to look for fraudulent accounts opened in your name.
4. Use strong and unique passwords. Always use strong, unique passwords for your online accounts, especially those where you store payment details. Avoid using information that is easy to guess; password manager Store and generate secure passwords. This reduces the chances of fraudsters gaining access to your account.
5. Use credit card alerts. Set up transaction alerts with credit card companies. This way, you will receive notifications via email or text about every transaction made with your card. If you receive an alert about a purchase you didn’t make, you can report it immediately and take steps to prevent further charges.
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6. Be wary of public Wi-Fi: Avoid making purchases or entering sensitive information while connected. Public Wi-Fi Because networks are often insecure. If you need to make purchases online while you’re on the go, consider using a VPN (virtual private network) to encrypt your connection and protect your credit card details from hackers. For the best VPN software, check out my expert reviews of the best VPNs for privately browsing the web on Windows, Mac, Android, and iOS devices.
7. Don’t save credit card information in your browser or on websites. Saving your credit card information in your browser or website can be convenient, but it also increases the risk of fraud. If your browser or website security is compromised, hackers may be able to access your stored card details. To be safe, do not save your credit card information and enter it manually each time you make a purchase. If a site offers to save your details for future use, think twice before accepting. To ensure the safety of your data, we recommend taking the extra step of entering your information each time.
8. Uses EMV chip technology. If you’re making an in-person purchase, be sure to use a chip reader instead of swiping your card. Chip technology provides an additional layer of security against fraud.
9. Be wary of phishing attempts and use strong antivirus software. Be wary of unsolicited emails, texts, or phone calls requesting your credit card information. Legitimate companies typically do not request sensitive information through these channels. The best way to protect yourself from malicious links that can install malware and access your personal information is to install antivirus software on all your devices. This protection also warns you about phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best antivirus protection products of 2025 for Windows, Mac, Android, and iOS devices.
10. Keep your cards where you can see them. If you use your card at a restaurant or store, make sure to keep it where you can see it. This reduces the risk of someone copying your card details.
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Cart important points
It’s clear that credit card fraud is more prevalent than ever, affecting millions of Americans every year. The good news is that there are effective steps you can take to avoid becoming a victim. By staying vigilant and employing best practices, such as monitoring what you say and using strong passwords, you can significantly reduce your risk. Remember, awareness and proactive measures are your best defense against credit card fraud.
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