Stay One Step Ahead: How to Protect Yourself from Credit Card Fraud

🕒 3-minute read

At Rave Financial, we believe financial confidence starts with knowledge—and when it comes to credit card fraud, a little awareness can go a long way. Fraudsters are getting smarter, but so are the tools and strategies you can use to protect your hard-earned money.

What Is Credit Card Fraud?
Credit card fraud comes in many forms, from stolen cards to unauthorized charges, fake accounts, and even subtle overbilling. The FBI defines it as the unauthorized use of a credit or debit card—or similar payment method—to steal money or property.

And while we’ve all seen the movie version of a hacker behind a glowing screen, fraud often looks far more ordinary.

Where It Can Happen
At Restaurants:
Handing over your card to a server might feel routine, but it’s one of the few places where we willingly let our card out of sight. Most servers are honest, but it only takes one bad actor to alter a tip amount or copy your info. If you can’t pay at the table, consider using cash as a safeguard.

Gas Stations and Skimming Devices:
Skimmers are small devices placed over payment terminals that secretly collect your card data. Before you swipe or insert, give the reader a quick tug. If it feels loose or looks tampered with, choose another pump—or better yet, pay inside.

Online or Application-Based Fraud:
If someone steals your information—either through a data breach or phishing scam—they could apply for credit in your name. This is often a blend of credit fraud and identity theft. The best protection? Monitor your credit regularly and set up alerts.

Suspicious Charges by Businesses:
Sometimes, fraud comes from unexpected sources—like a business charging for services you didn’t request or sneaking in fees. Always read your statements carefully, even for small purchases that look familiar.

Lost or Stolen Cards:
If your physical card goes missing, don’t wait to act. Contact your card issuer immediately. The sooner you report it, the faster the account can be frozen and protected.

Spotting the Red Flags
It’s easy to miss the signs if you’re not checking your statements regularly. Fraudsters often start small—like a $1.99 charge that blends in with your subscriptions. Look for unfamiliar vendors, double charges, or transactions in places you haven’t been.

Protect Yourself with Smart Tools

• Set Up Alerts:
  Rave Financial members can opt in to real-time alerts for suspicious transactions. If something doesn’t look right, you’ll know instantly. You can also use card controls to block transactions, report a stolen card, and more.
• Use Credit Wisely Online:
  Avoid storing your card details on unsecured websites. And for added security, ask us about single-use card numbers for online shopping.
• Freeze Your Credit:
  A credit freeze with all three bureaus (Experian, Equifax, and TransUnion) adds an extra layer of protection by preventing new accounts from being opened in your name. 

If You’re a Victim, We’ve Got Your Back
If you notice fraud, report it immediately. At Rave Financial, our team is here to walk you through next steps—canceling your card, investigating the charges, and issuing a replacement quickly. In most cases, your account remains intact, and your credit won’t take a hit.

Peace of Mind Starts with Proactive Steps
Fraud can happen—but it doesn’t have to derail your financial journey. Stay informed, stay alert, and remember: your Rave Financial family is always here to help you protect what matters most.

 

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