Printer-friendly versionPDF version Credit card numbers should not be kept on file as a general practice. Limited exceptions apply such as if you need to bill the customer on a frequent and recurring basis (at least monthly) and explicit permission is obtained from the customer. The credit card number must be filed in a secure location, in a safe or under lock and key. Credit card numbers must not be stored electronically, i.e. in a spreadsheet, database, or anywhere on a computer and/or network. Once the customer relationship is finished, the credit card number should be cross-shredded. It is a good practice to have customers keeping their credit card number on file with the University to sign an authorization form at least annually to confirm their intent to keep their credit card on file. Show
Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site. in giving any of your personal information to someone over the phone is that it could end up in the wrong hands. Bills and product purchases are often made over the phone but make sure you know how to make a payment safely.
Follow these three tips to help reduce your risk of fraud.
Make sure you know who is on the other line. Any incoming call that you are not expecting should raise a red flag if they ask for personal or payment information. To ensure you are talking to a representative from the company requesting payment, hang up and call back with the number posted on their website. This will ensure your payment is taken by a company representative and by someone posing as an employee.
2. Make sure your card number is not overheard by someone close.
If you are in a public place, make sure to find a private location to give your card number. A fraudster does not need your physical card to make purchases so be observant that no one is close enough to overhear your conversation.
After you give your information for a payment, make sure you get a confirmation of the payment immediately. A reputable company will send you confirmation after they have processed your card payment, typically a confirmation is sent by email. Check the invoice confirmation and make sure it comes from a company email. An invoice sent by a non-company email is not necessarily fraudulent, but it might be a sign to dig a little deeper to ensure your payment is going to the correct location.
Your financial institution is well-versed in spotting fraudulent activity. If you are concerned about a charge on your account, your first line of defense can often be your bank, credit union or credit card company Funto Omojola is a former credit cards writer for NerdWallet. Her work has been featured in MarketWatch, Yahoo Finance and Nasdaq, among others. Funto earned a bachelor's degree in global and international studies from Bard College. There are 10 trillion possible combinations of credit card numbers out in the universe, and card issuers are only using about 65 million of them. With odds like that, the statistical likelihood that a criminal will chance upon a valid account number — and then upon your account number — is very low. But that doesn’t mean you’re out of the woods. Far from it: Data breaches, identity theft, and credit card fraud have all become more common in recent years. With most of us living our lives online, you shouldn’t expect that to change. In light of these problems, you need to learn how to protect yourself. Here’s what you need to know about credit card security — and how to make sure your cards stay safe. Money HackIdentity Theft Monitoring You can subscribe to identity theft monitoring services. They don’t necessarily prevent identity theft, but could help you find out sooner rather than later if your identity was stolen. Share Hack Email Facebook LinkedIn Reddit Twitter Common Credit Card Security FeaturesNearly all credit cards come with security features.
Some credit cards also come with additional security features:
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While reasonable efforts are made to maintain accurate information, the information is presented without warranty. 6 Credit Card Security Don’tsDespite all those security features, you can never be too careful with your credit card number. Here are six tips for keeping your card safe. Don’t use debit cardsTo put it simply, debit cards don’t offer the same fraud protections that credit cards do. If a thief steals and uses your debit card without your permission, you could be held personally liable for up to $500 or more in unauthorized charges (unless you report the fraud within two business days). With debit cards, your personal money is on the line for fraudulent transactions. With credit cards, it’s the card issuer’s money. Report unauthorized credit card charges within 60 days and you’ll have zero liability with most card issuers. It may also be harder to get refunds in cases of debit card fraud — and the associated delays can result in missed bills and added stress. Don’t make transactions on open networksWhen there’s no password required to access a WiFi network, unencrypted data can be visible to any computer nearby. These other computers may be able to intercept information you’re transmitting and receiving from websites that don’t have “https” in the URL. That means you could be sending your credit card number or other personal information right into the waiting hands of an identity thief. Bottom line: Never enter your credit card number when using unsecured public WiFi networks if you’re not sure that the website uses SSL. Don’t share your number with unverified representatives“Hello, this is American Express calling. Would you mind verifying your credit card number?” Identity thieves often call and claim to be from an organization you trust — a fire department that’s conducting a fundraiser, a utility company that’s about to shut off your electricity, an administrator of a contest you’ve won — to trick you into giving them your credit card number. You should also be careful about clicking any links in emails where the sender’s email address looks suspicious. “Phishing” is another form of fraud that’s common online. With phishing scams, criminals may send emails pretending to be your bank or credit card issuer. These emails may ask for personal information or may provide you with a phony (but realistic-looking) link in an effort to steal your login credentials. Just remember: If you didn’t initiate the phone call or email, don’t give out your card number. To check if the request is legitimate, contact the organization via its published phone number or secure messaging system. You may also want to develop the habit of visiting bank and card issuer’s websites directly, not via links provided in emails, out of an abundance of caution. Don’t email your card numberSome email hackers employ search tools that scan for strings of numbers likely to be credit card accounts. Any time you write or type your credit card number and give it to someone in an unsecured, unencrypted manner (including on a piece of paper), you increase your risk of exposure. Some businesses, including vacation home websites, ask to hold your credit card number as a sort of deposit or guarantee. While not unusual, this isn’t very safe — and you should seek alternatives. Don’t share your card number where others can hearMany legitimate financial transactions are conducted on the telephone and may require you to verbally give your credit card number and other personal information. If you recite that information out loud, anyone in earshot will be able to use it. It’s best to avoid making these calls in public places. Don’t post photos of your credit cardWhile it may seem obvious, never post photos of your card online. When it comes to pictures, some people feel safe when they cover the first eight digits of their card. Others obscure the last eight. In either case, it’s a bad idea. If you have a legitimate reason for posting a photo of your credit or debit card (which you probably don’t), obscure all the numbers. At the very least, cover the last ten digits, which are unique to your account. 5 Ways to Improve Credit Card SecurityWe just covered a whole lot of what not to do when it comes to improving your credit card security. Now, here’s what you should do to help keep your credit card safe. Manage your passwords and accounts carefully
Sign up for additional protectionsSome credit card networks and issuers offer additional protections to online shoppers. You can sign up for Mastercard Secure Code, for example, which will ask you for a six-digit code when you make a purchase. Similar programs include Visa Secure and Amex SafeKey, neither of which require registration. They work behind the scenes while you shop, occasionally asking you to provide verification for suspicious transactions. Sometimes verification is as simple as replying to a text message. You can also use payment gateways, like PayPal or Apple Pay, to provide an additional barrier between yourself and online merchants. Review your credit card transactionsYou don’t have to wait for your monthly statement to review your credit card activity. Be proactive and log into your account once a week to check for any fraudulent charges. Credit card fraudsters also use devices called “skimmers” to collect card data at ATMs and automated gas pumps. Skimmers fit over the card slot or PIN pad, and look much like the normal machine. Since they’re hard to detect, it’s important to monitor your bills for suspicious activity. Review your credit reportsUnauthorized credit card charges won’t show up on your credit reports. But fraudulent accounts and unauthorized credit applications may. You should pull your credit reports once a year to make sure they look correct. Quarterly credit checks are recommended, but once a month wouldn’t be considered overkill if you want to add them to your routine. You could also sign up for a credit monitoring service that alerts you to any suspicious activity on your reports with Equifax®, TransUnion®, or Experian™. Shred your documentsInstead of tossing bills, pre-approved credit offers, and other financial statements in the recycling bin, put them through a paper shredder first. These documents may be full of sensitive, personal information that you don’t want to fall into the wrong hands. Some identity thieves use low-tech methods to steal information, like dumpster diving. Identity thieves could use the information on unshredded financial documents to open accounts in your name, order “replacement” credit cards, and more. Once a scammer has your info, it’s time-consuming and stressful to recover. Since paper shredders cost around $30, we’d say they’re well worth the increased security. Which Bank Offers the Best Credit Card Security?No credit card’s security is appreciably better than any other. The best credit cards all offer strong security measures. As long as you take proper precautions, you should be good to go. Just remember, no security feature can substitute for user caution, vigilance, and frequent self-monitoring. In Case You Missed ItTake-aways
Email Facebook LinkedIn Reddit Twitter You Should Also Check Out…Are My Credit Card Rewards Taxable? Read More Credit Card Points: What Are They & How Do They Work? Read More A Guide to Credit Card Benefits Read More How Often Should I Use My Credit Card To Keep It Active? Read MoreBy Brendan Harkness Brendan has been writing about personal finance for over eight years. He makes sure that he covers the most important financial topics transparently and precisely, and that we have up-to-date information to meet your financial needs. Reviewed By Michelle Lambright Black Michelle Lambright Black is a leading credit expert, author, writer, and speaker with over a decade and a half of experience in the credit industry. She is an expert in credit reporting, credit scoring, financing (mortgages, credit cards, loans), debt eradication, budgeting, saving, and identity theft. She is featured monthly at credit seminars, podcasts, and in print. Is it safe to give your credit card number and CVV to anyone?Never send your credit or debt card numbers or CVV codes to anyone by email. Don't make transactions with your debit card. It's always safer to use credit cards to make online and phone-based transactions.
Is it safe to give credit card number over chat?Although WhatsApp offers end-to-end message encryption, sending personal details like credit card info through an online messaging app is never safe. The problem with sending private info through WhatsApp is you risk letting your credit card info fall into the wrong hands if you or the recipient's phone is stolen.
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