Are You Using These Security Features to Keep Your Credit Cards Safe?
Between shopping for groceries and paying bills, we make countless credit card transactions every day. It’s a lot to manage, and it only becomes more complicated when you consider that Americans own more than four credit cards on average. No matter how many you have, it’s important to keep your credit cards safe and secure. Why?
For one, simply owning a credit card may put you at risk of fraud and identity theft—common financial threats that have only become more prominent throughout the COVID-19 pandemic. In 2020, there were 393,207 reports of credit card fraud in the United States (an increase of 44.7% from 2019). One of the reasons credit card fraud is so prevalent is because it can occur in many different ways. For instance, someone can steal and use your card, set up a new account in your name, or access your accounts through large-scale data breaches.
Knowing these risks, regularly changing your PIN, and creating unique passwords for your online banking accounts can minimize your chances of falling victim to these attacks—but those are just the first steps. There are several other precautions you can take to protect your credit cards.
Four Ways to Safeguard Your Credit Cards
By using a combination of the below credit card security features and services, you can keep an eye on both your spending habits and account activity.
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1. Use Card Controls
It can be difficult to manage the purchases you make with one credit card, let alone multiple cards. If you’re struggling to keep track of when and where you’re spending money, Citadel Card Control is a great option. Whether you use them to turn cards on and off (a handy feature if one is misplaced or stolen), set spending limits, or manage the locations where your cards can be used, these controls provide an extra layer of security.
2. Set Up Account Alerts
Being notified of suspicious behavior is key to early fraud detection. It’s why many banks and credit unions, including Citadel, allow their members to set up text, email, or voice account alerts. These personalized notifications—you can customize when you receive them and the level of detail they provide—ensure you get real-time updates about your credit card activity.
3. Invest in Identity Theft Protection
Identity theft protection services are also offered by most banks and credit unions. Citadel’s ID theft subscription packages, for example, provide members with a broad range of products for fraud prevention and account recovery—including credit monitoring and score tracking. In addition, our Recovery Advocates can help to remediate false transactions, accounts, and contracts.
4. Opt for Contactless Cards
Thanks to a small EMV chip that acts as another set of eyes on your spending, going contactless is another way to detect fraudulent behavior and keep your credit cards safe. Many terminals have strict limits on how much can be paid with tap. Not only that, but there are also safeguards in place if too many small transactions are made with a contactless card. When this limit is exceeded, cards and PINs will be automatically locked to prevent unauthorized spending.
As a local credit union, we’re committed to providing you with the guidance and tools you need to protect your information, accounts, and funds. Learn more about our digital tools and security offerings today!
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Citadel's Security Center
To see how Citadel protects members' accounts and provides a variety of security alerts, tips, and resources, check out our Security Center pages. We provide regular updates on the latest phishing attempts and ways to protect your privacy.