Intelligence is a wonderful thing, when you seek to change the world for the better. Unfortunately, it is also used by scammers to make money off others. This is why fraud protection is essential. From Charles Ponzi’s pyramid scheme to David Philips and Frank Abagnale Jr, con artists and scammers abound. Some like Abagnale Jr turn a new leaf. But for every honest person who puts his past behind him, there are many who don’t.
Whether you consider “author” James Frey or the Fox sisters who cheated people of a lot of money, you understand why fraud protection is important. From Victor Lustif who fraudulently “sold” the Eiffel tower for scrap metal to George Parker who fraudulently “sold” many NY city locations to unsuspecting tourists, there are many scammers. Parker even sold the Brooklyn Bridge twice a week for years!
Using Fraud Protection Tools
In the online world, fraud protection is equally important, as it is in the offline world. There are numerous software tools that identify good transactions and check out fraudulent transactions in just seconds. Dedicated credit and debit card fraud detection solutions are also there to ensure fraud protection:
Identification of stolen or suspected cards: Fraud prevention software reviews are in place to check if cards entered are faulty and fraud protection can save you by flagging risky transactions which can be prevented from being completed without examination.
Device Fingerprinting: Tying individuals to past purchases helps. For example, if cards are used in strange places or across many devices, these are key signs of fraud. Fraud protection software saves people a lot of time, money and frustration.
Following Fraud Protection Rules
#1 Don’t Part with Personal Information
Whether it is the name, address, bank details, emails or phone numbers, people should commence with the practice of parting with personal information only after verifying the credentials of the other party.
#2 Frauds That Begin with Phishing
Banking and financial institutions will never send an email asking you to click on a link and confirm bank details. Do not opt for trusting such emails, even if they appear genuine. Call your bank using your phone number on genuine websites only.
#3 Never Leave Receipts Without Tearing Them
Destroy and shred receipts with card details on it that also include the post with the address and name. Check all details and be alert because identity fraudsters don’t require much information to be able to replicate your identity.
#4 Ensure Up to Date Anti Virus Software and Firewall
Your browser should be set to the highest level of security notification and monitoring to avert malware and computer crime issues.
#5 Sign in on Secure Codes only
When shopping or transacting online, sign up to verified by Visa or MasterCard Secure Code when given the option. Register the password with the card company and add more security to online transactions with retailers.
#6 Check if You Receive Bills, Invoices or Receipts You Did Not Make A Purchase For
If you have received bills, invoices, or receipts for items not purchased, or financial institutions not normally dealing with you contact you about outstanding debts, suggest action because the identity may have been stolen.
Fraud protection is essential to safeguard your interests and prevent yourself and others from making a mistake that can cost you more than money. Fraud protection is the way out if you want to prevent new age scammers from using technology to make life tough for everyone and cheat them of their hard earned cash.