Whether you’re shopping online, paying at the gas pump, or tapping your card for your morning coffee, protecting your financial information has never been more important. As the way we pay continues to evolve, fraud tactics are evolving too. Knowing what to watch for — and what to do if something doesn’t look right — can help you stay one step ahead.
What Is Credit or Debit Card Fraud?
Credit and debit card fraud occurs when someone gains unauthorized access to your card information and uses it to make purchases, withdraw funds, or commit identity theft.
Some common forms of card fraud include:
Card Skimming
Fraudsters place devices on ATMs, gas pumps, or payment terminals to capture card information during a transaction.
Account Guessing Attacks
Criminals use automated software to attempt combinations of card numbers, expiration dates, and security codes until they find a valid match.
Phishing Scams
Scammers send emails, texts, or fake websites designed to trick individuals into sharing personal or financial information.
How to Protect Yourself
While fraud can happen to anyone, there are several steps you can take to reduce your risk:
Monitor Your Accounts Regularly
Review your account activity and card statements frequently. The sooner you spot suspicious activity, the sooner action can be taken.
Set Up Account Alerts
Transaction alerts can notify you when purchases are made, helping you identify unauthorized activity quickly.
Use Strong Passwords
Create unique passwords for your financial accounts and update them periodically. Consider using multi-factor authentication whenever available.
Shop Online Safely
Only purchase from reputable websites and look for secure connections indicated by “https://” and a padlock icon in your browser. Avoid entering payment information on public Wi-Fi networks unless you’re using a trusted VPN.
Protect Your Physical Cards
Keep your cards in a secure location and be mindful when using ATMs or payment terminals. If anything looks unusual or tampered with, don’t use the machine.
Set Up a Trusted Contact
A trusted contact is someone who you trust: a family member, close friend or attorney who can confirm your current contact information or discuss red flags on your account with you, such as unusual activity. Learn More.
Put more control at your fingertips
Your Park debit or credit card comes with tools that can help you stay one step ahead. Through Park’s digital banking tools, you can monitor transactions, set up account alerts, and lock or freeze your card if something doesn’t look right. Taking a few minutes to familiarize yourself with these features now can make it easier to act quickly if you ever need them.
What To Do If You Suspect Fraud
If you believe your debit or credit card information has been compromised:
- Contact Park Community immediately at 502.968.3681.
- Lock or freeze your card if that option is available.
- Review recent transactions and report any unauthorized activity.
- Update passwords associated with your financial accounts.
- Consider placing a fraud alert or credit freeze with the major credit bureaus.
The sooner fraud is reported, the easier it is to limit potential losses and protect your accounts.
Knowing your protections
Federal regulations provide important protections for consumers, and many card issuers offer zero-liability policies for unauthorized transactions. Because protections can vary depending on the type of transaction and how quickly it’s reported, it’s important to contact Park as soon as you notice suspicious activity.
We’re Here to Help
Fraud can be stressful, but you don’t have to navigate it alone. At Park Community, we’re committed to helping our members safeguard their finances and respond quickly when suspicious activity occurs.
If you ever notice unauthorized transactions or have concerns about your account security, contact us right away. Together, we can take steps to protect your financial well-being.
