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How to Minimize Potential Impact of Card Fraud
How to Minimize the Potential Impact of Card Fraud
In today's digital age, the risk of card fraud is ever-present. While prevention is crucial, it's equally important to be prepared for the aftermath. One common method of fraud is unauthorized access to your card information. To mitigate the impact of potential breaches, it's wise to maintain a safeguard between your regular transactions and your main bank accounts.
1. Use a Dedicated Credit Card for Everyday Purchases
A practical strategy to achieve this separation is by designating a specific credit card for your day-to-day expenses. This method has multiple benefits:
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Security: In the event of fraudulent activity, only the balance of that particular card would be compromised.
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Accessibility: You can access your primary checking account without interruption, even as the fraudulent charges are being disputed.
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Variety: There's an abundance of credit card options in the market. Opt for one that aligns with your requirements.
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Financial Benefits: Ensure you clear your dues in full each month to avoid interest. If your card offers a rewards program, you might even earn additional perks.
Secure your finances with a WNB Credit Card. No matter which card you choose, you'll enjoy Zero Fraud Liability.* You won’t be liable for fraudulent purchases when your card is lost or stolen.
2. Opt for a Separate Debit Card Linked to a Secondary Account
If acquiring a credit card isn't feasible for you, an alternative is to have a dedicated debit card connected to a separate checking account. This account should contain only the essential funds needed for your immediate transactions. By limiting the balance, you reduce the potential sum that could be jeopardized during a dispute.
3. Utilize Restrictions on Your Debit Cards for Additional Protection
Adding restrictions to what activity a debit card can perform can also limit your risks. Depending on the institution, this limitation can be anything from lowering the daily limit to restricting specific transaction types. Keep in mind that depending on what restrictions you place, you could still use your card as you need while limiting what a fraudster could do. Turning off international purchases may not interfere with your day-to-day, but it could significantly hinder a fraudster's options.
WNB Digital's Card Manager gives you multiple options to control how your card is used. Easily set travel notices, and notifications for:
- Transactions above a set dollar amount
- International transactions
- Merchant types
- Transaction types
By implementing these strategies, you can effectively buffer your primary assets from the repercussions of card fraud, offering you peace of mind and financial security.
Do you have any questions or concerns? Please contact us.
*Elan Financial Services provides zero fraud liability for unauthorized transactions. Cardholder must notify Elan Financial Services promptly of any unauthorized use. Certain conditions and limitations may apply.
The creditor and issuer of these cards is Elan Financial Services, pursuant to separate licenses from Visa U.S.A. Inc., and Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
The creditor and issuer of these cards is Elan Financial Services, pursuant to separate licenses from Visa U.S.A. Inc., and Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
