Have you ever logged into your bank account to find purchases that you didn’t remember making? Any store transactions where you don’t recall authorizing or recognize at all?
A few years ago, that exact situation happened to me. I mean, don’t get me wrong, there were times where I shopped at so-and-so store and totally forgot about it 😅… but we’re not here to talk about those today. These are the types of purchases under your name, but not made by you. The type called identity theft, or credit card fraud.
As credit card ownership continues to increase in the U.S. (up 2.5% in 2019 from 2018), unfortunately so do the opportunities for fraud. Credit card fraud made up 1/3 of the total identity theft cases in 2018.
Criminals are becoming more sophisticated, and even if our financial banking systems try to keep up with improved security measures, we should always try to add additional layers of security when we can - especially if it is at no extra cost or effort on us.
I use Chase banking, and what’s really great is they allow you to receive alert notifications (text or email) if a certain threshold of money is charged on the card. You can select your own threshold, whether it be purchases greater than $10, or $5, etc.
Personally, I set my notification threshold for any transactions greater than $0 (both text and email). Basically, that means I will be notified for any and every single purchase on all my cards.
Before you call me crazy, many credit card thieves will purposely charge small amounts first to see if they go unnoticed before making the big swipes. Just a few weeks ago, someone stole my brotato’s card to buy just one Coke - which would have inevitably been followed by larger purchases had he not caught it right away.
IN ADDITION TO ADDED SECURITY, SOME REALLY GREAT REASONS FOR ENABLING THESE NOTIFICATIONS
You receive the notifications pretty instantly, whether you choose to receive them through email or texts
Keeps a log of your expenses if you track your transactions for your budget tracker and don’t have time to input them in that moment (don’t overestimate your memory - I know I always forget)
Reminds you of recurring bills that you have on auto-pay so you don’t lose track of or risk oversight of recurring monthly costs
You can set notifications for cash outflows too as well as deposits, which are just as important as tracking your credit card swipes
Makes you more conscious of how often you are spending; I know setting a $0 threshold may sound intense, but you will realize it’s really not that bad, because you’re probably not spending as much as you think you are - and if you are swiping left and right, then it may help you be more aware of those habits
