How to protect your credit from fraud?

How to protect your credit from fraud
Cybercriminals are always one step ahead of consumers and rampant credit fraud.

By Manuel Tovar, July 12 – Hispanic Solutions Group

Cybercriminals are always one step ahead of consumers and the rampant credit fraud they commit can affect your credit report Over the years, damage your credit score and increase the interest rate you receive on loans.

Faced with this permanent threat from “Cybercriminals” that harms consumers in the financial system, Hispanic Solutions Group, committed to users, provides them with some tips to avoid this type of fraud.

Consumers who have lower credit receive higher interest rates for auto, student and personal loans and even mortgages because they pose a higher risk to lenders. If you suspect credit fraud and want to see your credit history,check your credit score.


Protecting your credit score from identity theft is important as this type of organized crime is often deceptive and the behavior can go unnoticed for several months.

Identification and credit card fraud is very common and built into the business model of most financial institutions, he said. Jessica aliaga credit specialist. “If a scammer tries or succeeds in compromising identity or credit card information, do not blame yourself or be overwhelmed by guilt,” he continued to comment. “At some point, every citizen and customer is the target. Scammers are ubiquitous, persistent, cunning, and often well-funded. They will use a wide variety of attack methods to obtain and use the information for financial gain.”

Additionally, there are several ways that consumers can protect their credit card and credit card information from the dangers of fraud and identity theft.

Here are the following recommendations:

  1. Avoid robocallsof “credit card services”, as they are all to try to scam you – hang up and ignore them. “You should never voluntarily offer personal information or account data to a phone agent who calls you out of the blue,” said, a technology provider that applies artificial intelligence to detect and search for cyber attackers.
  2. It is recommended to change your passwords regularly and do not use the same password for multiple financial accounts.
  3. You must learn to recognize fake emails, from banks, credit card companies, or even credit rating agencies. They’re not hard to spot after a while – look for bad grammar and typos or hyperlinks that reveal strange or unfamiliar URLs. It is also recommended that you should “Teach the elders in your circle to be skeptical of robocalls, cold calls, and unexpected email attachments.”
  4. We suggest that you read your monthly credit card statements because according to analysis, it has been established that “It is surprising how many people do not,” “Check purchases that you do not recognize. Most banks facilitate nowadays dispute an inaccurate charge on your card. “
  5. Get a copy of your credit history annually, which is provided to you free of charge through three credit bureaus. Constant credit monitoring could help you detect fraud and errors in a more timely manner.
  6. Sign up for email and text message fraud alerts for each bank and credit card account so you will be notified when new charges are made. Ideally, set thresholds, so as not to create alert fatigue for yourself. “Scammers will often test small transactions of about $ 1 to see if the information on the stolen card is valid and if the bank’s fraud prevention systems detect it.”
  7. Enroll in multi-factor authentication at each bank and credit card company. It can be an email or text messages. “These mechanisms provide some protection at account login, making it difficult for scammers to access or modify your online banking information.” Make sure passwords aren’t your only security control, said the chief security scientist at Thycotic, a provider of privileged access management solutions. “One way criminals steal your identity is by taking over your accounts,” said scientist Carson. “Don’t make it easy for them. Use strong access controls to protect your most important accounts with a password manager and multi-factor authentication.”
  8. Limit the number of cards used online to a single cardIf there’s a fraud problem, there’s only one card to replace, said specialist Brandon Hoffman, a company’s chief information security officer. Damage is significantly reduced.

Finally “Being a victim of card fraud is generally not a big problem thanks to many of the laws and protection processes implemented by card issuers and processors”, “However, the identity fraud it can quickly turn into a nightmare that can entangle a person for years to come. “

We invite you to follow our social networks: LinkendIn, Facebook, Twitter and Instagram to find more information related to finances. Also on our YouTube channel The Credit Channel to learn how to improve your credit. If you need help repairing your credit, disputing debts that do not belong to you, or other services, call us at (612) 216-1599.