Fraudsters want access to your credit card data. Plain and simple. And they’re always coming up with new ways to get their hands on this valuable information.
According to a September 2023 report by Equifax Canada, credit card scams are on the rise. That’s why it’s important to be on high alert against the potential threats to your personal information. Here are three ways to take your credit card safety to the next level.
1. Protect your codes.
Most credit cards come with built-in security features to help you protect your account, including these two important codes:
CVC: Your Card Verification Code, sometimes referred to as your CVV or Card Verification Value, is a three-digit number typically located on the back of your credit card. Online retailers may ask you to enter your CVC as an extra security measure when making purchases.
PIN: Just like a debit card, your Personal Identification Number (PIN) is a four-digit code that may be required when purchasing in-person, when tap isn’t accepted or when you’re spending more than your tap limit.
Just as you wouldn’t want to reveal your credit card number unless you’re making a purchase, try not to expose your CVC when you’re not using your card. Similarly, your PIN is private, and should never be shared with anyone, or written down.
2. Arm your security features.
Check to see which security features your card offers. Capital One Canada’s cards have tons of useful features you can access in our mobile app. For example:
Stay on top of your purchases with an enhanced view of your transactions, including the retailer’s phone number, website and, when available, even their location
Spot a double-charge right away by setting up account alerts that notify you about suspicious activity or recent purchases
Keep your PIN secure by updating it within the app
3. Outsmart the scammers.
Fraudsters are getting even trickier. Be mindful of phishing scams that are designed to steal your personal information. Here’re a few ways to help protect yourself:
Don’t interact with anyone whose email you don’t recognize, and don’t click on links or attachments
Block suspicious emails or phone numbers right away
Never share sensitive information by email, text or over your social messaging platforms
Watch for aggressive language that creates a sense of urgency
BTW, Capital One will never ask you to share your personal information by email or text, and never, under any circumstances, request your PINs or passwords. Your account details are yours and yours only. Keep them safe, so you can steer clear of fraudsters.
Learn how to prevent identity theft.
* If approved by Quick Check, you can be 100% sure your card application will be accepted as long as:
1. There’s been no change in your credit file information, personal information or financial status from the time you receive your Quick Check results to the time you apply for one of our credit cards;
2. You’re at least the age of majority in the province or territory you live in;
3. Your application isn’t flagged for fraud prevention;
4. You don’t have an existing Capital One account; and
5. You haven’t applied for a Capital One account in the last 30 days or had an account with us that was not in good standing in the last year. In good standing means not past due, over limit, fraudulent, restricted, or part of a consumer credit counselling program or bankruptcy.
In some cases, we may not be able to open an account for you even though your application was approved. This can happen if we’re unable to verify your identity, or you don’t provide the required security funds if you’re approved for a Secured Mastercard®.