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1 Simple Strategy for Beating Credit Card Fraud

By Tim Beyers – Jan 23, 2014 at 6:45PM

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Consumers need to be more vigilant in the wake of more data breaches.

The simplest strategy for beating credit card fraud is to check your accounts regularly, Fool contributor Tim Beyers says in the following video.

Sound like a pain? Maybe at one point it was, when checking transactions meant logging into several different accounts and combing through records -- or worse, calling your bank. Services such as Intuit's (INTU -0.68%) Mint -- and an in-development pro version called Mint MyBusiness -- make the task easier by automatically adding transactions every time you log in. A cursory glance each morning should give most consumers all the information they need.

There's reason to be so vigilant. Last week, Reuters revealed that six other retailers have been affected by the same malware that stole data from Target's point-of-sale systems over the holidays. As many as 70 million shoppers were at risk as of this writing. Automatically downloading transactions and then checking balances daily increases the odds of finding a breach before it turns into full-scale identity theft, Tim says.

Do you agree? What are your strategies for protecting your financial life? Please watch the video to get Tim's full take and then leave a comment to let us know what you think.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's web home and portfolio holdings or connect with him on Google+Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

The Motley Fool recommends and owns shares of Intuit. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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