One of the worst things that can happen to the Credit Card holder is Credit Card Fraud!
Credit Card Fraud has become a significant threat because of the internet, modern technology, and cyber criminals. Unscrupulous individuals are always looking for ways to scam hard-earned money from honest individuals. You should take precautions in all your transactions in order to avoid credit card fraud. Every day, you are exposed to a lot of risks.
Preventing Credit Card Fraud
Keep your card in sight. Whenever possible, keep your credit card where you can see it. Some places, like restaurants, take your card away and then bring it back after they’ve secured authorization for a transaction. It’s when the card is out of your sight that it’s often swiped through a card reader that stores the information from the magnetic strip for criminals to use to create a duplicate card later.
Never carry multiple cards. If you lose your wallet or purse, you lose everything that’s in it. Another danger here is that someone will go through your wallet or purse when it’s left unattended and steal just one card. Leave any card you won’t be using at home, and try to stick to putting all of your purchases on just one card.
Consider purchasing pre-paid credit cards for online shopping. Pre-paid credit cards are one of the best ways to protect yourself. You load the card with a set amount and then use it just as you would a regular credit card. The good news is, if the number is stolen or the card is lost, your liability and the amount of damage that’s done is limited by the money that’s available on the card. As an added bonus, there’s no interest on a pre-paid card since technically you’re spending your own money, .
Never use your credit card on an unsecured Web site. A secured Web site will have a small lock in the lower right corner of the page, or the status bar for the page. If the lock doesn’t appear there, then the site is not secure. Don’t use your card on an unsecure site, because anyone with a little skill can capture the number and use it for their own purposes.
Never give out your credit card number while you’re on your cell phone. Cell phones have become such a large part of our society that we often forget everyone around us can hear our conversations. If you need to provide your credit card number for a purchase while on the cell phone either request to call the company back from your own home, or find a place that’s private (like inside your car, alone) to provide the number.
Anothers tips to Keep Your Credit Card Safe
- Don’t discard your receipts in a public trash can
- Shred documents that contain sensitive data before disposing them from your home
- Ignore emails that ask for your credit card information. Take note that phishing and fake emails are the top sources of fraud online
- Review your credit card statement carefully as soon as it arrives. Write a complaint form if there is any inaccuracy
Hi Root,
I know what you mean, Credit card fraud and identity theft has, sadly, become a very big and real problem for anyone with a credit account, bank account or any other such financial product. The banks and financial institutes do all they can to protect you, and themselves, from this happening, however much of the security needed comes down to you, the customer. It is your money that can be stolen, your identity. Imagine, going to withdraw money from your account, only to find there’s a lot less in there than you originally imagined. Or even receiving a bill at the end of the month for your credit account that has thousands of dollars of charges on purchases that you never made. It is extremely important that you protect yourself from this happening.
Cheers