Tested and Tried Ways You Can Use To Protect Yourself from Credit Card Fraud
Would you like to know tested and tried ways of protecting yourself from credit card fraud? Below are some of the common scams out there and the best way of avoiding them. If you think you are a victim of a card fraud, you need to call your provide straight away and report the matter.
Stolen And Lost Card Fraud
This is where a stolen and lost credit card is used by an impostor posing as you. In most cases, stolen and lost credit card frauds take place before the loss has been reported. To protect yourself, make sure stolen and lost cards have been reported straight away. Use pin and chip cards as much as possible and carry required credit cards only while making sure the cards are not placed in your pockets or places they can fall out easily. Ensure credit cards fit well in your purse or wallet while taking precautions to avoid any loss, such as remembering not to leave a handbag unattended or carrying a wallet in a back trouser pocket.
Counterfeit Or Skimming Credit Card Fraud
Counterfeit cards could be valid or fake credit cards recoded or altered. In skimming, the data on the magnetic strip of your card is copied electronically on another credit card secretly. Cases of counterfeit credit card frauds take place at retail outlets, mostly in petrol stations, restaurants and bars. This fraud also occurs at cash machines already integrated with skimming device. After the data has been stolen, it will be used in creating counterfeit credit cards. In most cases, many people only come to realize they are victims of a fraud after receiving their statements. If you believe your bank or a specific cash machine is tampered with, visit or call and let them know.
To protect yourself, avoid leaving the card with restaurant or bar staff for a long time, do not give the retail staff your card to have payments processed and, always check a cash or ATM machine for any signs of skimming device or tampering before inserting yours.
Credit Card-Not-Present Scam
This scam is very widespread in Europe, mostly in the United Kingdom, but equally common in America and other countries. Fraudsters steal the details of a credit card and make purchases over mail, fax, phone or the internet. Always know the merchant or customer you are doing business with.
The best way to protect yourself from this scam is to avoid adding your credit card information on public or shared computers. Remember to always log out from any website after entering your credit card information. Card details should only be entered on sites deemed secure, those starting with “https” including a padlock in the window of the browser. Do not forget to monitor your statements and passing any information on a fraudulent transaction.
Non-Receipt Mail Credit Card Fraud
This is a fraud that occurs after ordering a new credit card and it is stolen in transit to you. Those living in places where a communal letter-box is shared are at a higher risk, especially residence halls and flats.
Protect yourself by making sure you know the exact time the card will take to reach you via mail and call the card provider in case it does not arrive as expected.
Identity Theft On Credit Cards
Identity theft happens once a fraudster has used your personal details to access or open credit card accounts using your information. One type of this fraud is known as application fraud where fake or stolen identification documents are used to get new accounts bearing your identity. The other type is known as account takeover identity theft fraud where personal information is used without your consent to convince banks to deliver new cards or make payments from any of your accounts.
You can protect yourself from this fraud by shredding bank statements, bills and other identity documents that have your personal information prior to disposing any of them. Those using social media sites should give as scanty information as possible on their personal pages. Contact your postal customer inquires in case you realize your mail is either hijacked or stolen so that you can know whether a mail redirection has taken place without your knowledge. After moving house, call or contact the postal service to redirect all your mails while informing firms and companies you work with right away.
To make sure you have been provided with a quick response and best service, avoid changing your contact information often and when you do, alert your bank or credit card provider so that you can be contacted in case of anything.
About Author
This article is written by Tracy, who is an accountant and a part time blogger. She greatly admires the work of James Foley from www.foleylawpllc.com on credit card law suit defense.
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Category: Credit Cards
