How To Eliminate Credit Card Fraud Risk
Have you ever been the victim of credit card fraud. My only experience was minor, but annoying nonetheless. For others, though, credit card fraud can be quite traumatic. To make things worse, if the fraud is not soon enough, it could adversely affect your credit report for years.
The most commonly thought of credit card fraud is when your wallet or purse is stolen, and the thief uses your credit cards to make unauthorized purchases. However, with the rate on online buying growing at a very high rate, another type of credit card fraud—known as misappropriation—is spreading rapidly. Online, all that a thief needs to use your credit card is your credit card number, and not the actual card.
How Does Credit Card Fraud Occur?
There are many ways you can be defrauded through your credit card. Here are the most common:
1. Somebody will call you, and they tell you that they have a special offer, usually good for a day or some other short period to pressure you. Of course, all you need to take advantage of the offer is to provide them with your credit card number in order to make the purchase.
The solution? Never give out your credit card number to anyone who calls you. Only provide your credit card details if you have called the company to place an order, and you are positive that it is an established reputable business.
2. You find that someone has rummaged through the bags of rubbish that you put outdoors for the early morning collection. A few days later, when you receive your credit card statement, there are a whole series of unauthorized charges.
The solution? Always tear up your credit card receipts and bank statements before putting them in the dustbin or garbage bags. Many thieves go through those specifically looking for credit card information.
3.You have a meal in a restaurant, and pay the bill with your credit card. On your next credit card statement, you notice that there are unauthorized charges that started the same day as that restaurant meal. It was because that the waiter made an extra imprint of your card when he processed your bill, and then used the number for his own purchases.
The solution? To combat this problem, some restaurants have placed their credit card processing centres in full view of the customer’s sight. If they have not, you could follow the waiter to the till, and watch him throughout the process of charging your credit card. Make it obvious you are watching them.
Other Steps To Take To Prevent Credit Card Fraud
What other steps can you take to reduce your risk of becoming a credit card fraud victim? Here are a just a few more ideas:
1. If at all possible, you should carry your credit cards, plus other bank information, somewhere other than in your wallet or purse. That way, if a thief snatches it, you will only lose your cash, not your credit cards.
2. It is a good idea to only take with you one credit card, the one you intend to use that day. Leave the others at home, that way you will not lose them all at once.
3. Keep a list of your credit cards in a safe place, including the numbers and contact information of the issuing company. That way, if you are unfortunate enough to lose them, you will have the information at hand to contact the issuing banks quickly.
4. You should never sign a blank credit card receipt, and always ensure you cross out any blank lines.
5. If you are buying on the internet, ensure you do so via a secure site.
6. If you move residence, advise your new address to your credit card issuer immediately. Some thieves are on the lookout for people moving house, and then they watch the mailbox of the old house, in the hope they can intercept a credit card statement.
Just by following the above suggestions, you will greatly reduce your chances of becoming a victim of credit card fraud. You will not become totally immune to such fraud, but there will be less chance of it happening.