Credit card fraud is becoming more and more of a problem, and if you are not careful then you could lose money to fraudsters. If you are worried about fraud but are unsure how you can protect yourself and your credit cards, then this article could help you. Here are some useful tips and advice about how to protect yourself from credit card fraud:
Methods of fraud
The methods and types of fraud are increasing as criminals learn new techniques and get improved technology. The most common methods of fraud today include:
·Copying and ‘cloning' of cards
·ATM fraud
·Internet card fraud
·PIN number stealing
All of these methods are used more commonly than ever before to effectively steal your money. Obviously, it is impossible to totally eliminate the problem of credit card fraud, but there are things you can do to greatly reduce the risks.
Keep cards close
Make sure that you never let your cards out of your sight. Never leave cards unattended, and certainly don't lend your card to anyone. If you are paying in a restaurant or shop, make sure you pay attention as to where your card is. A common method used to copy your card is to get the details whilst you pay, so keep an eye on your card at all times.
Check receipts
Whenever you get a receipt or a credit card bill, check that all the items and amounts are correct. If there are any amounts that you are unsure about, contact your card issuer immediately. Any paperwork that you throw away should be disposed of properly. Shred documents so that people cannot go through your rubbish and discover your card details.
Look behind you
When withdrawing money from a cash machine, make sure no one is looking over your shoulder to read your PIN. The easiest way for someone to use your card illegally is to see your PIN and then steal the card. Also, make sure you never keep a written record of your PIN, especially near your cards.
Use reputable firms
When buying on the Internet, make sure that you only purchase items from large and well-established providers. Small or unknown providers should be avoided as even if they are genuine, their security and encryption may be poor and allow fraudsters to access your details.
Keep contact numbers
If you have your card stolen or you think you have been the victim of credit card fraud, then you need to sort the problem out as quickly as possible. Keep all the contact numbers for your card issuer in a safe place so that you can call them up and sort out problems immediately. If you are careful and act quickly, you can limit the damage of fraud or prevent it occurring at all.
Credit Card Application Fraud
There are some things in life we can at times be completely helpless to stop. Unfortunately becoming the victim of credit card fraud is very often an event that falls into this category. All you can do is take as many precautions as possible to help avoid an unpleasant shock when reading your mail one morning or logging on to your internet banking service. Worryingly credit card fraud is becoming a growing problem and accounts for £1million per day in the UK alone. So, what steps can you take to avoid becoming part of statistics like this? I've outlined 10 helpful hints for you:
1. Although with the advent of chip & pin this is becoming less important, you must sign new cards as soon as you receive them.
2. Shred your old cards. A card you never use is one that is easy to lose and forget about and it's therefore very important to destroy these cards.
3. Never send your credit card details in an email. Even if you are just sending them to a friend, imagine how many wrong hands those details could be into within minutes if someone intercepts the email. You will never receive an email from your bank or an e-commerce company such as Amazon asking you to confirm your bank details. The 'from' field in an email is extremely easy to forge so even if it appears to be Amazon who sent it, its from a thief using a dangerous technique known as 'phishing'.
4. Likewise never fax or send a letter with your details on them. The only place where your numbers should be permanently visible is on the card itself. So destroy or carefully file away any statements you receive. You wouldn't give anyone on the street your bank statement so don't leave it intact in your garbage for anyone on the street to find.
5. Be extremely wary of random strangers talking to you or trying to distract you while using an ATM machine. Also if anything about the machine looks suspicious do not use it but instead report it immediately. Small cameras attached above to read your PIN or skimmers attached to the insertion area are two such devices to keep an eye open for.
6. When handing your card over the counter in a shop to make a purchase be very aware of what the assistant is doing with your card. All it takes is one quick swipe in his machine under the desk for all your details to be no longer just yours.
7. If you have to give out your card information over the phone only do it with reputable companies and certainly only when it is you who started the call.
8. You should know at all times where your credit card is. Mine is always in my wallet and if it isn't there I know there is something wrong. Credit cards are not large objects and coupled with the amount of times we use them in our daily lives, they can be lost very easily. Contact your issuer immediately to get the card blocked. If you don't and the criminal goes on a shopping spree then your lack of action could potentially harm your protection against having to foot the bill.
9. Going on holiday is a time when you are likely to be using your card a lot and is also a time you would least want the hassle associated with having your card stolen. You should therefore wear a money belt especially when travelling in countries you are unfamiliar with.
10. Go through your statement with a fine tooth and comb every month and reconcile every transaction with the receipt. Thieves could be stealthily using your credit card details without you noticing as opposed to quickly maxing out the card which would bring it immediately to your attention.
Like any crime, credit card fraud will never go away but if you follow some of these tips then you can at least reduce the likelihood of falling victim to it.
Both Peter Kenny & Andrew Mcnaught are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Peter Kenny has sinced written about articles on various topics from Credit Cards, Finances and Best Money Market. Peter Kenny is a writer for creditcards-gb.co.uk. For additional articles and an extensive resource for everything about credit cards, please visit us at 0% Credit Cards. Peter Kenny's top article generates over 368000 views. Bookmark Peter Kenny to your Favourites.
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