How to Avoid Credit Card Fraud

Have you ever seen a credit card transaction billed to your credit card, but have no clue about the credit card transaction? You might very well be a victim of a credit card fraud, one of the simplest forms of identity theft! When you give your credit card to a waiter at a restaurant for billing, at a fuel station after filling gas, or even to a shopkeeper with malicious intentions, you pass on important information like your credit card number to them that they can use without your knowledge to trick you! Ever noticed your credit card transaction slip containing your credit card number? This is all one needs to get started onthe credit card fraud bandwagon! And incase you are not well informed of the spending via SMSes/ Calls from the bank, you may not even realize that you are being a victim of credit card fraud till the time the credit card companies tracks you down and demands re-payment.

How do you prevent this from happening? Here are a few ways:

1. Whenever you receive your new credit card, always sign it in the space provided at the back of the credit card with permanent ink that cannot be erased.

2. Never share your credit card number and expiry date with anyone.

3. Never write down you credit card’s password or PIN anywhere, even if you think only you have access to it.

4. If you have changed your address recently, make sure you communicate the same to the credit card provider. This will ensure they do not send the credit card statements to the old address. This can easily be intercepted, and used for credit card forgery.

5. Never let your credit card out of your sight while making a credit card transaction. If this involves following the person who is completing your credit card transaction till he swipes and returns the credit card safely back to you, then so be it!

6. Also make sure that the merchant does not employ a credit card reader device (also known as a skimmer), which can make copies of your credit card’s electronic signature.

7. After collecting the credit card receipt, make sure that you store it in a safe place accessible by only you. If you want to dispose the receipts, make sure you shred it and then dispose of it.

8. Using you credit card over the Internet can be tricky: Several fake websites are designed to entice you into entering your credit card details into their system. This is known as phishing, and is an easy way for Internet tricksters to make money. Make sure the credit card website can be trusted, and look out for the security icon at the bottom of your browser. Always make sure that you are browsing on a safe system, and not a system compromised by viruses and Trojans.

9. It is advisable to have a good understanding of your credit card’s security procedures, and to follow them meticulously. Some banks employ OTP (One time password) system, which is sent to you mobile, helping you to complete the credit card transaction securely.

10. After your online shopping, always make sure you log yourself out from the browser.

11. When your existing card expires, cut it up and dispose of it safely.

12. If you ever notice credit card credit card transactions that you have not made billed into your statement, inform you bank immediately, and block the credit card.

If you follow these steps, you greatly minimize the chances of you falling into the traps of credit card theft. If you still notice any fraudulent credit card credit card transactions, make you reach out to the credit card provider immediately. Most credit card companies have cautionary security precautions in place where they refund all fraudulent credit card credit card transactions unto a particular date since you reported the theft. It also helps to be aware of the policies and insurance regarding the credit card.