Credit Card Fraud – How To Prevent It
Credit Card Fraud – How Does It Happen?
There are quite a few ways in which credit card fraud can occur. From the very basic theft (pickpockets or dumpster diving), to high tech hacking and credit card skimmers at places such as gas stations – these are all common place. If personal information or bank account information is not shredded and can easily be found in the trash, a thief can easily use that information to purchase items that are within your spending pattern, making it harder to detect credit card fraud until it’s too late. Phone scams offering free travel or prizes are the biggest fraudsters and can quickly leave you with thousands of dollars of charges that aren’t yours.
What Can You Do To Prevent Credit Card Fraud?
By following these best practices, you can prevent fraud:
- Don’t give your credit card information over the phone unless you’ve called a company that you know is reputable. If you have never purchased from them in the past, do a web search for complaints.
- Only carry the card that you need for that particular outing. This can minimize damages if someone steals your wallet or purse.
- During a transaction, keep a watchful eye on your credit card. Make sure that it is returned to you.
- Never leave a blank spot open on a receipt. If for instance you left a cash tip, write CASH on the tip line to avoid others filling in numbers.
- Save your receipts to compare totals later on if there should be a conflict.
- Check your statements often, whether they are on paper or online.
- Report any items that don’t look right to your credit card issuer.
- Notify your credit card issuer if you intent to travel.
- Notify your credit card issuer if your address changes.
- Don’t write any account numbers on scrap pieces of paper
Report Credit Card Fraud & Losses
Notify your card issuer as soon as you find that your credit card has been lost or stolen. Many companies have a 24 hour service line dedicated to take these calls. Once you place this call, law states that you only have a $50 liability for each card that is lost or stolen. You will not be responsible for fraudulent charges that exceed that amount.