Credit Card Fraud And What To Look Out For
A fairly straightforward and simple way for a thief who has knowledge of credit card fraud to “make a living” is by stealing credit card numbers, at least for a short period. Now, you may be thinking you are very safe but lets look at some facts.
It can be argued that now it is safer to use your credit card on the internet via a secure order form (SSL) than it is to use it in a restaurant, which most people would choose not to believe. This is called “skimming”. So, lets say you have your meal and hand over your card to the waiter for payment. They then take the card and within a minute its back in your possession.
No harm done, right? Well, it could be that the waiter skimmed your card not only for the actual payment but also to take your credit card details and you would not know any the better. The second skim is done via a magnetic card reader which can then be taken away and downloaded onto a computer.
The only way to be sure this has or is not happening to you is to regularly check your card statements. Often thieves will make very small transactions so you are not aware of them, so its wise to go through your statement carefully.
Banks and other financial institutions have powers to compensate you in full should you be the unfortunate victim of credit card fraud but should be any reason for complacency. They will not always compensate you which is what happened to me, although thats a long and rather complicated story.
Here are a few things you can do to limit your risk:
- other than your credit card statements and receipts – anything not worth keeping that is related to your credit card account – you should either shred up or burn. Its best not to simply throw in the bin
- if you are ever asked to provide credit card account details over the phone you have to ask why. Its possible this could be fraudulent activity to be very sure before you divulge anything at all
- do not lend your credit card out to anyone unless you trust them implicitly
- its wise to carry only the card or cards that you really need and any other cards you have, leave them in a safe place at home or in the office
- do not leave any credit card slips lying around or do not just simply throw them in the bin
- check all card receipts against your card statements on a regular basis
- if you are relocating, do let your card companies know about this well in advance
Simple ways to keep your credit card safe and your money secure, so its just a matter of being aware and remembering just how easy it is to be a victim of credit card fraud.
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