How to Prevent Credit Card Fraud–Credit card fraud can happen when least expected. The possibility of becoming a victim of fraud increases greatly when a cardholder uses a credit card. Credit card fraud costs issuers and cardholders millions of dollars each year. Cardholders do not have to be a victim of credit card fraud. Although there is no way to prevent credit card fraud completely, it is possible to decrease the likelihood of it happening. Cardholders can fight credit card fraud by taking a few extra precautions to protect personal information.
How Credit Card Fraud Happens
Credit card fraud does not only happen when cardholders’ credit cards are lost or stolen. Fraud can occur when employees copy the card or card number of cardholders, when criminals take postal mail or when credit card information is given to unfamiliar people. It can happen in a matter of seconds and cardholders may not have any idea that fraud is occurring. Beware of friendly faces and smiles. Take measures to protect creditworthiness.
Tips on Preventing Credit Card Fraud
Credit card fraud comes in many forms, making it very hard for cardholders to identify it. Here are tips that consumers can use to prevent credit card fraud.
If Credit Card Fraud Happens to You, Then…
- Report lost or stolen credit cards immediately.
- Keep belonging close when in public places.
- Shred unwanted credit card applications that come in the mail.
- Call creditors when bills do not arrive in the mail.
- Carry only 1 or 2 credit cards in the wallet at one time.
- Memorize the credit card pin number instead of writing it down.
- Watch employees who handle credit cards during purchases.
- Update personal information with credit card companies when moving.
- Review credit cards statements for unauthorized transactions as soon as the bill arrives.
- Keep credit card receipts and compare to credit card statements.
- Shred old credit cards.
- Sign credit cards upon arrival.
- Destroy carbon copies with credit card numbers.
- Keep records of customer service numbers, credit card numbers, expiration dates, and addresses related to each credit card in a safe, secure place.
- Keep credit cards out of sight in wallets.
- Destroy all receipts of voided transactions.
- Shred old credit card bills.
- Draw lines through any blanks on credit card receipts that are above the total.
- Write the cardholder’s name and full address on the outside of mail when mailing bills.
Do Not Do These Things:
- Use the automatic sign in option on public computers.
- Sign blank receipts for transactions.
- Leave credit cards lying around when around strangers.
- Lend credit cards to friends.
- Write down or provide anyone with personal pin numbers and security codes of credit cards.
- Provide personal information to unknown individuals who make contact through mail or Internet.
- Provide credit card information over the phone unless it is a reputable merchant.
Cardholders must take a stand against credit card fraud by taking extra precautions to protect personal information. Credit card theft can happen to anyone at any given time. When cardholders least expect it, criminals are waiting to steal credit card numbers and destroy cardholders’ credit. Do not be a victim. Protect credit cards at all times.