Ways to Avoid Credit Card Fraud

 

Credit card fraud is one of the many forms of fraud, meaning that it is a crime or a deception made for personal gain involving the use of credit cards, debit cards or prepaid cards.

 

Well, most of the time, the card owner is also to blame. If you’re not careful, you’re leaving yourself susceptible to schemes of con men and fraudsters. These people will not hesitate to take advantage of you and they will leave your finances in total disarray without you even knowing it. 

 

Typically, a fraudster causes a credit card of another person to be charged for a purchase. Today, half of all credit card fraud is conducted online, meaning that the fraudsters can freely make online purchases with the credit card details of other people.

 

How do you protect yourself from these practices? Here are 10 ways to avoid credit card fraud.

 

1.  If your credit card gets lost or stolen, make sure you report it to your credit card company immediately. Usually, your liability will be limited if you notify the issuer within 24-48 hours. 

 

2.  If you plan to shop by phone or online, make sure the person or company you're dealing with is legitimate. Try to get feedback first from anyone who has already shopped with the company. If you have questions or concerns, get answers before giving your credit card number to anyone.  

 

3.  Make sure your card is returned to you after every transaction. Pay attention to your credit card slip as it is being filled out. If they are using old style machines, make sure it's not passed through the machine more than once. Ask for your carbon copies.

 

4.  Destroy the carbon copies and out of date credit cards. Dispose of them in such a way that your numbers cannot be deciphered. To check your monthly bills and for record purposes also, keep your credit card receipts.

 

5.  Make a list of your major credit cards, their account numbers and the phone numbers to call if cards are lost. Leave this list in a safe place at home. Don't carry it with you where it could be lost or stolen at the same time as your cards.

 

6.  If you’re planning to get another credit card, try and get one where you can manage your details online. This way, you can quickly discover any billing problems and report it immediately.

 

7.  Never divulge your credit card number on any email.  Also never give credit card information on any phone call that you receive unless it was you who initiated the call first. Always ask who it is you’re talking to.

 

8.  Consider carrying your credit cards in a separate wallet or purse from your cash. Also, if you’re planning to go somewhere you won’t really need to use your card, just try to bring cash, or just a single card for emergency use.