Credit card fraud occurs because there are some unethical people out there, willing to swap your credit card information so they can shop and not have to pay the bills. When the sanctity of the relationship between credit card and cardholder are violated by a third party and charges that are not authorized by the credit cardholder are not approved, that is credit card fraud.
How Technology Enables Credit Card Fraud
As technology advances, everyone does as well – including criminals. There are machines capable of swiping your credit card information within seconds. All the while you may not even realize that the theft is occurring. People are more than likely to have their credit card number stolen in person by a cashier, waiter, or hotel clerk, than having a secured online form hacked into. Many times once credit card numbers are stolen, many criminals then go on shopping sprees.
Protecting Yourself from Credit Card Fraud
There are some easy steps a consumer can take to help ensure that they do not become a victim of credit card fraud. By taking a common sense approach to managing your credit card and the statements you can help protect yourself.
Never give out their credit card information over the phone unless you initiated contact. Additionally, make sure to do it in a private place. In public, criminals may be lurking about and may be memorizing your account number as you recite it to the person on the other end of the phone line.
Sign your credit cards when you receive them. Even better, get a credit card from a company that allows you to put your photograph on it as a visual match is a great way to identify the cardholder.
Make sure you know where your credit card is at all times. If you’re in a restaurant and are paying with plastic, keep your eye on the waiter. When you receive the credit card back, quickly put it away as your neighboring diners may have a camera ready to take a shot of your number.
These are only some basic steps to minimize your risk of being a victim of credit card fraud. Be sharp and alert, and don’t be a victim.