As technology advances, so do the ways that criminals commit crimes. Credit card fraud for online purchases alone topped $4 billion in 2008. One crime that is on the rise is credit card fraud, but there are some simple steps consumers can take to help prevent them from becoming the next statistic.
How to Prevent Fraud
- When you get a new credit card in the mail, immediately sign the box on the back as most vendors match that signature with the one on your driver’s license
- If you are dining out and pay by charge card, keep and eye on your credit card at all times as it makes its way around the dining room so you can see if someone is illegally copying down or swiping your number
- If you are making a purchase by phone, do so in private so no one has the opportunity to memorize your credit card number
- Do not give out your credit card number to anyone you did not initiate the call to
- Do not email your credit card number, especially if the request for your information is solicited via an email as it may be a phishing scam
- Always check your credit card statements when they come in to verify if the charges made were actually yours
- Know where your card is at all times and if you have multiple cards, lock the ones that you are not currently using in a safe
By being an alert and cautious consumer and credit card holder, you can help slow the increase in credit card fraud. Make sure to be aware of your surroundings when you are out, store your credit card safely when not in use and check your credit card statements for accuracy. By following these and all the previously mentioned tips you can help protect your financial well being.
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If preventing credit fraud is a major deal for you, then it’s a good idea to review some credit card prevention tips. By knowing what dangers are out there, along with various prevention methods, you can increase your chances of avoiding identity theft and other problems inherent in this type of fraud.
What is Credit Card Fraud?
Credit card fraud can come in a variety of forms, but basically means that someone gets a hold of your card or your card number and uses it to purchase items, or worse, takes it to gain access to your identity. In the second scenario, which is known as identity theft, more accounts can be opened in your name, which essentially ruins your credit, and can cause extensive harm to your financial well-being.
Anyone who has been victimized in this way can tell you that preventing credit fraud should be at the forefront of everyone’s minds. Luckily, there are some tips you can use to help stop this crime from happening to you.
Tips for Preventing Credit Card Fraud
Below are a handful of tips that can help prevent you from placing your credit information in the hands of a thief:
- Always know where your card is. While it may seem like an obvious statement, you’d be surprised how many people don’t know where their card is. If you pull it out to use it and drop it back in your purse, it could accidentally fall out at some point. This is why it’s good to always keep track of it so you won’t inadvertently allow it to fall into the wrong hands.
- Be careful of where you submit your card information. With us being in the midst of the Internet age, it’s a common occurrence to enter credit card information online. However, before you do so, take time to ensure that the site is secure to avoid a thief stealing your information.
- Shred your credit card statements. Another tip for preventing credit fraud is shredding up your statements before dumping them in the trash. There are plenty of thieves out there waiting for the chance to pick through your trash for great identity information. So be safe by shredding it up first.
By taking the necessary steps in preventing credit fraud, you can make using your credit card a much safer experience.