Credit Card Inform

Credit Card Fraud

As the number of credit cards on the market rises, and the sophistication of the average crook or conman, credit card fraud is continually increasing. It costs businesses billions of dollars each year. And it costs you, too. Businesses pass these costs on to you in the form of higher prices, interest rates and fees. If you are victimized by a credit card scam, you also pay with your time and inconvenience getting your credit cleared.

If you get caught in a credit card scam, or have your credit card stolen, you are not usually required to pay unauthorized charges. Just be sure that you call your credit card company immediately after discovering a problem.

Today, most people use credit cards routinely. Few people pay cash, and checks are accepted from fewer and fewer location. Credit cards are convenient, increase your overall purchasing power, and have become wildly popular. Despite the fact that fraud is increasing, technology to prevent fraud is also advancing. As long as you remain careful, and communicate promptly when you notice unauthorized credit card activity, your chances of a complete and quick recovery are pretty good.

credit card fraud Credit card companies are taking steps to make the cards more secure. Some display a photograph of the credit card holder so criminals can't make face-to-face purchases with a stolen credit card. Most cards have holograms, secret imprints, or hidden images so thieves have a harder time making a new credit card with a stolen card number.

Despite these improvements, you can still be a victim of credit card fraud. Even though credit card companies usually won't make you pay for the merchandise that thieves buy, it can be nerve-wracking to lose a credit card or find unauthorized charges on your credit card bill. That's why it's important to protect your credit card, your credit card number, and your credit card sales slips.

Protect your credit cards:

Use common sense when it comes to your credit cards. Don’t lend your card to anyone else. If you want someone else to use your credit card, go with the person and do it yourself. Some other tips:

Only carry one or two credit cards at a time.
Don't write your PIN on your credit card, or even in the same place where your credit card is stored. This prevents thieves from using your card and PIN to withdraw money at an ATM machine.
Write down the phone numbers of your credit card companies and keep them accessible. You can make photocopies of the front and back of each card so have a record of the account number and phone number to call. But be sure that these copies do not get out.
Immediately report a lost or stolen cards to the credit card company. The credit card company can stop the thief by canceling your credit card and number.

Guard Your Credit Card Number:

Credit card thieves don’t need your credit card to charge merchandise to your account. They only need the card number. Criminals use stolen credit card numbers to make purchases over the phone or through the mail. Sophisticated lawbreakers can even make a new credit card with your name and number on it.

If you receive an offer for a new credit card in the mail and don’t intend to use it, cut up the application form into several pieces. Better yet, shred the mailing. Some crooks go through trash looking for discarded but still usable applications in your name.

When using a credit card at store registers, guard your credit card from the people around you. Someone might be looking over your shoulder to copy your number.

Never give your credit card number to telemarketers unless you are sure they represent a reputable company or you placed the call. Con artists pretend to sell you something just to get your credit card number.
Con artists also may pretend to be your credit card company or bank and say they need to verify your card number because of some “computer problem.” Don’t fall for this scam. Verify directly with the credit card company using the telephone number on your card, not the number the caller may give you. They number they give on the phone you may be false.

Make sure your credit card transactions are accurate, and that receipts match credit card statements. Be on guard for dishonest merchants who might change your credit card slip after you sign it.

Always add up your credit card charge slip before signing the credit card receipt. Don't leave blank spaces where additional amounts could be added, and never sign a blank charge slip.

Check Those Receipts:

Keep track of your credit card receipts as proof the purchases you actually authorized.

Read your monthly credit card statement carefully to see if it includes purchases or transactions you did not make.
Report any unauthorized transactions to the credit card company right away.
Always check your receipts against your billing statement. If you think a charge amount was changed, call your credit card company immediately.
After checking your billing statement, shred your receipts and anything with your credit card number on it. Thieves go through trash looking for this valuable information.