Money Management

9 Ways to Avoid Credit Card Fraud

It seems that every day there is a new story about credit card fraud somewhere. Even though there are there are many security safeguards placed on credit cards, it seems the fraudsters are one step ahead. So, with so many people out there desperate to get your credit card number, how can you avoid credit card fraud? Well, continue reading to find out:

9. Keep Your Digits Private

Your credit card is a personal card which is meant only for you. Don’t let anyone borrow your credit card or have access to your card numbers. While it may just seem like a piece of plastic, it is imperative to keep it safe and with you at all times. It is best to keep it in your wallet and only use it at times when you need it.

8. Keep an Eye on Your Card during Transactions
While using your card for transactions, it is imperative to keep an eye on it when it is being swiped. If possible, make sure the person in front in not mishandling your card or copying the numbers while processing it. Now, why is that? Well, the point-of-sale transaction is often where most people take advantage of noting down numbers, thus using it later on for credit card fraud.
7. Digitize Your Receipts
While this may sound a bit cliché, most people make the mistake of keeping their receipts and billing statements in their wallets or purses. While this may seem to be a good idea and can iron out any mistakes with your billing, it does have the potential of leading to credit card fraud. So, once you are done using your receipts or filling them away for taxes, make sure to shred them rather than throwing them in a trash can or perhaps consider digitizing your receipts if you want to keep a record.
6. Shred Applications
Another way to avoid fraud is to shred credit card applications immediately. Nowadays, these applications come as much as other junk mail and instead of tossing them in the trash without a second thought, it is better to shred them immediately. Now, why is that? Well, the application has information about your credit card on it and it can be an open invitation to fraud if someone gets that information.
5. Avoid Signing Blank Credit Card Receipts
It doesn’t matter if it’s your bank or credit card issuer, to avoid credit card fraud make sure to always verify or double-check the amount on the receipt before signing it. If you are given a card receipt which has blank spaces on it, don’t sign it or perhaps write $0 in those spaces before putting down your signature.
4. Don’t Entertain Calls from Unknown Numbers
Do not give out your credit card information or any other sensitive information on calls, especially from unknown numbers. In most cases, the person on the call would claim to be your credit card issuer and will try talking you into a lower interest rate program, which is of course a scam. These scam artists are professionals in what they do and can make you believe they can actually get you lower rates, but actually they just trick you into giving out your credit card number and then use it for carrying out a transaction.
3. Do Business with Secure Websites
The internet has a reputation for being the ‘Wild West’ when it comes to credit cards. So, make sure you are extra cautious when carrying out online transactions. In addition, don’t click on links from unknown email addresses pretending to be your Credit Card Company or bank.
2. Review Your Billing Statements
Often considered as a last resort to avoid credit card fraud, always make sure to review your billing statements before paying the actual amount. Review your account statement line by line to catch any discrepancies or misuse of your card before it’s too late. The sooner you report any errors, the less likely you will have to pay for the fraudulent charges made from your credit card.
1. Inform Your Card Issuer When Traveling Overseas
Make sure to always inform your card issuer when traveling overseas to avoid any fraudulent use of your credit card. In addition, notify the card issuer and your bank for any change of address or contact information so that your card statements are not sent to your previous address.
So, now that you are familiar with the 10 ways mentioned above, you can stay safe from credit card fraud.

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