By Andrew McNaught
Do you have a credit card? How many times do you use your credit card on average per day? How many people do you know that have one and use it regularly? You can begin to imagine just how many millions of credit card transactions are done every day and therefore how much opportunity there is for credit card fraudsters. It is perhaps the simplest way to part someone from their money and can be easily done without the person even realising. This means they can very quickly run the card dry before you know whats happened. How can you ensure this does not happen to you? First you have to know the criminals get your details in the first place.
Always be careful when withdrawing money from ATM machines. Check for anything that looks unusual e.g. a device attached to the insertion slot which can scan your details and send them directly to the thief's computer or a camera above which can read your PIN. Be wary also of suspicious behaviour of the people around you e.g. someone distracting you while someone else takes your card and quickly 'skims' it. Credit card fraud can also be perpetrated by people behind counters in shops and gas stations who will take your card and skim it in their devices under the desk so keep an eye on your card when you hand it over. Also be sure to destroy any receipts that contain your number on them. You wouldn't hand over your credit card details to someone in the street so don't leave them lying in your rubbish bags for anyone to rake through and find. Finally, when entering credit card details online you must check you have a secure connection through 'https' not just 'http' as if the information is not encrypted any fraudster tapping the line can easily steal them.
Obviously if someone steals your wallet or handbag you will be immediately aware the your plastic is in the wrong hands but we have seen that there are many ways for people to obtain your details without your knowledge. It is therefore very important that you check every transaction on your statement and if anything seems unusual then you must investigate further. If your credit card details are being used fraudulently then there is every chance you could be under attack for full-scale identity theft. Identity theft is horrendous and often takes several years and thousands of dollars to resolve.
Fortunately most credit card providers will protect you from having to pay your losses although the types of protection differs from country to country and will depend on how negligent or not you were. If, for example, you still have your card in your possession you usually won't be liable for any of the losses. On the other hand, if you kept your PIN code near your card then that would be deemed as negligence and you may not be covered.
Coupled with the fact that they are so small and slim, the fact that we use them so much means that it is very commonplace for people to lose their credit cards. If this ever happens it is vitally important that you contact your issuing bank as soon as possible so that they can block the card. Even if you think it is most likely hidden in your car or house somewhere you should still contact them. I know that personally my credit card is always in my wallet and if its not there then it is much safer to consider the worst-case scenario.
About the Author: Andrew McNaught is a respected webmaster and runs the website http://www.creditcard-clinic.com which is a valuable source of information on all things credit cards including credit card fraud.
Source: www.isnare.com
