How To Protect Yourself From Credit Card Fraud
February 25, 2008 – 8:23 pmAs much as we would like to live in a utopian society the fact remains that the world is far from perfect and in many instances these imperfections manifest in areas of morality. That is to say, there are certain people who are flat out immoral and dishonest and the avenue in which they seek to take advantage of other people is seemingly limitless in scope.
One area where dishonest people seek to take advantage of others is by creating victims of credit card fraud. For those unfamiliar with this term, credit card fraud refers to any variety of ways that a person’s credit card information is appropriated and misused without the consent of the cardholder.
For example, one common scheme that a telemarketing company was known for was selling a subscription for a monthly magazine and then when consumers would receive their statement, they would notice three charges reflecting three subscriptions for three separate magazines.
The telemarketing firm only received approval for one purchase, but applied the credit card information to two additional purchases without any permission. Such fraud is commonplace and because of this it becomes critical for cardholders to take the requisite common sense steps to avoid being ripped off by credit card fraud.
First, you must always safeguard your credit card account numbers. Many times, people who do not properly secure their account numbers soon discover the information compromised. Probably the best way to do this would be to properly store all account billing statements when they arrive. Additionally, it is critical to dispose of these statements properly and probably the best way to do this would be to use a shredder. Often, people will throw their credit card statements in the trash without properly shredding them and then the information is compromised by thieves who rummage through the trash. Do not let this happen to you! Always dispose of statements properly!
Additionally, when your statements arrive it is important to look over the statements closely and check them for unauthorized purchases. Catching such unauthorized charges early can avoid a number of calamities down the road.
As previously mentioned, there are a variety of telephone and online scams that are designed to “phish” for credit card account numbers. As such, it is always best to avoid making these types of credit card purchases unless one truly knows the company one is dealing with is reputable. Probably the best way to ascertain this would be to do a quick online search of the Better Business Bureau’s archives. Shady companies will usually have a ton of complaints lodged against them and these complaints will be recorded in BBB records.
In terms of the physical card itself, always sign the card as soon as you receive it and when it comes to securing your cards it may be wise not to keep credit cards in your wallet because if the wallet is stolen so will the credit cards. If a card is stolen, however, it is critical to report the theft as soon as possible and have the card cancelled before it can be illegally used. Also, when you use your card in a store always keep an eye on the salesperson. It is not uncommon for clerks and salespeople to copy down account numbers for illicit use. So, do not let the card out of your eyesight when you hand to it someone.
Now, while credit card fraud is unfortunately common it can be avoided if one follows the few simple steps that have been mentioned here. Crooks and thieves, by their very nature, are lazy and if you have to make them work for their theft they might leave you and your credit card alone.
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