How to prevent/avoid credit card fraud

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Credit card fraud can cost you and credit card issuers huge losses. Credit card issuers are always vigilant against fraud and have taken steps to protect you the users. However, on top of that you also have to take the steps necessary to reduce the risk of becoming a victim of fraud.

Below are a few tips that you can follow to protect yourself against credit card fraud.

 

Safeguard your credit card

  • Sign on the back of your credit card once you receive it.
  • Keep your credit card at the same place it in your wallet or purse so that, if it is lost or stolen, you will notice immediately.
  • Do not lend your card to anyone.
  • Do not give the details of your credit card (e.g. card number and expiration date) to a stranger because there is a possibility that information is used to make purchases by phone, mail or the internet.
  • Memorize your PIN number. Don’t write the PIN number on the back of the card, keep it in your wallet or disclose it to anyone.
  • Keep the phone number of your credit card issuer so you contact them immediately to report lost or stolen cards, unauthorized transactions, or disclosure of the PIN to third party.
  • Make sure you cut the expired credit card in two when you receive a new one.

 

Check your credit card slips and statements for any unauthorized transactions

  • Check all the details contained in the transaction slip before signing it.
  • Keep all your transaction slips and compare them with your monthly statement as soon as you receive it.
  • Notify your card issuer immediately if you suspect there are errors or unauthorized transactions.
  • Destroy all transaction slips before you throw them away.

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