Credit card fraud is a serious problem and is a leading cause of identity theft. Credit card fraud is on the rise. Thieves, con-men and scam artists steal credit card numbers and make millions of dollars of purchases, often before consumers are even aware that there’s a problem.
Because credit card fraud is so common in today’s society, we must take every step we can to secure our credit cards and information. Here are some simple things to keep in mind:
• Make sure you always know where your credit cards are. Don’t let them lie around, or lend them to other people. Also, be careful what you do with your credit card receipts, as they often contain your complete credit card number.
• Open credit card statements promptly and check for any suspicious charges. If your issuer provide online account access, use that facility to regularly keep up to date on activities on your card.
• Call to activate and sign your credit cards as soon as you receive them.
• Keep a list of all your credit card numbers, expiration dates, customer service numbers and addresses. Keep this list in a secure place and keep it up to date.
• A large percentage of credit card fraud is caused by retail sales employees who handle card numbers. Be careful of who you hand your card to, and don’t let it out of your sight if at all possible.
• Never give your credit card information out over the phone, unless you initiated the call or is very certain who you are talking to.
• Be careful with your online purchases. Before entering any personal information on a website, verify that the website is secure. Do that by checking the status bar at the bottom of your browser, somewhere on there it’ll show the symbol of a closed lock to indicate that the website is secure and your information will be encrypted. That means that outside parties will not be able to read the information you’re sending.
Credit card fraud is a major problem faced by online businesses and merchants. It is costing them millions of dollars in losses, charge backs and processing fees every year. It is estimated that half of all credit card fraud is conducted online.
For that reason, if you have an online business, protecting yourself is vital. You have to implement every form of protection offered by your credit card gateway and merchant account holder.
Credit card fraud is clearly a very broad topic of discussion and one that we all need to take seriously.
