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Protecting Yourself From Credit Card Fraud
Credit card fraud is a well publicised problem. Card issuers are constantly working on devising new ways of staying one step ahead of the fraudsters. However, few fraud prevention methods are completely infallible and there are a number of steps that credit card owners should be taking themselves, to reduce the likelihood of becoming a victim. In the long term, knowing these simple tips can save you money, as card holders may be liable to pay up to £50 against any fraudulent transactions appearing on their account, although some card issuers will waive this.
The arrival of chip and PIN has been extremely beneficial for cardholders and has reduced certain types of fraud considerably. But many people struggle with remembering their PIN numbers, and it is for this reason that you should consider the following fraud prevention measures. If you need to write down your PIN number, do not keep it in the same place as your credit cards. If your wallet is stolen this will give thieves easy access to spending your money. Most credit card holders prefer to change the PIN number to something memorable, but you should avoid anything personal to you that could be easily guessed, such as your birthday. Not all fraud is committed by strangers.
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Never give your PIN number to anyone, including people claiming to be calling from your card issuer. A genuine employee calling from their call centre would never ask for this information. Fraudsters can be very clever and every year they persuade thousands of people to willingly volunteer personal information which they can then use to make fraudulent transactions. If you are uncertain whether a caller is genuine ask for their name and their department or extension number. Call the number on your credit card statement and ask to be put through to them.
Always destroy your credit card receipts and statements. Your card number alone may be sufficient for making purchases with some online retailers or for phone transactions. Destroying personal information will also help you prevent against falling victim to identity theft.
When you are making purchases online, always ensure that you are using a reputable retailer who is implementing security measures to prevent fraudulent use of their customer's details. The web address should start with 'https' and you should check there is an icon of a small yellow padlock at the bottom right of the screen.
If you are unable to find your credit card you should report as lost immediately. Even if you think it has been mislaid rather than stolen it is best to err on the side of caution. If the credit card does fall into the hands of a fraudster you may find yourself liable for any transactions that were made before the card issuer was informed that your credit card was no longer in your possession.
Finally, you should always check your credit card statements carefully. Cardholders need to bear in mind that Mastercard and Visa impose timescales on card issuers for processing refunds for erroneous transactions, so receiving a refund may be down to the issuer's good will if the fraudulent purchases are only reported after several months have passed. Taking a couple of minutes each month to check that your statement is correct - you could be saving yourself money.
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