Fraud Risks - Protect Your Credit Card Information

Credit card fraud is fast becoming the most common financial crime in the world today. As a result, hundreds of millions of dollars are being drained annually from credit card holders and credit card issuers by unscrupulous criminals. In order to avoid the pitfalls of credit card fraud there are some basic things you can do to protect yourself.

Before looking at what can be done to prevent fraud from occurring, listing common situations where the fraud commonly takes place can be a helpful exercise. The scary fact is, all a would-be thief needs in order to begin wreaking havoc on your finances is your credit card number and the 3 digit CVV (Card Verification Number) located on the back of the card.

Common Fraud Risks:
Internet phishing (fish-ing) is a popular method getting you to surrender your personal information. You will receive and email from an unknown sender claiming to be a legitimate business asking to update or provide them with your personal information including banking and credit card details.

If you have a telephone you have received a call at some point stating: Congratulations you have just won an all expense paid vacation to The person on the line will tell you that all you need to do to qualify for the prize is join their club by providing your credit card information for age verification. This form of fraud comes at you from the phone, mail and internet.

When making a purchase at a place like a restaurant or gas station where the employee walks out of your sight with your credit card to complete your purchase they can easily record your information.

Some thieves are technically savvy and carry a portable card reader. They will give your card an extra swipe when they ring in your purchase at POS terminals. They get creative with this. I read a story where criminal set up a sign in a mall close to an ATM. The sign looked nice and said Free Debit and Credit Card Cleaning. Attached to the sign was a portable card reader. The would be thief was apprehended when he returned to retrieve his Credit Card Cleaner. One swipe of your card using these card readers and all of your credit card and personal information is recorded.

Thieves that go through your trash looking for receipts or bills with your credit card information.

There is no perfect way to protect your information from being stolen, but take the following suggestions into consideration and you will make yourself less vulnerable to an attack.

When handing your credit card to a cashier, attendant or waitress watch what they do with the card if possible. Your card should only be swiped once through either their register or a debit/credit terminal. For regular everyday purchases there is no reason why your card information should be copied by hand.

Be very careful about giving out your credit card information over the phone. If you are skeptical of the source chances are you have a reason to be.

On the internet make sure you only provide your information to sites that are secure. If you see https:// at the beginning or the URL you are about to enter your credit card information on the site is secure. The s indicates the site has a valid SSL Certificate installed on the web server ensuring any data you enter into forms on the website cannot be intercepted and deciphered by would be cyber criminals. This does not guarantee that the website itself is not run by criminals, only that your data cannot be intercepted during transmission, an important point to understand.

Do not write down your credit card number as a note anywhere. Always use the card itself when referencing the number. When disposing of any paperwork containing personal information use a paper shredder to shred it.

Always keep your receipts from any purchase you make with your credit card and open your bills every month even if you did not make a purchase to ensure there are no extra charges on the bill.

The bottom line is to be aware that credit card fraud is a lucrative business for criminal gangs and they are going to constantly push the envelope to find more devious ways to get your personal information.

There are some credit cards that are secure in more ways than others such as providing an additional level of security for online purchases. Review the features list for several credit card offers to find the one that provides the level of security and buyer protection that guards you to a level you are comfortable with while still providing the card perks you want.

Bryan Dufresne - Freelance writer based in Moncton, New Brunswick, Canada

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