How Does Credit Card Fruad Happen?
One of the most convenient methods of payment is using a credit card, but they do come with risks. When someone gets ahold of your credit card number and uses it you can lose money and it could cost you your entire limit. Even though theft is the most popular form of credit card and charge card fraud, there are other ways that fraud can happen. Misappropriation is another form of fraud. Using your credit card number without the card present is another popular credit card fraud. Here are some examples of Misappropriation.
- A server at a local restaurant copies down your credit card number and expiration date
- You receive a phone call and all you have to do is provide your credit card number and expiration date to qualify for a discount on a vacation or something else
- Someone goes through your trash or steals your trash and find reciepts or carbon copies with your number on it
- Someone in a store swipes your number off their copy of the reciept after you make a purchase
Someone can get your actual credit card or the information from the following:
- Fake emails
- Actual theft
- Stealing your purse
- Phishing schemes
- Swapping at ATM Machines
- Unsecure Websites
Now that you know how someone might steal your credit card or the number you can be aware and use these guidelines to keep yourself protected.
- Put your signature and "SEE ID" on the back of your credit cards immediatly
- Get rid of expired cards by shredding them
- Never keep your pin number in your wallet or on your card
- Make sure to treat your credit cards like they are real money
- Always go thorugh your statements to verify that everything is correct
- If you lose your card or it is stolen report it immediately
- Watch what clerks and servers are doing with your card when it is being used
- Always "x" out the tip spot on the receipt if you tip in cash and never sign a blank receipt
Use this knowledge to help protect yourself from credit card fraud. Also, you should always be very careful who you allow to borrow your card or use it for any reason whatsoever. This will keep you from having any surprises on your statements each month.
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