Credit card fraud is no new thing and if you ask around you will possibly find at least one person you know who has been the victim of such a crime. And no, its not all internet - based either. Often it will happen when you least expect it to, in restaurants and in stores and shops.
It can be argued that now it is safer to use your credit card on the internet via a secure order form (SSL) than it is to use it in a restaurant, which most people would choose not to believe. This is called "skimming". So, lets say you have your meal and hand over your card to the waiter for payment. They then take the card and within a minute its back in your possession.
So how can we be the victim of offline credit card fraud? Nothing new here - its called "skimming". What is skimming? Its where, for example, you give your card to a waiter or waitress in a cafe or coffee shop to make payment. Shortly they return your card to you and you think nothing more of it. What has happened though is that the card has been "swiped" for payment, not once but twice. So your card details are now being stored in a magnetic card reader which can then be downloaded to a computer for use.
The only way to be sure this has or is not happening to you is to regularly check your card statements. Often thieves will make very small transactions so you are not aware of them, so its wise to go through your statement carefully.
Banks and other financial institutions have powers to compensate you in full should you be the unfortunate victim of credit card fraud but should be any reason for complacency. They will not always compensate you which is what happened to me, although thats a long and rather complicated story.
Here are a few pointers to help in reducing your credit card fraud potential:
- other than your credit card statements and receipts - anything not worth keeping that is related to your credit card account - you should either shred up or burn. Its best not to simply throw in the bin
- do not be taken in by phone calls asking you to verify credit card details over the phone as you may inadvertently be giving away all the information required to defraud you
- do not lend you credit cards to anyone unless you trust them implicity
- leave any cards you do not need at home or at least in a very safe place. No need to carry them around with you if you don't need them
- do not leave any credit card slips lying around or do not just simply throw them in the bin
- keep your card receipts and check them regularly against your statements
- if you are moving home then do let your credit card company know well in advance of your move
So there we are, some simple but very effective ways to lower any risks to our credit cards and ensure we do not suffer from credit card theft.
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