Credit Card Fraud is a kind of fraud where a merchant (business, service provider, seller, etc.) is "tricked" into releasing merchandise or rendering services, believing that a credit card account will provide payment for goods/services. The merchant later learns that they will not be paid, or the payment they received will be reclaimed by the card's issuing bank. On the other hand, the Credit Card Fraud may take another form - the card holder may be a victim of frauds.
Credit Card Frauds are on the rise, and it is time to take all preventive steps to avoid being becoming a victim of Credit Card Frauds. Some of the suggested preventive steps are:
In the course of time, several Tips have emerged which help us in protecting us from Credit Card Frauds. Some of them are listed below:
- Immediately on receipt of your Credit Card sign it at the proper place.
- Never write your PIN number on your Credit Card and don't keep both together. It is always advisable to remember the PIN number.
- Keep the number and other information related to your Credit Card secret from the general public. Never give them to unauthorized person or unwittingly over phone.
- Don't respond to e-mails seeking details of your Credit Cards.
- Don't give your Credit Card related details to untrusted websites.
- Always keep a watch on your Credit Card. Don't allow it to go out-of-sight while making purchases.
- Destroy all Credit Card applications you receive back.
- Cover your Credit Card number so that it can not be seen by other or photographed from a distance using a cell phone with camera or general camera.
- Keep your Credit Card and documents/papers related to the same in a secure place.
- Keep a list in a secure place with all of your account numbers and expiration dates, as well as the phone number and address of each bank that has issued you a credit card. Keep this list updated each time you get a new credit card.
- In case, you have more than one Credit Cards, don't carry them all unless you need all - carry only the Card/s you may actually require.
- Always verify your Credit Card Bills carefully and ensure that there are no false billing. Keep the bills securely for future references and comparisons. In case, you find charges which you don't understand, report them and seek clarifications.
- Don't lent your Credit Card to anyone.
- Don't sign a blank Credit Card receipt.
- Avoid carrying your Credit Card separately from your wallet - it is better to keep it separately in another pouch secured suitably.
- In case, you are re-locating to another place, please suitably advise issuer/s of your Credit Card/d.
Please feel free to update the above Tips with more Tips and more comments.
- Fraud Reporting
- General Fraud Information
- APACS The UK Payments Association monitors online and card fraud in the UK.
- Consumer Sentinel Fraud tips, reporting, trends and other general information.
- Description of ATM cameras and phantom withdrawals
- International Association of Financial Crimes Investigators (IAFCI)
- What does a fraudulent transaction look like? from merchantaccountblog.com
- Card Watch Card Watch is a UK banking industry initiative that aims to raise awareness of card fraud prevention. Managed by APACS, the UK payments association.
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