If you use credit cards, then you
are instantly at risk for credit card fraud. This criminal activity touches
more of us than we know. In fact, chances are good that someone has already
attempted (if not yet succeeded) to defraud you.
Luckily, fraud protection systems
are getting better. Credit card companies are instituting better safeguards
against credit card fraud as time goes on, with some even running sophisticated
detection systems that can calculate the chances of a transaction’s fraudulence
within seconds. It will not stop every fraudster, to be sure, especially when
they keep changing their methods. Nevertheless, it provides an extra buffer to
separate your account from harm.
The rest of it, though, is more or
less up to you. Being careful about your account and card helps a great deal
here. Below are some vital tips to securing your account as far as possible
against fraudsters.
- Look Out for Credit Card Fraud Yourself
This is one of the simplest ways to
protect yourself from the fallout of fraud, even if it is after the fact:
peruse your billing statement. Far too many people skip checking their billing
statements, even if it is usually the best place to find red flags.
Why does it matter so much? First,
because if you do find suspicious activity on it, you can immediately place a
call to the bank to freeze your card, preventing further losses. Second,
because most countries’ laws on fraud only indemnify you against credit card fraud losses if you report it within a particular number of days following the
first billing statement to reflect it.
(As a side note: you want to keep an
eye on your credit report as well. You may get this less often, but it is
definitely a mine of useful information when looking out for fraud.)
- Shred Sensitive Material
Say you have gone through your
billing statement and found nothing suspicious there. If you want to throw it
away, make sure you shred it first. Even better if you mark out all sensitive
information on it first, in case some enterprising thief has the discipline to
put together the puzzle with some clear tape.
If you do want to keep documents
with such sensitive information, though, that is perfectly fine—but lock them
up! It does not matter if you think only trusted family members might have
access to it. The general rule is to trust no one in fraud. In fact, a fair bit
of fraud is committed by family members against each other.
- Mistrust as Much as Possible Online
Far too many
people place their trust in others without due cause when online. In truth, you
should always be wary of others on the Web. It might seem a nasty view of human
nature, but it is also an accurate one. As such, do not send out credit card
data or personal information to others via email. Do not volunteer private
information too quickly to those you have never met in person. And never carry
out a financial transaction on the Web over a public connection or unsecured
computer: doing so is simply begging for credit card fraud or even identity
theft.
