Credit card frauds cost card holders and credit card companies millions of dollars every year. Although some of the fraudsters use ingenious methods, most of the people committing fraud on credit cards use very mundane methods that are anything but hi-tech. Again, although some of the fraud occurs due to factors beyond the control of the card holder, as for example the leakage of vital and sensitive information by company employees who
have access to such information, most of the fraud occurs because of
information or help provided by the cardholder. From this, it should be clear that most, although not all, of the fraud can be prevented if you take
The most obvious and common type of misuse is through the physical theft of the card itself. When somebody steals your card, he or she is as good as stealing money from you. For this reason, you should always keep your credit card in a secure place, and carry it around with care. Abuse of the trust is a closely related and common means of fraud. Never let anyone
borrow your credit card. If necessary, use it on their behalf, but do so
Take care to sign on the credit card as soon as you receive it. When you use your credit card at a shop or restaurant make sure that you get it back immediately after the transaction is over. Wherever possible, do not lose sight of the card when the bill is being made out.
Fraud using credit cards online is a major problem. To avoid your credit card being misused on the Internet, make sure that any site in which you are giving your credit card number is secure and trustworthy. Never use your credit card on the Internet unless you are sure of the site.
Do not part with your PIN or credit card number and the three digit extension, unless you have to. You should be particularly careful of emails from unknown persons promising attractive rewards, or pretending to be company officials, and asking you for these details. Ditto for information over the telephone.
Finally check your card statements carefully as soon as they arrive and report any discrepancies immediately. Also, report the theft of your card, if it happens, as soon as you come to know of it. Your liability could reduce substantially if you do so.
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