CREDIT CARD FRAUD
Avoiding Credit and Charge Card Fraud
Credit cards have fast become a popular means of doing transactions in place of hard cash. Its usage has also given the notorious community an opportunity to nourish their insatiable lust for money. While theft is the most obvious form of fraud, it can occur in other ways. For example, your credit card number maybe accessed by someone without your knowledge. Credit card fraud costs card holders and issuers hundreds of millions of dollars each year.It's difficult to prevent credit or charge card fraud from happening. But steps can be taken to ensure that it becomes more difficult for a crook to capture your card or card numbers and minimize the possibility.
Guarding Against Fraud
Here are some tips to help protect you from credit and charge card fraud.
• Put your signature in ink on the card as soon as it arrives.
• Carry your cards separately from your wallet.
• Maintain a record of your account numbers, their expiration dates, and the phone
number and address of each company in a secure place.
•Keep an eye on your card during the transaction, and get it back as quickly as possible.
•Notify card companies in advance of a change in address.
•Carry only one or two cards so if you lose them or are robbed, you have fewer to report missing.
•Write down the toll free numbers for reporting your credit cards lost or stolen and keep
the number at home, in your purse or wallet and at your office so that you will be
prepared to call immediately if you have to.
•Do not leave your purse or wallet unattended in public.
•Make sure to check that you get your card back after you make a purchase.
•Never lend your card to anyone.
•Keep track of when new and reissued cards are to arrive, and call the credit card issuer if
they don't come on time.
•Destroy all credit card receipts. Keep your billing statements in a safe place.
•Cut the card in several pieces before you send the card back to the issuer to close your
account.
•When you use your credit card online, make sure you are using a secure web site. Look
for a small key or lock symbol at the bottom left of your browser's window.
•Never give your card number to strangers or telemarketers who call you on the phone.
Reporting Losses and Fraud
Loss of your credit card needs to be registered in the earliest with the issuer(s). Many companies have toll-free numbers and 24-hour service to deal with such emergencies. According to law, once you report the loss or theft, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.
If you suspect fraud, you may be asked to sign a statement under oath that you did not make the purchase(s) in question.
source: http://www.consumer-action.org
Credit cards have fast become a popular means of doing transactions in place of hard cash. Its usage has also given the notorious community an opportunity to nourish their insatiable lust for money. While theft is the most obvious form of fraud, it can occur in other ways. For example, your credit card number maybe accessed by someone without your knowledge. Credit card fraud costs card holders and issuers hundreds of millions of dollars each year.It's difficult to prevent credit or charge card fraud from happening. But steps can be taken to ensure that it becomes more difficult for a crook to capture your card or card numbers and minimize the possibility.
Guarding Against Fraud
Here are some tips to help protect you from credit and charge card fraud.
• Put your signature in ink on the card as soon as it arrives.
• Carry your cards separately from your wallet.
• Maintain a record of your account numbers, their expiration dates, and the phone
number and address of each company in a secure place.
•Keep an eye on your card during the transaction, and get it back as quickly as possible.
•Notify card companies in advance of a change in address.
•Carry only one or two cards so if you lose them or are robbed, you have fewer to report missing.
•Write down the toll free numbers for reporting your credit cards lost or stolen and keep
the number at home, in your purse or wallet and at your office so that you will be
prepared to call immediately if you have to.
•Do not leave your purse or wallet unattended in public.
•Make sure to check that you get your card back after you make a purchase.
•Never lend your card to anyone.
•Keep track of when new and reissued cards are to arrive, and call the credit card issuer if
they don't come on time.
•Destroy all credit card receipts. Keep your billing statements in a safe place.
•Cut the card in several pieces before you send the card back to the issuer to close your
account.
•When you use your credit card online, make sure you are using a secure web site. Look
for a small key or lock symbol at the bottom left of your browser's window.
•Never give your card number to strangers or telemarketers who call you on the phone.
Reporting Losses and Fraud
Loss of your credit card needs to be registered in the earliest with the issuer(s). Many companies have toll-free numbers and 24-hour service to deal with such emergencies. According to law, once you report the loss or theft, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card.
If you suspect fraud, you may be asked to sign a statement under oath that you did not make the purchase(s) in question.
source: http://www.consumer-action.org
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