15 Tips To Prevent Credit Card Fraud
If you hold a credit card, take care of it. Credit card fraud is at its height and there are many ways for you to prevent them. The following are 15 tips for you to prevent credit card fraud.
1. Don’t lose sight of your credit card. When you pass your credit card to the merchant, make sure you see them swiping the card properly and that it be returned to you as quickly as possible. There are many reported cases of fraudsters using a special swipe machine to obtain your credit card personal details.
2. Do not give out your credit card details over the phone especially when it is coming from an unsolicited call. You never know if it is a fraudster on the other side of the phone. Likewise, don’t respond to emails requesting for credit card information. Watch out for phishing scams!
3. When you receive your new credit card, sign it immediately – after you have read the terms and conditions of use. If you are not satisfied with the terms of use and you wish to return the credit card, cut the credit card in half and return it to the credit card company.
4. Never ever reveal your PIN number and don’t even think of writing your PIN number on your credit card or placing it in the same place where you keep your credit card (eg. wallet).
5. Shred your credit card applications, receipts and records when you have no use for them. If still required, keep them in a safe place from prying eyes.
6. Keep your credit card account numbers and expiry dates in a secure place. Keep the emergency numbers of the credit card issuers so that you can call them in an emergency. 8. Never leave your credit cards or receipts lying around.
7. Avoid flashing your credit card number around. Try to minimise your credit card number (and also the security number (CVV) which appears behind the credit card) from being copied by others.
8. Don’t apply for too many credit cards. Carry only those credit cards which you need. Keep the rests or better still, cancel them.
9. Check your credit card statements carefully. Ensure charges are accounted for and reconcile them immediately upon receipt. In the event of any disputes, file a written complaint.
10. Destroy incorrect receipts or pre-approved receipts. Destroy any carbon copies, if any.
11. Don’t reveal your credit card account number publicly. When returning payments, make sure they are hidden.
12. It is your credit card. Don’t lend it to someone else.
13. Ensure that your credit card statements are sent to the correct and most updated address. If you miss receiving your credit card statement, inform your credit card issuer immediately.
14. Choose a chip-based card which has better security features compared to a credit card which uses magnetic strips.
15. Choose a credit card which has photo identity.
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