Trusted Ways To Prevent Credit Card Fraud

Though you cannot always prevent credit card fraud, you can be proactive in the ways you use and handle your card online and offline. As Ben Franklin would say, "an ounce of prevention is worth a pound of cure." In this case, the pound of cure, is knowing the ways in which you can protect your card, and thus, preventing the possibility of financial ruin.

Online Fraud is an ever growing problem. This is understandable because companies are going paperless and the Internet offers individuals a greater convenience for shopping and banking. That doesn't mean that you have to stop shopping or banking online, instead, it means that you should take the time to learn some of the methods that you can utilize to protect yourself online.

Tips To Prevent Online Fraud

1. Never respond to emails requesting credit card information, or click the link in your email out of curiosity. If you click it, you may find that you have become a victim of a phishing scheme.

2. Never give your credit card information to a website that is not secure or reputable. A secure site will have a tiny icon, or a padlock in the lower right hand corner of the website (usually). This little padlock indicates a higher level of security to transmit data.You can right click on the lock, and examine the certificate before considering any data exchange.

3. Be cautious when dealing with individuals or companies from outside your own country.

4. Be careful responding to special investment offers through unsolicited emails.

5. Never make a purchase from a website just because it has a professional look. Remember, many web hosting services have plug and play software, that can get a site up quickly and with a professional look.

6. Read the website’s privacy policy to make sure that your personal information will not be sold to others. Look for the Trust-E logo. The Trust-E company is a private company that will review a company’s privacy policy for a fee. If the website’s privacy policy meets the Trust-E standard, the said website is allowed to place the Trust-E logo on their site.

7. Check to see the website has a Verisign Logo. The Verisign Logo is a Trusted Root Authority, To verify the legitimacy of the logo you can click on the logo and view the certificate. Or you can do the following in your browser:

Firefox = 1)Tools 2)Options 3)Advanced 4)Encryption tab 5) View Certificates 6) Authorities tab.

IE = 1)Tools 2)Options 3)Content 4)Certificates 5)Trusted Root

8. Always keep your browser and operating system current.

9. Use only one specific credit card online. It is far easier to keep track of one credit card then five or six different cards.

Everyone knows about online fraud, or a least they are familiar with it. But some do not think much about offline fraud. The phone, a clerk in a store or restaurant can be ready thieves to an offline attempt at taking your cash.

Tips Preventing Offline Credit Card Fraud

1. Never give your credit card account number over the phone. Note: Remember, credit card companies, banks and other financial institutions will not ask you for your credit card account. Why? They already have it. In many cases, you have given the company security information that they will ask you before releasing any information.
2. When paying by debit card in a store, place yourself between the person behind you and the transaction machine before putting your pin into the machine.
3. Never sign a blank credit card receipt. If there are any open spaces, put a line through the areas. This will prevent any additional fraudulent charges being added
4. Never write your credit card number down in a public place.
5. If you are in a hotel and you get a phone call from the "hotel desk" asking for your credit card, don't give it out. Instead, politely state that you will come down to the "hotel desk" to take care of the issue personally.
   

This is a your basic administrative "to do" list that can help you to keep your credit card finances safe.

1. Do not lend a credit card to anyone. This sounds rather ridiculous, but it does happen and people at times, do get burned by lending out the card to a friend or sadly, a family member.
   
2. Review your monthly statement for fraudulent activities. This is a must! If a small purchase catches your eye, follow up on it. If the purchase doesn't jog your memory, phone the number beside the charge, if they have it. If there is no number, contact the credit card company for additional information.
   
3. Keep a list of your credit cards, photocopy your credit cards front and back (Issuers contact information is usually on the back, you will need the contact information to report your credit card stolen or to report any unauthorized transaction against your account).
4. Travelers - always photocopy your passport (if going abroad), your credit card information, and any other pertinent information. (You may want to make two copies of your passport, keep one with you, and leave the other at home with someone that can access the information if you should have trouble while abroad.)
5. Shred old receipts with your credit card number on it, or your bank account number on it.
   
6. Notify credit card issuers in advance, if you are planning to move in the near future.
7. If you have any old credit cards or credit cards you know you will never use, it is time to destroy them. (The best type of shredder to use is a cross-cut )
8. Shred any pre-approved offers for credit cards that you receive in the mail. Note: If you are tired of receiving these pre-approved offers through the mail, you can opt out by contacting the following three companies: 1) Transunion, 2) Equifax, and 3) Experian.

if you find that your card has been lost or stolen you should report it immediately to the issuer of the card. The issuer will ask you: 1) when the card was lost or stolen, 2) when you last used your card, and 3) the last purchase made-and to what company. The card issuer will then cancel the card and send you a new credit card with a new number.

In addition, be aware that a credit card and debit card have a different time window in which you can report your case of fraudulent activity. With a credit credit you have a 6 months window, with a debit card you only have 60 days.

To conclude, these tips may sound like a lot of work on your part, however, again remember, an ounce of prevention can keep your financial resources safe and secure.