Beware of Credit Card Fraud!
What You Need to Know About
Credit card fraud is an unfortunate event that afflicts every society. The obvious case of credit card fraud is when your card is physically stolen. In this case, you are normally aware the your card has gone missing and you are able to report it to your bank in order to cancel the card. However, in this day and age, credit card fraud has become more difficult to detect. Here's what you need to know.
It's Just a Number
All a person needs in order to commit credit card fraud is the pertinent information on your credit card such as your name, account number, three digit security code, and expiration date. This information can be copied off of a sales receipt and used for online purchases, taken when you make purchases at stores or restaurants and even stolen on the Web. By the time your credit card statement arrives, the damage has been done.
Use The Tools You Have
Many banks are now tracking credit card purchases for customers. For example, if you usually only make purchases at the local supermarket and you're suddenly purchasing from a dozen online stores, your credit card company is probably going to flag the activity and place a security hold on your card until you can tell them whether or not the transactions were authorized.
Other credit card companies are fighting fraud by sending transaction alerts via email. For example, you can have the company notify you every time a purchase of $100 or more is made. Then you know right away if your card is being charged for large purchases you didn't make.
When your credit card company does put a hold on your account due to credit card fraud concerns, try not to get annoyed. Even though it's frustrating if you are indeed the one making the purchases, it will be helpful if credit card fraud does occur. No one wants to be the victim of fraud. Appreciating and utilizing all tools available is a great way to prevent it.
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