Protect Yourself From Credit Card Fraud

In 2008, R420-million worth of credit card fraud was committed in South Africa. That is R35-million per month squandered by clever criminals who have entire syndicates dedicated to making money illegally. Dont fool yourself into thinking these syndicates are unintelligent they are trained and dedicated thieves.

How is credit card fraud committed?

There are lots of ways to steal money from a credit card.

1. A perpetrator can steal a credit card that is not theirs and shop, swipe and sign with no trouble.
2. When credit cards are sent through the post, the letter containing the card can be intercepted and stolen, although most financial institutions and banks insist that cardholders collect the card personally from a branch to combat this.
3. Card skimming has become a serious problem in South Africa. Small devices are used to swipe credit cards and read the information that is stored on the black magnetic strip along the back of the card when the owner of the card is not looking. This allows fraudsters to make a copy of the card quickly.
4. The internet is where the majority of serious credit card fraud happens. Not only can stolen credit card numbers be used to purchase goods online, there are internet scams which use bogus web pages that look identical to internet banking log-in pages. These fake sites then record the credit card details that are typed in. This can be done through pharming (when visitors to a website are redirected to a fake site), domain hi-jacking (when a fraudster registers a web address with an almost identical name to a popular website, barring a common typing mistake) and phishing (using a fake email or fax from a bank or financial institution asking for confirmation of internet banking access details like PIN numbers and passwords).

Common targets for credit card fraud
Unfortunately, credit card fraud can happen to anyone. However, careless cardholders are usually the victims. Those that leave their cards lying around, let waiters in restaurants leave with their cards to go and swipe it, let friends and family use them to shop online, and dont check the amount charged to them when they sign for a purchase are going feel the sting of credit card fraud sooner or later.

How to protect yourself from credit card fraud
Staying informed about credit card fraud and what to look out for as a warning of illegal activity is the best protection.
Never let your card out of your sight. Dont let anyone else use the card or give out card information to anyone. Also ensure that you dont make card payments on unsecure websites (Look for the s in the https:// at the beginning of the url to make sure the site is secure, as well as the padlock that appears after the url or in the bottom right hand corner of the page).

The crippling effect of credit card fraud has forced banks and financial institutions to wisen-up. Credit cards are now being issued with a chip and PIN which stores private information and cannot be used without a PIN selected by the cardholder.

A card protection plan is a sensible idea. For a small fee every month, a credit card can be protected from card fraud and if the cardholder does experience fraud, the protection plan will cover the repayment costs.

What to do if you are the target of credit card fraud
If you discover that money has been spent on your card which you cant account for, contact your bank at once and ask for assistance. If your card is missing, cancel it with the relevant banking institution immediately. If the transactions on the card can be proved to be fraudulent, normally the bank will repay the money.

Credit card security is a matter of staying alert and informed as well as adopting sensible and secure behaviour. It can be easy for a personal credit card to fall into the wrong hands, yet this doesnt have to be the case if cardholders are conscientious and aware.

About the Author:
Plastiq is a credit card comparison website also offering tips and tricks such as advice and information about personal credit cards.

Article Originally Published On: http://www.articlesnatch.com

Tags: credit card fraud

, personal security

, plastiq

, skimming

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