Credit card fraud is rife these days and no, its not all on the internet as many of us think it is. Very often it occurs in a store or a restaurant, even though we may think this not to be possible. Lets look at the facts.
I have used my own credit cards on the internet thousands of times without any issues but even though I use my cards in stores and restaurants far less, I have been defrauded this way - in a gas/petrol station as a matter of fact. I will happily go on using my cards on the internet on a daily basis but would be more wary of using them offline.
No harm done, right? Well, it could be that the waiter skimmed your card not only for the actual payment but also to take your credit card details and you would not know any the better. The second skim is done via a magnetic card reader which can then be taken away and downloaded onto a computer.
The only way to ensure that this is not taking place on your account is to make regular checks on your credit card statement. Its often the case that thieves will make very small transactions on your account so do go through your statement thoroughly and anything that just does not seem to add up you should query.
Banks and institutions do have in place much greater security measures and will also often compensate in full if you have been the unfortunate victim of fraud, but this is no reason for complacency. I did not receive any compensation due to some issues that are not worth discussing here, so its sensible not just to presume you will be fully compensated.
Here are a few things you can do to limit your risk:
- any thing other than your credit card statements or any other valuable document pertaining to your credit card you should shred or burn. Do not just simply throw it in the bin and presume it will be safely disposed of
- if you are ever asked to provide credit card account details over the phone you have to ask why. Its possible this could be fraudulent activity to be very sure before you divulge anything at all
- do not lend you credit cards to anyone unless you trust them implicity
- leave any cards you do not need at home or at least in a very safe place. No need to carry them around with you if you don't need them
- if you use your card at a store, restaurant, shop or similar, do not leave the credit slip lying around or do not just simply put in the bucket
- do check your statements on a regular basis to make sure there is no strange expenses on there
- if you are moving home then do let your credit card company know well in advance of your move
So that's it in a nutshell - some simple but effective measures you can take to reduce all possibilities of fraudulent activity upon your account.
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