Understand And Be Smart To Escape Credit Card Frauds

Before you know and before you make a call to your credit card issuer about your lost or theft credit card, you will find to your amazement that the card has already been used.

Scene 1: Just by an extra swipe of your credit card into a small hand-held device known as a skimmer someone somewhere takes information right off your credit card itself, giving the thief all the information needed to make a counterfeit card. The consequences could reach to an alarming proportion. 

Scene 2: In the temptation of getting a free travel package, you respond to a mail asking you to join a travel club first and you're asked for your account number so that your membership can be billed. You have responded as asked but to your utter surprise something is added to your bill and you never get the tempting trip. 

These above scenes are conjectures but often all these and similar ones usually happen to a few people. However, most among us don't experience credit card fraud. 

Beware! It could happen to you. You could be among victims of the growing crime of identity theft, when someone uses your name and Social Security number to open new accounts or take over your existing accounts. 

If any of such things happen when your card is either lost or spurious charged, do make a call to the credit card issuer promptly. Usually, it doesn't cost you anything. Issuers such as Visa, MasterCard or American Express will bear the brunt for you. Credit card companies ultimately pay for credit card fraud, which is why they charge hefty interest rates. 

Credit card fraud is increasingly being reported. But be alert to avoid being victim to such peril. Only your watchful mind can save you from increasing credit card frauds. 

Some helpful tips to stop credit card fraud: 

Don't carry too many credit cards, your Social Security card, your birth certificate or other personal documents. 

Keep your credit cards just as you keep cash. 

Keep track of all your ATM, credit card, debit card and other receipts. 

Cancel all your unused credit card accounts 

Keep an eye on your credit card every time you use it, and make sure you get it back as quickly as possible. 

Try not to let your credit card out of your sight. 

Never respond to emails asking for credit card info via email 

Never respond to emails that ask you to go to a website to verify personal and credit card information. These are called "phishing" scams. 

Never provide your credit card information on a website that is not a secure site. 

Inform credit card issuer promptly if you find any charges that you don't have a receipt for or don't recognize. 

Order credit reports once a year to check any surprise. 

Crime doesn't pay. However, it is sensible to act smart to stop all these credit card frauds, as innocent consumers like you who ultimately suffer.