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Combating Credit Card Fraud – 15 Useful Strategies
Recent issues regarding identity fraud have been highlighted in the media, prompting the creation of a UK cyber-security centre in order to counter attacks on Government computer systems; this follows similar measures in the USA. Despite concerns, consumers can continue to enjoy the benefits and convenience of using credit cards, whilst protecting themselves, by taking the following precautions: -
1) Do not let anybody have details of your PIN number, apart from yourself. You should memorise your PIN number rather than writing it down, as you may risk somebody seeing it.
2) When selecting a PIN number, do not choose anything too obvious, such as your date of birth or phone number.
3) Keep your cards in a safe place, where they are unlikely to be stolen.
4) Ensure that the details from transaction receipts cannot be copied, by destroying the receipts, preferably using a shredder.
5) If your credit card statement doesn't arrive on time, report it to your bank straightaway, and always ensure that you notify your bank or credit card company of your up-to-date address to prevent statements being sent elsewhere.
6) When disposing of old card statements, shred them to ensure that no vital information can be copied from them.
7) When carrying out transactions, ensure that you do not lose sight of your card.
8) Always check credit card statements, and report any unfamiliar entries to the credit card company immediately.
9) When destroying old cards, ensure that you cut through the chip and the magnetic strip.
10) When using cash machines, be vigilant; do not allow anybody to see you enter your PIN number, and check to make sure that nobody is within viewing range. If somebody is standing too close and appears to be watching you, use another machine instead.
11) If a cash machine appears to have been tampered with, do not use it, and report it to the bank straightaway.
12) When going on holiday, make sure you have the emergency telephone number of your Credit Card Company or Card Protection Agency in case of any problems.
13) Ensure that your credit card company have your up-to-date contact details, including your mobile phone number when you go abroad.
14) Report any lost or stolen cards, or any case of suspected fraud, to your credit card company straightaway.
15) Whilst abroad, take all the precautions that you would take while at home e.g. keep your cards in a safe place, do not divulge your PIN number to anyone or write it down, and shield your PIN number from prying eyes when at a cash machine. You may find it useful to use a hotel safety deposit box or wear a money belt.
According to online identity experts, Garlik, in 2007 online credit card fraud cost the UK £223.8 million. Insurance Company LV also claims that half a million people in the UK have been refused credit as a result of identity fraud. Whilst consumers should not be too alarmed, it is important to adopt appropriate safeguards to avoid becoming a victim.