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Credit Card Fraud Prevention

With the growing number of people shopping online and by phone, credit card fraud is on the rise in the U.S. and abroad. In fact, the number of online credit card fraud is soaring as more and more people opt out of shopping malls and embrace online shopping.

Many savvy Internet shoppers know that it’s more risky to give your credit card to a waiter in a restaurant than it is to purchase an item online through a secured connection. That is because nothing can prevent your waiter from writing down your credit card number and using it later. That's why finding more about credit card frauds, how it happens, and ways you can prevent it, is essential to safeguarding your money and identity.

 

 

What Is A Credit Card Fraud?

A credit card fraud is a transaction that is completed with your credit card by someone else. Often a fraudulent transaction is made hours after the credit card or card number is stolen or lost; often before the cardholder gets the chance to report the card as missing or stolen.

How Do Credit Frauds Happen?

Credit card fraud can occur in a number of ways. So it’s important to treat your credit cards like cash and to become aware of the common ways a fraud may occur. The common types of fraud and the ways they can happen include:

 

  • Lost/Stolen Credit Card: someone uses your lost or stolen credit card
  • Identity Theft: someone applies for a credit card using your personal information
  • Counterfeit Credit Card: Scammers duplicate legitimate credit cards for the use of fraudulent activities
  • Non Receipt Fraud: Your new or replaced credit card gets stolen before you receive it in the mail
  • No Card Fraud:Your credit number is being used to make transactions over the phone or Internet without your knowledge

     

 

Tips for Credit Card Fraud Prevention

To prevent credit card fraud, as a cardholder, you should protect your card and card number to the best of your ability. Some tips for fraud prevention include:

 

  • Sign the back of your credit cards
  • Keep an eye on your credit card every time you use it
  • Jot down your credit card number and keep it in a safe place
  • Hold on to receipts of your credit card purchases
  • Check your statements regularly and notify your credit card company if you see bogus charges on your bill
  • Call your card company immediately after your card is stolen or lost
  • Refuse to give out your credit card information over the phone unless you’re dealing with a trustworthy merchant
  • Check that you’re on a secure website before making an online transaction
  • Ignore emails that ask you to provide your credit card number via email
  • Avoid ‘phishing’ scams by disregarding emails that require you verify your credit card information on a site
  • Avoid lending your credit card

 

 

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In 2003, more than 10 million Americans fell victim to identity theft.

Identity theft costs business and individuals $53 billion dollars annually

In 2003, Americans spent 300 million hours resolving issues related to identity theft.

70% of all identity theft cases are perpetrated by a co-worker or employee of an affiliated business.