A stolen credit card can be a huge deal if it is used for fraudulent means. While one doesn’t typically end up paying the cost of the charges made by a fraudster, it can take several months to actually clear up the issue. Most liability is 50 dollars US, but typically credit card companies don’t even charge that. They usually just refund the money and have a zero liability. This doesn’t mean you shouldn’t be concerned about the fraud, even if you don’t mind the hassle. Most stolen credit card accounts are closed and you must get a new one. This means you don’t have a card for a couple of weeks, unless you have more than one in your wallet. Still it can mess up your repayments and the interest you are charged.
You also have a credit account that looks young if you have to close it for fraud. Companies you are trying to get credit from like a well established history rather than a short one. So here are some tips on how to avoid the credit card thieves.
• Guard your card online.
• Be aware of phishing scams like emails and don’t answer them. Instead report them.
• Don’t shop at websites you don’t know. In other words if you find a place that has the item you want for less, think about it first. A trusted site is imperative in protecting your card.
• You also want to make sure the transaction is secure. You shouldn’t enter your credit card number unless you see a little padlock on the browser or https
• You should not let any website store your card details. Encryption can be hacked and then you are in a fraud situation.
• You should card your card offline as well by not rushing or being distracted so the card is left behind. You also need to follow where the card goes at all times.
• Protect your card when you have it out. Don’t let a camera phone snap a shot of your credit card.
• Never give out your number to solicitors like telemarketers that contact you by phone. It could be a scam.
• You should have fewer cards in your wallet to avoid a potential exposure.
• Copy what you carry. It may seem strange, but you should have the card details copied so you can immediately report the card lost or stolen if it happens. Don’t carry the information in your purse or wallet though.
• Watch your statements at all times. Call if you don’t get a statement during a move.
• Review the charges on the credit card either online or on the paper statement.
• Report any suspicious or unauthorised charges promptly by calling the company and also writing them.
• Make sure you don’t leave paperwork lying around and void any cheques you receive.
• Make sure you take your credit card receipts and put them where a thief wouldn’t be able to find them.
• Shred any information you don’t need any more. A 20 pound or less shredder will work.
• Secure your mail to make sure you don’t get items a thief might want.
• Tell the credit card company not to send their balance or cash withdrawal cheques in the mail.
• Your mailbox should always lock, so get one.
When you’re a victim make sure to report the issue, so that your liability is limited to nothing or the 50 dollars. This is the only way to protect yourself further from credit card theft.
