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Anti Credit Card Fraud Tips

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Being a responsible credit card owner goes beyond making payments on time; it also means protecting your card from fraudulent acts that can put you and your finances in danger.

Credit card fraud is downright damaging to your finances and your reputation so you need to make sure that you are protected against it. Don’t wait until you see unfamiliar transactions on your next monthly billing statement before you start doing the defensive measures that can deter thieves and con-artists from using your name and money. Here are some tips that can help prevent credit card fraud.

Remember that your credit card is just like cash, so keep it secure and never leave it unattended.

If you own any expired credit cards, cut them up because they can still be useful in fraudulent transactions.

Always sign your credit card as soon as you receive it because unsigned credit cards are more prone to unlawful and unauthorized use.

If somebody calls you and asks for your credit card information (i.e. your account number), do not entertain that call. Generally speaking, you never give your card number to anyone unless you initiated the call to a reputable institution or a company.

While some credit cards have pictures, it should never be solely used as an identification card or as a reference to prove your identity.

  1. Remember that the card is non-transferable, so it should never be used by anybody else.
  2. Always double check the sales invoice or transaction slip before signing it.
  3. Never entrust your card to individuals offering cash conversion or additional credit limit.
  4. After using your credit card for a transaction, claim it immediately and keep your transaction slips in a secure place so you can compare them later on with your billing statement.
  5. Keep an eye on the person handling your credit card and beware of card skimmers used in “swipe and theft” scams. Skimmers record information from your card’s magnetic stripe so they can be uploaded in a computer.
  6. Your billing statements should also be stored in a secure place. Destroy them if you wish to throw them away.
  7. Notify your bank immediately if you want to change your billing address.
  8. Check your credit cards regularly to see if one of them is missing.
  9. Keep records of your card details in a safe place to serve as ready reference if you want to call the bank to report a stolen or lost credit card.
  10. Save the customer service number of your bank or credit card provider in your mobile phone so you can easily contact them.
  11. Never disclose your PIN and passwords and regularly change them if you can.
  12. If you lose your card, report it immediately.
  13. All your personal information should be kept private, including your mother’s maiden name, social security number, home address, and your email address. Only disclose information when you initiated the call to the official customer service call center of your credit card provider or bank.
  14. Always check your transaction history and look out for unauthorized transactions. You should also keep a record of all transactions where you used your credit card.
  15. Install a reputable antivirus program and firewall in your computer.
  16. Only shop in secure websites and reputable websites with updated data encryption systems.
  17. When using your ATM, make sure other people cannot see the screen. Only use ATMs that are in well-lit locations. If you suspect that the ATM has been tampered with, avoid using it.
  18. Always log-off from an internet banking website even if you are using your own computer. Also, don’t forget to clear the cache and your browsing history.
  19. When online shopping, be sure to read the “FAQs” and “About” sections of the website before making a transaction to find out about its disclosure policies.
  20. If you are using your mobile phone for banking, do not let anyone know about it. If your cellphone is stolen, immediately report it to the bank.

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Should you let your kid have his own credit card?

Fact: there is already an increase of teens and college students who have their own credit cards. Credit card companies now aim on the two groups since they are the ones who spend more money than adults.

Educate your child on how to manage spending with a credit card. Parents an even use instances in the present state of affairs as an example to discuss to kids the pros and cons of credit cards.

Smaller credit limits are usual with these types of cards and while it may be easy to apply for one, credit card companies charge large interest rates and fees to the teenage credit card holders.

People who are below 18 are not legitimate in obtaining credit cards without the consent of their parents. Unfortunately, some kids fill out forms and receive credit cards without the knowledge of their parents. To avoid this, talk to them and help them realize the importance of beginning a solid credit history with their first card. Emphasize that it is of utmost importance to their future.

As a parent, start by reading the guidelines with your child. Make sure you call to attention all the terms written on the fine print. Avoid coming to the rescue if the bills get way out of control. This will teach him to be responsible in handling his money. A credit card spent by a teenager and paid by his parents initiates bad credit habits

Let the child bear in mind that his credit card sho uld be used in emergencies only. Monitor ALL his spending activities. Some credit cards even allow the parents to create their own credit limit for the supplementary cards. This is very logical especially if you are too busy with your career.

Parents can help their kids spend sensibly with the correct use of credit cards. At this early stage, it is better to prepare them in the reality of life by teaching them not to abuse its benefits.