Credit Card Fraud Discussed

Not many of us take the time to think about the personal data that we make available but it is a major concern today. In most cases, the personal data asked for is legitimate, but there are chances that it could be used for criminal activities and for frauds.

However, this is preventable for the most part.

You can contact Direct Marketing Associations in order to get your details removed from the direct mailing lists in UK and cut on your junk mail and your chances of fraud. However, mail order and phone fraud are increasing. This is mostly because of lack of awareness.

If you guard your financial information you could be able to prevent yourself from being a fraud victim.

There are a few simple steps which you can take in order to ensure that nobody takes your advantage. Know all the facts!

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Ten simple steps for protection

Increasingly, store cards, debit and credit card are being used by us for paying. The combined transaction value is said to rise to a total of 639 billion in 2010 from 470 billion in 2005.

It is safe, cheap and convenient in most cases. However, since more of use are using cards in daily life, the incidence of fraud in credit cards too have increased.

Frauds in credit card cost inconvenience, frustration, costs money and it also violates your privacy.

Stay safe and be aware, given below are our ten tips on how you can avoid fraud.

1.   Keep Your Personal Details Secret

Your personal details are only yours and nobody else’s. You should never hand over your PINs or passwords to anyone else. Do not write down your personal financial information anywhere. If you are having difficulties remembering the details, change it to something you can remember but not something which is predictable or obvious like birthdays.

2.    Do Not Leave Behind any Papers

When you want to get rid of the receipts or documents, do not just throw them in the dustbin. Always shred or destroy any document which includes any personal or private financial information.

3.    Get More Protection

Visa and Mastercard offer several online protection methods called Verified and SecureCode. These services are free of charge and you would only have to register online. Ask your bank if it offers similar schemes and make use of them.

4.    keep Your Computer Protected

if you want to protect yourself from online fraud, ensure that you have an effective, updated firewall and anti virus software. You would be able to protect yourself from viruses like Trojan which capture your personal information when you enter it on a website.

Use phishing filters which would check all the websites for phishers who try to acquire personal information like card details and passwords. Keep updating the virus definitions regularly.  

5.    Give the Information Only to the Right People

A bank or a financial institution would not just call randomly asking for your personal information and passwords. Remember that if anyone calls and asks for your PIN or passwords over telephone, never provide it.

6.    Be Aware of Emails

Like telephone calls, you could also get plenty of emails which claim to be from your card provider or bank. These emails are known as phishing and they just want your personal information. The online payment, card providers and banks would not send an email and ask for personal information. Do not follow the link from the mail and give out any information. Instead, try to type the link directly for your banking site.

Also remember to use only the secure sites. Always check the browser windows for undone padlock or broken keys.

7.    cash Withdrawals and Shopping

When you use chip and pin you are vulnerable. Use your hand to protect the keypad from the others and even from a hidden camera. Be aware of anyone who might be standing behind too close when you enter your PIN and do not use a machine which looks tampered with or dodgy.

8.    Read Your Statements Regularly

Your statement would show you the amount of money which is spent. Fraudsters might spend small sums of money in order to not get caught. Therefore, you should inspect your statements very carefully and keep them filed to check later if you need them.

9.    Be Safe

With fraud incidents increasing, many banks today offer insurance. The cover for identity theft protects you in case someone uses your identity to get credit or any other type of services. You can ask the bank about their offers and the benefits of these insurance covers.

10.  What Can I Do If I Am A Fraud Victim?

First of all, contact your bank at the earliest. The sooner you contact the bank the better it is. The bank would cancel your card and then start the process to return the lost funds. Banks generally have a helpline which operates 24 hours.

Try to find how someone was able to steal your money or identity and ensure that you do not make the same mistake again. If you take reasonable care you would be able to protect yourself. Banks are always helpful and they would reimburse you if you report the incident as soon as possible.