Avoiding Credit Card Fraud

Credit cards are convenient and easy to use, and they can help you build a healthy credit score. However, they may also expose you to theft and fraud. These schemes occur in a variety of ways, and sometimes they're impossible to avert. Fortunately, there are many ways to prevent credit card fraud using smart spending practices and responsible money management. If you need help avoiding credit card fraud, check out the tips and tricks below.

Avoiding Credit Card Fraud

Monitor your account. Using online banking, review your recent purchases regularly, looking for unusual charges.

Compare your receipts to your monthly statements. Similarly, keep all of your receipts so that you can compare them to the charges on your credit card statements. If your card was charged twice or the amount is different than the amount on your receipt, contact the merchant involved.

Notify your credit card issuer with any concerns. As soon as you notice suspicious activity on your credit card account, contact your card issuer. You should also do this if your card has been lost or stolen. The issuer should cancel the card, send you a new card, and refrain from charging you for fraudulent purchases. You can only be held responsible for a maximum of $50 for a card that's lost or stolen.

Shred old credit cards and bills. When you no longer need a credit card, shred it before throwing it away to ensure that the account number can't be stolen. In addition, shred your billing statements before recycling them.

Keep your cards safe. If your card isn't properly stored, it could be stolen while you're out and about. Don't keep more than one or two credit cards with you at one time, and keep those secured in a safe place. When you're in a high traffic area, exercise additional caution.

Verify receipts. Before you sign a receipt, be sure that the number reflects the actual price of the product or service. If the receipt is blank, don't sign it.

Avoid giving your credit card number over the phone. If you know this is a reputable company and you've successfully used their services before, you can probably provide your phone number safely. However, if you're unfamiliar with the business or you're speaking to a telemarketer, do not provide your credit card number, bank account number, or any other important financial information.

Don't give your credit card number to just anyone online. Online shopping is incredibly convenient, but the Internet is filled with scammers and illegitimate companies. For example, some scammers will send e-mails that mimic messages from your bank, and if you click on their links and enter your login information, your account will be compromised. Be sure that you are on a secure and legitimate website before entering your financial information or username and password.

Use strong passwords. Don't use your birthday, your pet's name, your child's name, or any other easily obtainable personal information as your password, and avoid 1234 and password at all costs! Use numbers and letters as well as uppercase and lowercase letters to create an impenetrable password.

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Avoiding credit card fraud requires common sense and some simple security tips. Although fraud will sometimes be out of your control, you can do your best to prevent it using the advice above. Good luck!

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