Age 85 Blog

Credit Card Fraud Protection

With the increasing use of electronic payment transactions, fraud has been on the rise. Since professional thieves only need a little personal information to perpetrate different kinds of credit card crimes, the numbers have gone up dramatically. For those who do not want fraud to become a personal story, here’s 7 things that people can do to minimize exposure. Trust me when a thief gets a hold of your information he can make your life a living nightmare to make corrections which will take months if not years to complete. Credit monitoring is always a proactive method of limiting the damage that credit card fraud can cause.  Take the time to review some of the best credit monitoring services available and choose one that fits your needs & budget.  Here are our other tips for keeping your credit secure.

#1 – Sign the Back of the Credit Card Immediately

New and renewal credit cards are normally sent through the mail to the person that they belong to. On the back of the card, there is a strip that provides the card holder with a place to sign their name. Even though signing the back may secredit card chipem like a casual action that should be taken, it is important for the card holder to take this part of their responsibility very seriously. Because the signature on the card can be compared to the signature that is written in a retail establishment, this is a great way for a clerk to tell if the card has been stolen. Without this signature, fraudulent use can go undiscovered for much longer periods of time.

#2 – Create a Unique Pin Number

When the card holder receives their card, they cannot use it in the ATMs or other merchant credit card processors without having a pin number. This pin number is used as an additional security level to protect the person that the card belongs to. So, for people who do not want anyone else to use the card without their permission, they will need to create a unique pin number that’s not easy to guess. For example, never use your birth date as a pin number, especially if everyone knows when your birth date is. Ask your bank if you can use a six digit number instead of a four digit number. Remember that forgien banks may require only a four digit number.

#3 – Pin Numbers should not be kept in same place as the card

Because everyone has so many different electronic pin numbers to remember today, it is becoming harder to keep up with whose on first. Therefore, some people may be tempted to write the number down, especially if they do not want to have problems getting their money when it is needed. If this is the case, it is important to remember that the pin number should never be kept near the physical credit card. If you have several credit cards then perhaps you should consider having pin numbers that are some what sequential.

#4 – Do Not Pay Bills on Public or Shared Computers

Its not uncommon for people to forget to pay a bill when they are away from home. Even though the bill may need to be paid, it is important for the individual to understand that their information is relatively easy to retrieve on a computer that is shared with others. To prevent this from happening, you should make sure that you are paying all of your bills from home.

#5 – Secure Mobile Phones

Because everything is going mobile, people can access their credit card account information via their mobile phones. In fact, some of this information can be pulled up easily on the phone if the passwords are automatically filled in. So, it’s important for you to make sure that your mobile phones are locked at all times with password protection measures that others cannot bypass.

#6 – Closely Monitor Credit Card Bills Each Month

Sometimes you look at your credit card bills to see how much you owe for that month. Which means, you may not look at the other transactions that have been made unless the bill is extremely high. To prevent fraud from becoming a problem,you should always look at each transaction closely to make sure every charge has been made by you. Remember it’s your problem if you don’t catch the error.

#7 – Keep Credit Cards a in Safe Place

Another important factor in protecting one’s credit card from from fraud is to protect the physical card itself. Which means, a credit card should always be kept in a safe place in your home and when you are away.

Posted Tue 03 January 2017 by Adriene in Finance