ways to avoid credit cards fraud
This post is continuation for my earlier post. These are the necessary precautions that need to be done to avoid falling victim from unscrupulous parties. I am sure that we can protect ourselves if we follow the following.
- Sign the signature panel – at the back of the card as soon as you receive it. This helps authenticate the transaction, and prevents lost or stolen cases if the merchant is vigilant in reviewing sales slips.
- Do not give our important details – like card number, expiry date, CVC2 or CVV2 (the security number at the back of the card), and other account information to anybody. FYI: your credit card issuer will not call you for this information as they already have it in their system. They will only require these if you call them, as part of the verification process.
- Know your credit card company’s 24 hour hotline – in case you need to report a lost or stolen card, or if you suspect fraudulent transactions in your card. Do not fax your credit card number and other information, as you don’t know who else will be able to see it.
- Keep your PIN confidential – this should be memorized, and not recorded anywhere. Most people make the mistake of writing it down and pasting it onto the card. And try not to use consecutive numbers, or numbers that are linked to your personal information, such as birthday, address and phone number.
- Never disclose your PIN via regular e-mail. Regular emails are not encrypted and are more likely sending a postcard.
- Never lend your card to anyone – or accept advice from strangers while you are using it.
- Always review your billing statement – and immediately report unknown transaction to your credit card company’s customer service. If possible enrol for online access, if available. This will allow you to better monitor your account.
- Inform the bank immediately of any change in your personal information – especially if you’re moving to a new residence or office.
- Call customer service right away if your transaction is declined – Find out why this happened. This could be a security precaution, as your issuer suspects’ unauthorized transactions made on your card.
- If your transaction is taking longer than usual ask the merchant why. Call your card company for more confirmation.
- Do not open emails from unfamiliar person or sources – scan any attachments you receive via email, and immediately delete any suspicious emails with attachments. And, watch out for scam emails. Banks will not send emails to customers to verify confidential person or account information. Delete all-emails received of this nature, even if they appear to have come from your bank.
- Be aware of phony or look alike websites – designed to trick customers and collect personal information.
- Perform online transaction in private – ensure that no one is watching you while you keep in your PIN or any other sensitive information.
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