Credit Card Fraud

Practicing Credit Card Safety

Some of the easiest ways to avoid credit card fraud may seem obvious, like keeping your cards in a safe place and only using them with reputable businesses. Except, there is a lot more you can do to keep yourself, and your credit card numbers, from landing in the hands of a scammer:

Safety Tips

• Always sign the back of your credit card. Some people mistakenly think that by signing their card, they are making it easier for a crook to copy their signature. Instead, by leaving the signature space unsigned, someone who steals or finds your card can sign your name using their own handwriting, making it much easier for them to match the signature when they sign a receipt. Instead, a great trick to protect your card is to add a small line above your signature that states “Please Check Photo I.D.” This will encourage cashiers to check your driver’s license each time you use your card and prevent a thief from pretending to be you!

• Keep only one or two cards with you. Even though many Americans have ten active credit cards, you probably do not need them all every time you go out. Pick just one or two to keep in your wallet, then leave the rest in a safe place at home.

• Review your bills carefully. As soon as you get your monthly statement, look it over carefully for any unknown charges. Your bill should have a phone number on it to report any suspicious activity. Even if you see a questionable charge that is only for a few dollars, call the credit company immediately. Crooks often make a small charge on an account to see if the card is active. If you let the small charge go, you may miss the opportunity to prevent them from making larger ones.

Avoiding Credit Card Fraud

• Never give out your credit card number just because someone asks for it. This includes telemarketers, websites, and emails. Unless you contacted the company yourself to make a purchase, you should never let anyone talk you into sharing your credit information. A reputable company should always have alternate means of accepting payments.

• Don’t leave credit card numbers where others can find them. Keep your card out of sight when you are in a store, handing the card directly to the clerk to make your purchase. As soon as you get the card back, put it in your wallet. Always take the time to shred your credit statements before throwing them out, a simple way to avoid credit card fraud.

• Keep code numbers and other security information separate. If you have a hard time remembering your personal identification number, it may be tempting to write it on your debit or credit card. Instead, keep it somewhere else in your purse or wallet and do not identify what the number is. Better yet, take the time to memorize the number or ask your financial institution for an easier number.

How Credit Card Fraud Happens

Credit card scammers go to extremes to get your numbers, often digging through garbage or voided store receipts. The real surprise is one of the most common ways criminals steal your information is by misrepresenting themselves as legitimate businesspeople. Some thieves will use email to solicit donations or sell you bogus goods. Similarly, a crook under the guise of a telemarketer may call you, offering a magazine subscription or the chance to win a trip if you make a purchase. This is a standard credit card fraud ploy used to make you feel comfortable and willing to share your credit card information. When in doubt, ask them to mail you more information or check them out with your local Better Business Bureau before giving up any personal information.

If you suspect credit card fraud, contact your credit company immediately and have the account closed. It is a good idea to look into the credit history of your other cards, including any business credit or gas cards.

Check Your Credit Report

You can run a free annual credit report from each of the three major credit reporting companies once a year. A credit report can help you keep track of your credit cards and make sure no one is opening a new account in your name. By checking your credit regularly, you may be able to avoid credit card fraud and the headaches it can cause.

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