Getting the best help for credit card fraud protection is what every credit cardholder seeks.
With the numerous horrible stories that we hear about different fraud that is happening worldwide by using stolen names, addresses, credit card information, SSN, and other personal data.
Sometimes, it is very unfortunate that you hear these adverse incidents happen to people close to you.
But there are some helpful advice and information to minimize damage and add protection to the use of credit cards.
Safety Measures for Keeping Credit Card Data
Keeping your credit cards data safe and easily retrievable is part of any credit card fraud protection.
Write down all information such as number, date of issue, credit limit, and emergency phone numbers to call for all your credit cards in a small notebook.
Keep that notebook in a safe place at your home; somewhere safe also from thieves.
For added protection, you can photocopy all the things in your purse or wallet and keep the photocopy together with the small notebook.
This way, you would know what the things in your purse or wallet are in case it is stolen.
Protection When Credit Card is Stolen
As soon as you come to know that your credit card is missing or stolen, report immediately to the card issuer and cancel or freeze your account.
Purchases after your report will not be charged to you. Call the three credit bureaus and put a fraud watch on your SSN and name.
This will inform all companies that check your credit information that your credit card was stolen.
It will also alert them to contact you by phone for new credit authorization.
Keep the toll-free numbers of the three bureaus and your card information readily available for emergency.
If you do these credit card fraud protection procedures, the thieves will stop using your credit card information for additional fraudulent activities.
Credit Card Fraud Protection from Credit Card Issuers
Credit card issuers are also losing millions of dollars per month due to credit card theft.
To minimize their losses and prevent credit card crimes, most card companies are now adopting the chip and pin method as part of their credit card fraud protection program.
In the chip and pin credit card anti fraud procedures, the chip is a device which examines if the credit card is real and not fake.
On the other hand, the pin is a set of numbers for the credit card that is known only by credit card owner.
This anti fraud system prevents thieves from using the credit card that they stole because they do not have the PIN.
The chip and pin system was first used by the United Kingdom.
After installing the system, credit fraud and theft have tremendously decreased in Europe.
Banks and retailers experienced relief from losing large amount of money due to credit card theft.
Other countries are now considering implementing this anti fraud system to fight identity theft and protect credit card users.