Preventing credit card theft or fraud is crucial.
Do you know that leaving your credit card receipt in a shopping mall shop or a restaurant is a good opportunity for credit card theft?
Yes, it is not just physically stealing your credit cards that consummate a theft.
Whether the thief gets your card, get hold of a copy of your receipt or photocopy your credit card, gathering the information from your card is their ultimate goal to do fraudulent activities.
Once the thief is able to have gotten hold of all pertinent information from your card, you become a victim of credit card fraud and have the possibility of losing money or getting into trouble without your knowing.
Are Credit Cards Still the Safest Way to Pay?
Credit card theft is shooting up, and the consequences are not just simple reimbursements to the victims for unauthorized transactions created by the perpetrators.
As soon as the criminals are able to access the victim’s personal information or any details from the credit card, there is a great chance that the victim will have new credit besides unauthorized transactions.
There are different forms of credit card fraud and criminals are now more sophisticated wherein they are able to gain access to other forms of credit such as loans, new credit cards, and mortgages.
The bad news is if the victim doesn’t know of the fraud immediately and his credit balances become in defaults, he will be blacklisted from getting credit for the next five years.
This is very disastrous to the victim as they can’t apply for any loan, not even a plan for a mobile phone.
With the tremendous effects on the victims and the country’s economy of credit card theft, many are wondering if credit cards are still the safest way to pay.
Preventive Measures to Avoid Credit Card Theft and Fraud
- Before using an ATM or credit card terminal, always look around and check for any suspicious equipment that could be a skimming gadget.If you are in doubt, look for another terminal and don’t use that one.
- Every time you make any transaction, cover your PIN and don’t let anyone take your credit card out of your sight while processing your transaction.
- As much as possible, pay with cash when you are going on nights out and leave your cards at home.
- Make a habit of checking card statements always and if you notice any unauthorized transactions even how small, report immediately to your bank.Criminals sometimes make test withdrawals and if unnoticed will proceed with bigger amounts.
- Regularly check your credit report and if there are any suspicious listings that are included which shouldn’t be there, act immediately and report the matter to proper authorities.
If you are a victim of any credit card theft, the first thing that you should do is to report the incident and obtain a Police report.
A Police report is necessary if you want to repair your credit rating.