How to prevent Credit card fraud – 11 things to remember

Anyone with a credit card is a potential target for fraudsters. It is vital that you guard your credit card in the same manner that you guard the key to your home.

In recent past, many fraudster use fraudulent, but authentic-looking, branded emails and web sites from parties pretending to be legitimate companies whereas it is a malicious attempt to collect your credit card information for the purpose of committing fraud.

Its always wise to be proactive to prevent these types of frauds before it happens to you.

Credit card fraud - 10 things to remember

To ensure that your credit card information remains safe from unauthorized use, here are 10 tips to prevent credit card fraud;

  1. Make sure that you receive your credit card in sealed condition and not tampered by anyone. Sign the back of your card as soon as you receive it.
  2. Make sure that your transaction is processed in your presence every time you make a purchase
  3. Do not provide your account information over phone or in a public place. Credit card companies will never asks you for these information. If anyone asking you then immediately inform it to your bank or financial institution or credit card agent to take preventive action.
  4. Do not provide photocopies of both sides of the credit card to anyone.
  5. CVV number which is required for online transactions is printed on the reverse of your credit card. Anyone can use it for online purchases if the information is available to them. So do not pass on your CVV Number to anyone. If you can remember or write down somewhere at home then do so and remove the number. Ask your bank or financial institution, if they can change the CVV number according to your own number.
  6. While doing an online transaction please ensure that website is a secure site and the payment is made through a trusted payment gateway. Now a days you can use your mobile number to enhance the security level by generating one time PIN online while using your credit card for any purchase or online transaction. Update your mobile number with card issuer agency to get messages on use of your credit card.
  7. Do not reply to any mail asking your credit card number and CVV number details. Please remember anyone can ask for these details with a fake bank mail id or name. So ignore these mails. Your bank will never ask you these details.
  8. Do not provide your credit card details to a tele-caller. If any one is asking for details then complain it to the concern bank with the phone number and name of the person.
  9. If it is stolen then call your bank’s customer care number and ask them to block it.
  10. Do not write your PIN or personal identification number on your credit card
  11. In case of any suspicious transaction on your credit card statement, inform it to the concern person of the bank to take immediate action against it.

Be smart, use caution while using your credit card. The danger of credit card fraud and the hassle of cleaning it up should be taken seriously. It’s worth the effort to take these simple precautions to prevent credit card fraud that can help you to ensure that you’ll continue to safely enjoy the flexibility and convenience of using it.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.