An Important Information About Credit Card Fraud

The fraudulent use of a credit card account by obtaining the account holders card details and other personal information to perform unauthorized transactions is referred as Credit Card Fraud.  The purpose of carrying this fraud may be to obtain goods without paying, or to obtain unauthorized funds from an account. 

Credit card fraud costs cardholders and issuers hundreds of millions of dollars each year. Credit card fraud may not be entirely preventable, but by following given tips, you can cut down your credit card fraud losses:

• Sign your cards as soon as you get them issued.
• Keep a record of your account details like account number, credit card expiration dates, and the details of issuing authority in a secure place.
• Keep an eye on your card during the transaction, and get it back as quickly as possible.
• Do not lend your card(s) to anyone whatsoever be the case.
• Save original receipts to compare with bank statements in future.
• Do not sign on a blank receipt. When you have to sign a receipt, cross the blank area above the text to avoid any chances of misuse.
• Do not share your card details over the phone or an email, even if it claims to come from the company representative as in the case of Spoofing the calls/emails appear to come from same name/email as original.
• Do not share your credit card number on phone unless you are dealing with a reputable company.
• Report any questionable charges quickly in writing to the card issuer in addition to live support.
• Inform card companies as soon as you change your address.

Incase of theft/loss immediately inform the concerned issuing authority and get it blocked as most fraudulent use of cards takes place within days of their being lost or stolen.