If you have several credit cards that are in your name, it makes sense to know how to protect yourself from credit card fraud. It won’t always be as obvious as seeing large cash advances drawn out of your credit limit, it can be as subtle as gas purchases that look like yours until you realize your card is stolen. There are some good habits you can start to make sure you spot trouble the moment it happens, to help you recover any losses that might occur due to credit card fraud.
Tips to Help You Prevent Credit Card Fraud
- Know your numbers – List the credit card numbers somewhere safe. Many credit card companies aren’t even listing the account number on bills anymore, and just use the last four digits. If you lose your card, you will have to know those numbers to help you close the account or put a watch on it. Do this ahead of time and you will be able to handle the problem much more easily.
- Pick one, store the rest – If you have several cards, pick one to carry and use and store the rest in a safe place for other major purchases. This way, the chances of you losing all of them at once is lessened should someone steal your purse or wallet.
- Don’t hand it over – Credit card theft can happen when you lend your kid the credit card to get gas and find additional expenses on it later. It can happen when you hand the card to waiter who goes to the back and swipes it in a card sniffer that reads your credit card strip and puts your account information into a database for fraud later. The best way to use a credit card is right in front of you and within your full control.
- Read your statement – If you think that you only need to look at your statements when you make a purchase, you are wrong. Fraud can happen at any time and the quicker you catch that fraudulent entry the better.
- Report inconsistencies – If you do see an entry you don’t understand, be sure to notify the credit card company to get it resolved. Often, the entry will give information on what you bought and from whom, with a telephone or website address. In that event, you can call the vendor directly to see if you did buy this item or it is a case of fraud.
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