Credit Card Fraud
Credit card fraud is an epidemic problem in the U.S. Many people believe that the fraudulent use of credit cards is limited only to the loss or theft of the actual credit card. However, a knowledgeable criminal only needs your credit card number to fraudulently make numerous charges, including cash withdrawals, against your account. A number of crime prevention tips follow to help you protect against the fraudulent use of your credit cards:
- Photocopy the front and back of your credit card and keep the copies in a safe and secure location. This will enable you to cancel your credit card as soon as possible if it is lost or stolen.
- Endorse all credit cards as soon as they arrive.
- Try not to carry credit cards in your wallet or purse. Carry them separately, if possible.
- Carry only the minimum number of credit cards that you will actually need and never leave them unattended.
- When paying by check, never allow the salesperson to write your credit card number on the check.
- When paying by credit card, never let the salesperson write down your driver’s license or social security number.
- Avoid signing a blank receipt when possible. Draw a line through blank spaces above the total when you sign the receipt.
- When you use a credit card to make a purchase, maintain visual contact with the card and make sure that no extra imprints of your card are made to other credit slips.
- Destroy all carbons so no one can obtain your account number.
- Unless you are absolutely confident you are dealing with a reputable company, never give your credit card account number over the telephone.
- Notify credit card companies in advance of a change in your address.
- When discarding paperwork bearing your credit card number, shred it prior to discarding it in the trash.
- Destroy unused credit card applications, such as those received in the mail advising that you have been pre-approved for a credit card that you did not request.
- If you receive a letter stating you should have received a credit card in the mail and you did not receive it, notify the company or lending institution immediately.
- Open billing statements promptly and reconcile your card amounts each month, just as you would your checking account. It is a good idea to retain your credit card receipts and check them against the monthly billing statement.
- In the event your credit card is lost or stolen, notify the credit card company immediately. The majority of fraudulent purchases are made within 48 hours of the loss.
If your credit card is lost or stolen, report it to the police, as well as the credit card company. Remember, if you report the loss of a credit card before it is used, the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your credit card before you report it missing, the most you will owe for unauthorized charges on each card is $50.
