Card Security
Credit Fraud - protect yourself
With identity theft become more prevalent, credit card security is becoming more important than ever. Fortunately, there are a few easy things you can do to protect yourself and your financial data.
1. Compare Credit Cards: While most people simply check for the best interest rates available, it is also important to find a credit card with fraud alert services. These services watch your card activity to determine what seems ‘normal’ for your account, then alert you to activity that seems outside the norm. For example, if you usually purchase your petrol in London, then suddenly there is a petrol purchase in Glasgow, the card company will telephone you to ask you if this is a purchase you made. This is an invaluable service that has helped many people who didn’t even know their card was stolen.
2. Check Your Credit Card Balance Online: Most credit cards have access online for consumers to check their balance information and pay their bills. It is important to check your balance at least once a month to see if there is any fraudulent activity, preferably in the middle of your billing cycle. Many people only check their statements shortly before their credit card bills are due, so much credit fraud happens shortly after the billing cycle ends; that gives the thief more time to max your card and move to new territory. The sooner you find out about credit card theft, the less money you will lose in the long run.
3. Shred All Credit Card Receipts and Statements. It is important to completely destroy all credit card paperwork before disposing of it. Many thieves simply go through the refuse to steal important credit card information. A credit card statement not only tells a thief your name and address, but also the credit card number and what your billing cycle is. A decent electric shredder can be purchased for less than thirty pounds. There are also shredding services that come to your house and shred your valuable papers. It is a little extra work, but it is a good way to safeguard yourself.
4. Do Not Allow Your Credit Card Out of Sight The practice of 'skimming' typically happens when someone takes your credit card and copies down all the information. You are far more likely to have your credit card information stolen in a restaurant by skimming than you are to have your information stolen online.
5. Watch for 'Extra Cameras' or 'Readers'
Another common practice for thieves is to attach a small reader that will read credit card information and store it in a memory chip. Lately, they have started adding small cameras to record the pin number used with the chip and pin system. Be wary of petrol pumps or that appear to have a credit card reader that looks out of the norm: if the credit card reader looks unusually large, or different than most other readers than you've used, pay with the clerk inside instead. Also, look at the ATM machine before using it to see if there appears to be an extra camera or device attached to it. If it just doesn’t 'look' right, then it is much safer to go inside to pay or get cash.
© Upshot Media Ltd
Disclaimer: Please note the above article does not constitute financial, credit or any other advice, we suggest that if you are unsure you take independent financial advice or conduct your own research. Rapid Retail Direct Ltd and pricefilter.co.uk can not be held responsible for any decisions made from reading this article.