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How to prevent credit card fraud

Potential fraud is a real threat that all consumers face in using credit cards. Credit card fraud can cost you and the credit card issuer huge losses.

Credit card issuers are always on alert for fraudulent scams and have taken security measures to protect you against such possible frauds.

However, you should also take the necessary steps to minimise the risk of being a victim of fraud.
  • Safeguard your credit card
    • Sign on your credit card immediately after you receive it

    • Keep your credit card in the same place in your wallet or purse so that you will notice immediately if it is lost or stolen

    • Do not lend your credit card to anyone

    • Do not provide your credit card details, (i.e. card number and expiration date) to an unknown party as they may use it to make purchases via telephone, mail or Internet

    • Memorise your PIN number and do not write down your PIN number on the back of the credit card or keep it in your wallet, or disclose it to anyone

    • Keep the telephone number of your credit card issuer so that you can immediately report lost/stolen cards, unauthorised transactions or disclosure of PIN to a third party

    • Make sure you cut your expired credit cards into two when you get the new one

  • Check your credit card transactions
    • Check all details on the charge slip before signing or confirming the transaction

    • Keep all your charge slips and check it against your credit card statement as soon as you receive it

    • Notify your credit card issuer immediately of any error or possible unauthorised transactions in relation to your credit card or PIN and follow-up in writing as soon as possible

    • Destroy all your charge slips before you throw them away

Always

safeguard

your card and

check

your transactions


Back to Contents of Credit Card Transactions & You


Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Notes
Knowledge Base ID :   1227
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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