The 6 Best Ways To
Prevent
Credit Card Fraud
( AND WHAT TO DO IF IT HAPPENS TO YOU !)
AS TECHNOLOGY ADVANCES , more consumers are becoming victims of credit card fraud . That makes it more important than ever to know how to prevent it and what to do if it happens to you . Here are the six best ways to prevent credit card fraud from happening to you and what to do if it does .
# 1 – KEEP CREDIT CARDS SAFE The simplest way to prevent credit card fraud is to keep your credits cards in a safe and secure place where they cannot be easily removed by thieves . Locked away at home or in a sealed compartment in a purse or clothing are the best options .
When shopping at physical establishments , always check the machine for skimmers before tapping or inserting your card .
# 2 – DESTROY DOCUMENTS WITH CREDIT CARD INFORMATION It ’ s best not to keep any paperwork with your credit card number on it lying around . Scan important documents into a computer and shred the paper trail . Never recycle anything with your credit card or other identifying information .
When disclosing your credit card information for purchases , always confirm any documents carrying the information will be promptly destroyed after the charge is completed .
# 3 – FILL IN THE BLANKS When signing a credit card slip , always fill in blank amounts with a zero before signing . This particularly applies when tipping servers at hospitality establishments who may be tempted to fill in the blanks with a sizable tip amount to charge and pocket .
# 4 – BEWARE OF PHONE DISCLOSURE Credit card scammers often make phone calls posing as credit card companies . Only disclose credit card information to trusted sources and always call your credit card company ’ s direct line when you receive a call from anyone claiming to be an affiliate or employee .
It is also good practice to use the code on the back of your card to identify yourself to the credit card company , as they will be able to reference this information in the system whereas a scammer would find this information useless .
# 5 – BEWARE OF PHISHING SCHEMES Mass emails trying to coerce you into clicking links that will expose your credit card information are more prominent than ever . It is a best practice to never open unexpected links or attachments . If you have any uncertainty , call the sender to verify . Additionally , most scammers will not provide a phone number by email , which will offer another indication of whether an email is coming from a reputable source .
# 6 – REVIEW YOUR TRANSACTIONS Review your credit card transactions online at least once a week to check for any suspicious charges . Report any suspicions to your credit card company right away .
WHAT IF IT HAPPENS TO YOU ? If you do become a victim of credit card fraud , contact your credit card company immediately . Change all of your passwords and PINs right away and proceed to closely monitor all account activity .
Request a copy of your credit report from your credit bureau and set a fraud alert through the bureau ’ s fraud center .
You may also wish to report the fraud to your local police .
John Chambers , MBA , is an FRC with Freedom Federal Educators . He started his career in the financial services industry in 1984 . He specializes in retirement and life insurance planning for federal employees .
FREEDOMFEDED . COM FRAUD PREVENTION 11