Your credit card is one of the most sensitive pieces of documentation that you can carry on your person. Since it can dictate or supplement your finances, it deserves to be protected from theft, just like real cash. Some unscrupulous individuals have taken advantage of the vulnerabilities within the credit card system, to steal money from unsuspecting victims. Here are some essential tips that you should take to protect your credit card from fraud.
#1. Beware of Internet Scammers
Never submit your personal information, especially credit card information, to people whom you have never met. Some ‘sale representatives’ may call you and give you offers, which could be enticing enough to warrant purchasing them – hence may require you to give out your account information. This is very risky, since the sales representative could be anyone who is just talented at being persuasive. The bottom line: do your research first.
#2. Keep Your Cards Safe
Never carry all your cards in a single wallet. This practice minimizes the risk of losing all of them at once, especially to theft. If possible, you should carry only the credit card that is required for the activity that you are attending. Another way of keeping the cards safe is by making sure that they are not used out of your sight while undertaking transactions.
#3. Always Sign Your Cards
The moment you receive the credit card, it is very important to sign on the dedicated space, since this shows everybody that the card is indeed yours. Whenever you are carrying out a transaction, this will come in handy because if anyone tries to switch it with another card, it will be easily noticeable.
In addition, you should cut up expired credit cards as soon as they are replaced, to minimize the chance of the information getting into the wrong hands.
#4. Keep Your Transaction Receipts Safe
Ensure that all the receipts are filed in a safe place, since they may contain information that could be used to defraud you. Some people have had their credit cards maxed due to negligent approach that they take in safeguarding their receipts.
#5. Report all forms of Fraud
Perhaps it is already too late, and you have been defrauded of your money. Sometimes, it is easier to stop further loss of money by simply reporting the incident to your credit card provider. Similarly, cancel all lost cards immediately you establish that you cannot find them.