Protect Yourself From Credit Card Fraud
I still remember opening my credit card statement a few years ago and finding some 99-cent charges that didn't seem familiar. Thinking they were related to my new small business start-up, I didn't give it a second thought and paid the bill, as usual. I also remember how stunned we were when we opened our statement a couple months later and found out we'd purchased around $4000 of electronics equipment in France and a few hundred dollars more in England, not to mention some high-tech, top-dollar purchases in the U.S. as well.Fortunately, we weren't liable for the charges because we contacted our credit card company right away. We also complied with their request to fill out an affidavit and return it to their fraud department in a timely manner.Since then, we've had our credit card number stolen at least twice. Each time we caught the fraudulent charges within days, because we frequently monitor our credit card accounts online. Each time we filled out an affidavit, and each time the credit card company absorbed the loss.While it seemed all we suffered was a minor inconvenience, the fact remains that credit card fraud costs companies billions of dollars, an expense passed on to the consumer in terms of higher interest rates and fees. Believe it or not, stolen credit card numbers is a big business. Just Google "stolen credit card numbers" and you'll see what I mean. There are even membership sites on the web where stolen credit card numbers are distributed for a fee.We've noticed our credit card companies are much more aggressive about fraud, calling our home if we make charges that are larger than usual or outside our normal buying patterns. In fact, we recently traveled out of state and had our card declined at Denny's during breakfast. We had to speak to a representatie over the phone and explain we were on vacation. While our account wasn't suspended and we continued our trip without incident, the company did issue us new cards upon our return home. The only way to protect yourself entirely from credit card fraud is to close all your credit card accounts. But you can take reasonable steps to prevent fraud or create a situation where you can catch any fraudulent charges immediately and suspend use of your account right away.Check your accounts online daily or weekly. Make it a regular habit to just log in to your account and quickly peruse recent activity. Does anything seem out of place? Call your credit card company immediately.Protect your credit cards when out and about. Purchase a special credit card wallet and keep it in the same spot in your purse or tote at all times. Always put your card away immediately after use. Safeguard your purse or wallet when shopping. In fact, I usually try not to bring my purse into the grocery store; I keep the credit card wallet in my coat pocket, so no one knows I'm carrying it.Protect your credit cards at home. Do you have credit cards you rarely use, or that you have set aside for special rewards purchases? Keep them locked in a fireproof safe. If you don't have a safe, try putting them in a plastic cup half-filled with water and store in your freezer. Extra benefit: you'll resist impulse purchases, because you'll have to thaw your credit cards before you can use them.Take advantage of unique credit card numbers. Many credit card companies now offer one-time credit card numbers that you can use for online shopping. You either log in to your account to generate a number, or download a desktop application that will automatically fill one in for you. If you shop online regularly, you may wish to use a separate card for those purchases.Never shop or visit password-protected sites online using an unsecure network. If you're using wi-fi at a restaurant, library or other public place, chances are high that the internet connection you're using isn't one bit secure. Unscrupulous types can purchase inexpensive gadgets that will allow them to capture all the information you're typing into your laptop, including passwords, usernames, Social Security numbers and PIN's. Follow a simple rule: when in public, browse for fun. And if your internet at home is wireless but not secure, follow directions to set up a secure connection or find someone who can help you get it done.Look for strange charges in small dollar amounts. Thieves will "troll" stolen credit card numbers to see which ones are still active by trying to put through nondescript charges in small amounts, hoping the owner won't notice the strange activity.Report all suspect charges immediately. Credit card companies have active, professional fraud departments that are specially trained to help you. While nothing is foolproof, being aware of your surroundings, vigilant to protect your credit card accounts and diligent when it comes to monitoring your finances will go a long way towards protecting your personal accounts.
Related Links:How To Restructure Your DebtStop Going Into Debt Each MonthCreate A Credit Card Debt Payoff Plan
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Content copyright © 2008 by Cate Brizzell. All rights reserved.This content was written by Cate Brizzell. If you wish to use this content in any manner, you need written permission. Contact Cate Brizzell for details.

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