Australian’s Suffering Credit Card Fraud: What Can You Do?

Lately, many credit card fraud reports have been featured in the media.  In fact, it’s becoming so common that even up to one in seven Australians are falling victim to credit card fraud.  Not too good!  It’s very important to be alert and aware of the dangers of credit card fraud so that you can avoid it happening to you.

How to protect yourself from credit card fraud:

1. Don’t write down your PIN!

The most important thing is deceptively simple – it’s common sense but most people get caught out: never write your credit card number down, and never give your PIN (if you use one) to anyone else, nor write it down anywhere!  Even if you think it’s in a safe place, it wouldn’t take much for it to get lost or get into the wrong hands.  If your house got robbed, a little book labelled “Passwords and PINs” lying on the desk would be a prime invitation for stealing.  You need to memorise your PIN – it’s not that hard, and it will go a long way to protecting you from credit card fraud.

2. Tuck your credit card away close to your body when out and about

Also, never display your credit card on your person.  This may sound silly, but pickpockets are very good at moving in at the right moment and stealing physical money and these days, cards.  In this modern age we often forget that while protecting ourselves from online fraud, we’re still carrying our credit cards around in our back pocket.  Don’t do this!  Men, use your shirt pocket; ladies, keep your clutch or purse at the front of your body; and if you’re travelling, use a money belt or fanny bag to keep your important cards and documents close to your body.  Pickpockets are much less likely to attempt to steal from these.

3. Don’t fall victim to phishing emails and websites

Phishing is another way you can lose card control, funds or even your identity to fraud.  Phishing emails arrive in your inbox looking authentic and convincing you to go to an official looking website which asks for your credit card number, usually for some urgent “need” such as “preventing your account from becoming locked”.  Of course it’s all lies, and soon enough, you’ve given away your credit card number and maybe even a long list of personal details – which is now in the wrong hands.  The way to avoid phishing scams is to resist entering details into any website that claims to be your bank or financial institution.  The website may look convincing, but if EVER in doubt, call the bank first using the bank’s phone number as stated in a real phone book, and get them to go through it with you.  It’s better to be safe than sorry, and banks will never laugh at you for being wary of phishing – they want to catch the scammers, too!

4. 
   

   Utilise virtual credit cards

Virtual credit card numbers are an alternative way to avoid credit card fraud.  Virtual credit card numbers can be purchased for a very small fee online and they allow you to use them as a once-off.  They act as a proxy between your real credit card and the merchant, so that the merchant never has access to your real credit card – the number will simply cease to exist after one use.  It also protects your credit card from potential interceptors between you and the bona-fide merchant.

5. Read your credit card statements properly every month

Make time to sit down with every credit card statement and read over it carefully.  You’re keeping track of receipts and other purchases you make with your credit card, right?  Well, it’s only a small step further to go to make sure that no fraudulent charges have been made to your account during the month, with you unawares.

6. Shred, shred, shred!

After you’ve finished checking bank statements and credit card statements, don’t simply toss them in the garbage.  Did you know that professional identity thieves will deliberately go through rubbish because they know that unsuspecting people will do just that – throw out their important papers, whole?  Make sure that your papers go through a shredder.  A simple one will set you back only $40 or so and will make sure that any papers with your personal details on them are shredded beyond recognition!

7. Check out some other info resources on credit card safety

Of course, you will never make yourself 100% credit card fraud “proof”.  There’s no way to be completely immune.  However, you can go a long way to protecting yourself from credit card fraud.  Also, learn how to successfully dispute errors on your credit report and got the know-how on credit card protection in real life situations.  As you can see, there’s no need to panic… there are many excellent and time-tested ways to prevent fraud from happening to you.

Protect yourself today from loss, theft and other identity crime

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