subject: For Consumers: Avoiding Credit Card Fraud [print this page] Any consumer with a credit card can have his or her personal information stolen for fraudulent activity, regardless of income, credit card limit or age. Understanding the types of fraud and the common schemes that involve stolen credit card data can help you protect your personal information and avoid the frustration of credit card theft. Below, find guidelines to follow and precautions to take that can help you avoid credit card fraud.
Keep Your Information Safe:
If your credit card is stolen, it can be immediately used to make large purchases that reach your credit limits. In order to keep your credit cards and debit cards safe from being physically stolen, keep your cards close to you. Even by leaving your bag in the office while on your lunch break or hanging your coat and wallet on the back of your chair in a public place, your credit card can be stolen. When traveling to unfamiliar places or large cities, be aware of pickpockets. If you have a debit card, be sure to commit your personal identification number (PIN) to memory rather than writing it down, and do not reveal your PIN to anyone.
Recognize Counterfeit Cards:
Understanding the differences between real cards and counterfeit cards can help you recognize when a credit card is a fake. Certain details and features exist on legitimate cards that are difficult to replicate, such as standard specifications regarding color, tint and style. With new technology, credit cards can use holographs and ultra-violet ink. Altered cards are made from real cards that have been re-stamped with stolen account numbers and information, and the letters usually do not line up or match in size. Other counterfeit cards involve a blank piece of plastic and silkscreened or painted card logos.
Merchants and PCI Compliance:
When using your credit or debit card, be sure that you trust the merchant. Because merchants can be held accountable for accepting stolen credit cards, often leading to hefty fines, there are security measures that businesses must take to keep your information protected. For example, businesses that comply with Payment Card Industry (PCI) standards follow a set of security requirements and regulations that reduce the risk of fraud. Merchants should also be trained to recognize counterfeit and altered credit cards, and should ask for customers' signature and even a second form of identification to verify the cardholder's identity.
What to Do if Your Card is Lost or Stolen:
If your card is lost or stolen, immediately contact your bank or issuing institution. Keeping these contact numbers easily accessible in your cell phone will allow you to call your bank as soon as you find out your card is missing, no matter where you are. Depending on your bank and when you notify the issuer, you may or may not have to pay for unauthorized charges.
