subject: 10 Ways To Avoid Credit Card Fraud According To St Louis Finance Experts [print this page] For years we have been warned to be extra careful as to whom you give your credit card or debit card to whether it would be on the phone, the Internet or especially in person.
However, one may be caught totally off guard to know that identity theft can happen to you even when you still have your credit card or debt card in your possession.
There is a new kind of crime that is becoming more and more frequent called "skimming." Criminals are now taking full advantage of technology and can steal your credit card information at a moments notice.
St Louis finance experts are saying that credit and debt card skimming is now becoming an epidemic while becoming more newsworthy due to recent skimming incidents such as those at Bank of America.
Retails stores that accept credit and debit cards such as restaurants, bars, gas stations and ATMs are becoming more susceptible targets for skimming.
All a thief has to do is get a hold of your credit or debt card, scan it through a small hand held electronic device and in seconds has all your financial information that is stored on your card.
Once they have your private financial information, they can now go on their dream shopping spree or sell your information to criminals where counterfeit cards are made.
Criminals are also targeting ATMs now. By using cameras or watching you as you key in your 4 digit pin code, these ruthless white collar thieves can now suck your bank dry.
Most consumers are unaware of the fraud that is perpetrated against them until their credit card or bank statement arrives in the mail and they see what purchases they did not make.
The next 10 tips are here to help protect you against such information theft:
1. Always keep your contact information up-to-date with your bank or credit card company. The bank needs this information if you ever need to dispute charges or to inform them of any fraudulent activity.
2. Make sure you write down all customer service phone numbers from the back of your credit or debit cards and keep this list in a safe place at home.
3. If an ATM is in bad shape or run down, walk, no... run away! A sign of a dirty machine may signify that it is not working or may be a criminal clone wanting to steal your information.
4. Another tip that most consumers forget about is notifying your credit card company when you go on vacation and the destination of your travels. They can decline any suspicious charges much faster when they have this information.
5. When approaching an ATM, any sign that says you should 'enter PIN number twice to complete transaction,' is a warning to leave immediately.
6. If your bank(s) offers email banking alerts, make sure you sign up for them.
7. A skimming device may have been installed on an ATM that appears to be damaged, toyed with mechanically or has any loose fitting parts.
8. Never do a transaction if suspicious or dangerous looking individuals are close by. Potential criminals may try to steal your cash or watch as you type your PIN number. If your card gets stuck in the ATM, call your bank and report the incident. If someone offers to help, just beware that it may be a scam artist wanting to get your financial information or perhaps harm you!
9. If you want to be extra sure no one is watching you type in your PIN number or capturing it on camera, cover the pin pad with your other hand thus blinding the onlooker.
10. Although ATM skimming is growing at a quick pace, skimming occurs more often at retail outlets such as restaurants. If possible, always keep your card in sight. Try not to let anyone leave with your card if you can help it. If you are in a retail store and they say they have to go to another counter to run the card, follow them. If in doubt, pay with cash.
You should get into the habit of checking the individual charges and balances on your credit card statements when they arrive.
Consumers should also be aware that federal laws do not protect debit cards to the same degree as credit cards when it comes to fraud. So, use your credit card when possible or get a secured one to avoid headaches.
If you should discover that your card has been lost or stolen, notify the bank within two days and in most instances your loss is limited to $50. Waiting to inform your bank after two days may increase your overall financial loss substantially.
