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Crucial Factors You Should Know About Credit Card Fraud

Crucial Factors You Should Know About Credit Card Fraud
Viveka Rao
Written by Viveka Rao

Be Proactive To Counter Fraud

How To Protect Yourself From Credit Card FraudCredit card fraud or identity theft is prevalent across the world. No matter which country it is, every region is affected by credit card fraud cases. Even when this crime is so much widespread, not many people know everything about identity theft, as to what they can do or how they can save themselves from it.

There are many misconceptions related to how to protect yourself from identity theft. While most of the identity thieves concentrate on getting credit cards and maxing them out, some use other personal details too, such as email login credentials or online shopping account details, so that they can steal the entire identity of the person involved.

Although, you cannot be fully immune from credit card fraud, if you have some knowledge about it, you can stay one step ahead of these thieves. Read on to know about some crucial factors related to identity theft through credit card.

1. Thieves can steal your credit card details without its number

Identity thieves can steal your financial details, even without your credit card number and vice versa. That is they do not need your credit card to steal your identity. They are very cunning, as they can get access to your financial information with just one detail about you.

Therefore, it is important that you put away your important documents at your home, such as your birth certificate, passport, identification card, voter ID, etc. You can hide them safely in a deposit box at your home. Moreover, this also includes your credit cards when you are not using them.

2. Do not reveal your nonfinancial details online

Besides your monetary details, you must not reveal your nonfinancial details online. This is because credit card fraudsters can get your financial details from your personal information too. For instance, you must not list your full birth date on any social networking site, such as Facebook. Additionally, do not list your telephone number or home address on any site that you use for business or personal reasons, including job-search websites.

3. Review all credit card and bank statements regularly

You must review all your credit card and bank statements regularly, so that you can be aware about any counterfeit transactions on your account or credit card. Check if there are any small charges on your credit card statement from unfamiliar individuals or companies.

If yes, inquire about these charges from your card issuer. Identity thieves initially test by making small purchases on an account to see if an aware customer has not canceled the account. If they succeed, they make a larger purchase. Therefore, it is advisable to review your credit card statements regularly.

4. Send your snail mails carefully

You must pick your new checks at the bank itself, rather than getting them shipped to your house. This is because fraudsters can cash or alter the stolen checks. This also implies to your credit card bills. You must follow the billing cycle of your credit cards. In case any of your bills does not arrive on time, you may check with the issuer, as a credit card thief could have altered your billing address or got access to your account.

Moreover, you must not place your outgoing mail in your door slot or post office box, as anyone can steal it from there and get access to your credit card numbers and other monetary details. Instead, carry the mail to the post office yourself.

These are some of the important factors that you must know about credit card fraud, so that you can protect your credit card details and other personal information from identity theft.

About the author

Viveka Rao

Viveka Rao

Viveka Rao is post grad in finance and a freelance writer here at CreditSmart. A love for shopping and travel rewards has fueled her interest in personal credit, and making the most of rewards programs. She writes to educate other consumers in making great financial choices.

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