Credit card fraud is a growing crime, and Australia has more cyber crime than any other western country according to AVG, a software security vendor. Australians have to cover the costs of up to $3.5 billion in fraud every year. It is surprising to note that 67% of Australians do not take even the simplest measures to protect themselves from credit card fraud.
Eight tips to help you avoid credit card fraud
1. Always check your statements
As soon as you get your credit card statement in the mail look for any regular or unusual transactions. You should also make a habit of checking your receipts against your monthly statements to make sure that everything is in order.
2. Watch out for phishing
Telephone calls or e-mails that ask for your credit card information or any of your personal details are referred to as phishing scams. You will be led to fraudulent websites that appear authentic, but they are really set up to steal your information.
3. Make sure your card is signed
As soon as you receive any new credit card you should sign it right away to avoid being a victim of cyber crime.
4. Keep your PIN protected
Never keep a written record of your PIN number close to your credit card. If you absolutely have to write down your PIN number, make sure it is hidden in a safe place away from your card.
5. Use only websites that are secure
Before making a purchase from any site make sure that credit card security measures are in place before entering your card details. Most websites will have an icon or logo to show that they are secure, and you can also check on their security page to find out how they keep your information secure.
6. Destroy your documents properly
If you are sent any detailed information about your credit card application make sure that you shred it before disposing of it. You don’t need a professional shredder if you don’t have one, just make sure you rip it up into pieces before throwing it away.
7. Don’t carry all of your cards at the same time
You should only be carrying around the cards that you use regularly. If you happen to have your wallet stolen then it is nice to know that you have lost only one or two cards instead of all of your cards at the same time.
8. Watch your card closely
Whenever you have to use your card, keep an eye on it. Some credit card fraud thieves will use an electronic skimming device that is hidden underneath the counter. Of course, always make sure that your card is returned to you and that you put it away properly.
Follow these eight helpful tips to make sure that you do not become a victim of credit card fraud. It is quite a hassle to get everything sorted out, and you may end up losing some money in the process.
This article was written by Timothy Ng who is a regular personal finance blogger and part of the team at CreditCardComparison.com.au a 100% free Australian credit card comparison and application service.
This post was written by...
Timothy – who has written 8 posts on FY Money Box.
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