How can you protect yourself from credit card fraud ?

Are you shocked to find your credit card statement way above your expectation this month? Wait before you sign up with a debt settlement company! You might probably just be another victim of credit card fraud. Credit card fraud happens when someone steals your credit card or any information related to it. The person then uses this information to make purchases or to withdraw money.  A staggering 11.1 million Americans became victims of credit card fraud last year. Although it is steadily on the rise, you can avoid becoming a prey of credit card fraud by keeping some simple points in mind.


Avoid becoming a credit card fraud victim
1)    Keep a constant look: Never be negligent with the use of your credit card. Keep an eye on your card every time you use it and make sure it does not land up in someone else’s hands. If it does, try to get it back as quickly as possible. A thief might swipe your card through a device, popularly called ‘skimmer’, which records the information from the magnetic stripe.
2)    Don’t share your credit card information: Never mention your account number over the phone or on any website unless you know that you are dealing with a reputable company. Legitimate companies will never ask you for your card information over the phone. Provide credit card information only if it’s a secure site.
3)    Beware of scam emails: You might receive emails informing you that you have won huge prize money and that they need your account number to transfer the money into your account. Never fall for this trick. This might just be another way to make your wallet lighter.
4)    Carry the minimum number of cards: More cards means more risk. Limit the number of cards that you carry. Carry only those cards which you really need.
5)    Practice ‘shoulder surfing’: Whenever you enter your pin, cover the keypad with your hand or body. This prevents any other person to peep over your PIN. This is popularly called shoulder surfing.
6)     Keep a check on your credit card statements: Check your credit card statement frequently to make sure that there is no unfamiliar transaction. If you happen to point out a large purchase about which you are clueless, contact your card issuer immediately and inform him of the same.
7)    Memorize your PIN: Many people have the bad habit of noting down their PIN and then referring to it before every transaction. This leaves ample possibilities for your PIN to land up in the wrong hands. Memorize your PIN so that you are the sole authority of your card. You should also destroy all documents that mention your card number, such as copies of your receipts, airline tickets etc.
8)    Keep yourself updated: Prepare a list which contains all your account numbers, expiration dates, the phone numbers and addresses of each bank that is your credit card issuer. Update the list whenever you get yourself a new card.
Keep these simple points in mind and it can go a long way to protect you from credit card fraud. The best step is to apply your own common sense while using your card. Contact your issuer immediately if your credit card is lost or stolen. Your card is your responsibility and it is best to fight off credit card fraud by staying informed.