Credit Card security and protection are of prime importance, and one must ensure that all safety measures are adapted in order to curtail fraudulent practices as much as possible.
Fraudsters are always on the lookout for new and innovative ways to steal a credit card as well as the information. It is up to each individual to understand how they work and take necessary precautions in preventing the same.
- If old receipts are not destroyed, these could become easy targets for fraudsters and they might use it to access credit card details and in turn use it to purchase items of high value either on the net or via phone. They might use it in places where the retail merchant will not require the card to make an authorization for the purchase (credit card not present scenario).
- Credit card theft is very advanced, and fraudsters use technology to make counterfeit cards that look so genuine it is easy to pass off as an original credit card. They then use the "skimming" method to get hold of the details and duplicate the same on the fake ones through the magnetic stripe.
- ATM fraud is probably the simplest form of fraud. Fraudsters plant devices with which they can skim the details of the credit card and subsequently use them to make unauthorized transactions or purchases at a later date. One must be careful with the PIN while doing a transaction as they could be watching.
- One of the oldest forms of fraud is when the credit card is stolen while it is still in transit even before the cardholder can receive it, and then it is again used for fraudulent purchases.
- Another occasion where one has to be careful is during the festive or holiday season. This is the time of the year when the card is taken out on a number of occasions each day. One must ensure that the credit card is put away safely and securely. Thieves are always prying on people to wait for that split second when one would be negligent with the credit card. This is an ideal opportunity for them to get hold of the credit card and slip away in the crowd.
Although credit cards are covered by Federal Law, it is still better to follow measures on the security and protection aspects of the credit card. In case of the loss of a credit card, one must report to the issuer immediately to avoid further or potential losses.