In many ways, credit cards make our lives easier. So long as you are realistic about how much you use your credit card, they can be a great way to take advantage of perks such as travel points or cash back rewards. This being said, they can also be a source of frustration when they are lost or stolen or if someone had made fraudulent charges. Here are some tips on reducing the risk of credit card fraud.
1. Keep your credit cards safe.
Always confirm you have your credit card back in your possession before you leave the store or restaurant. Avoid credit card skimming at restaurants by paying at the terminal rather than giving your credit card to a server for processing. Don’t sign blank credit card receipts.
2. Shred, shred, shred!
Shred anything with your credit card number on it. If you make a credit card purchase at a store or restaurant that keeps a copy of the receipt, be sure to scratch out your credit card number with a pen.
3. Avoid giving out your credit card information.
Only give out your credit card number or other sensitive information on calls you initiate to customer service using the number on the back of your credit card. Don’t return calls to a phone number left on your answering machine and don’t give your credit card number to anyone who calls you requesting the number.
4. Be safe with your credit card online.
Don’t click on email links from anyone pretending to be your bank, credit card company, or other business who uses your personal information, even if the email looks legitimate. These links are often phishing scams and want to trick you into entering your login information on their fake website. Only enter your credit card number on secure websites that you can be 100% sure are legitimate. Be careful of what information data you share over Wi-Fi – especially your online banking.
5. Report lost or stolen credit cards immediately.
Most credit card companies have 24-hour service for this reason. The sooner you report it the less likely fraudulent charges will be made.
6. Review your billing statements each month.
This is the way to ensure that you notice strange charges and report them right away. Contact your credit card company to inquire about any strange transactions or incorrect charges.
Do you have any stories to share about credit card fraud? Tell us about it in the comment section below!
ADDITIONAL READING:
Our top 5 tips for online shopping
How to request a refund from your credit card provider
Are you liable for charges on a lost or stolen credit card?
Hello
I was told by a pharmacy store manager today that under BC regulations pharmacies are required to ask customers who are using an older, non-chip credit card for a purchase to show photo ID, and that comparison of their signature with that on the back of the card is no longer sufficient.
I realise that this might be considered by some as a good policy. I also know that some stores choose to request ID as a matter of store policy. However, can you please inform me specifically whether production of photo ID for retail, non-chip credit card transactions is required in pharmacies under BC regulations.
Thank you
Tony Hetherington
Hello Tony, I am not aware of it being a BC regulation. It could possibly part of a merchant service agreement. You could check with the Financial Consumer Agency of Canada. Here is their website: http://www.fcac-acfc.gc.ca/eng/index-eng.asp I hope this helps!
Nowadays we can see so many fraud cases in using credit cards. You’ve provided great tips that should be followed while using credit cards.
Is there a time limit to report fraud on a Credit Card?
I recently noticed fraudulent charges as far back as a year ago.
Am I now responsible for these charges, because I didn’t report them earlier?
Hello Rick,
Honestly, I’m not sure about the answer to your question. You may want to contact your credit card provider to see if they can provide you with some additional information and to determine if they are able to provide any protection. The R.C.M.P. also has some tips on their website about reporting credit card fraud. You can find those here: http://www.rcmp-grc.gc.ca/scams-fraudes/cc-fraud-fraude-eng.htm
I hope this is helpful!
Yeah it is one of the most important things to be remembered by the user of credit cards don’t keep your credit cards here and there don’t disclose your cvv number to anyone and keep your credit cards under your own surveillance.Thanks for such an important post it was really an helpful one.
Credit Card Scam