Preventing Credit Card Fraud

Figures show that overall credit card fraud has fallen over the last couple of years with the recent introduction of Chip and PIN helping to make it more difficult for fraudsters to commit fraud with a credit card.

The financial cost to cardholders of credit card fraud is largely borne by the credit card companies, but being a victim of credit card fraud is unpleasant with personal costs in time, inconvenience and frustration while the incident is investigated. Here are our tips on how to avoid becoming a victim of credit card fraud :-

1) Do not let your credit card out of your sight when paying with your card.

2) Make sure that you shred all receipts from your credit card transactions. Never just throw them away with the rubbish.

3) Always check your credit card statements carefully. If you see a transaction you do not recognise, contact your credit card company immediately.

4) Never write down your PIN number or disclose it to anyone else. The police or even your own credit card company will never ask you for your PIN number.

5) Never click on the link in an e-mail, supposedly from your credit card company, asking you to update your personal details. Always enter the address in the address bar.

6) Report lost or stolen credit cards to your credit card company immediately.

Card Watch has more information on how you can protect your cards against fraud.