Online credit card fraud: Are you really safe?
CarbonNYC
Credit card fraud is a growing trend in the United States of America. More and more Americans are finding themselves the victims of identity thieves. Let's take a look at a few ways that you can protect yourself from falling prey to this practice. Below is a guest post from Jack Reed. Jack Reed is a financial writer with Oak View Law Group, a debt settlement firm. He writes on a wide range of financial topics with a special focus on bankruptcy.
According to The Federal Trade Commission, credit card fraud is the most common type of identity theft today. Be it malicious websites, spam emails or spyware, there are hundreds of ways by which your credit card information can end up in the wrong hands. The global losses caused by the ever rising number of credit card fraud cases are a cause of serious concern. A report from the FBI states that the US suffered a whopping $315 billion loss in 2005 from credit card fraud alone!
Using credit card to make purchases is almost a trend today, but are you sure that you are not a possible victim of identity theft? Being a little irresponsible with your card can cost you dearly. Make yourself aware of this global scam lest you need to sign up for credit card debt settlement later.
So, you have received your new credit card today? Great! Before you start using it, keep two important points in mind. First, make sure that the seal is not tampered with and secondly put your signature on the back of your card as soon as you get it.
How can you exercise precaution with the use of your credit card?
1. Make sure that the website is reliable.
Do a little research before you feed your credit card information online. Check if the website is using a secure connection. Only input credit card information through reputable payment processors that you trust. Check for how long the site has been in existence and if the language on the site is grammatically correct. Read the sales terms thoroughly to ensure that they make sense. Use your common sense to judge the authenticity of the site. If a site looks fishy, don't enter your credit card information.
2. Be careful with your CVV number:
Located on the back of the credit card, the CVV is usually a three to four digit number used to increase the security of electronic credit card transactions. If a corrupt merchant happens to get the details of your card, they can make illegal purchases with it online. This is dangerous because they do not need to have your credit card in physical form. Therefore, it is important to keep this number secret at all costs. Make sure that all transaction processes are completed in your presence and never provide photocopies of both sides of your credit card to anyone.
3. Beware of phishing emails:
You may receive e-mails which instruct you to visit a website to reactivate your credit card. These scammers often pose as legitimate notices from your bank saying that your account has been frozen and ask you to enter your credit card data in a website to reactivate your card. This is simply a way of duping unsuspecting customers. Delete these emails immediately and never open any documents that might be attached to them.
4. Start using a “virtual credit card”
Many credit card companies offer a one-time special credit card number to be used for a single online transaction. This is called virtual credit card and you can use it for making online purchases safely. Even if someone gets hold of this number fraudulently, your real account remains safe. The charges for such transactions show up on your regular account.
5. Make use of technology
Make sure that you are using a reputable antivirus and anti-spyware on your computer every day. This will protect you from fraudsters who try to plant virus on your computer to steal your credit card details.
You are responsible for the safety of your credit card information. Keep a continuous tab on your account to make sure that there are no unfamiliar transactions. Destroy all documents that contain your credit card number before disposing of your expired credit card. And most importantly, contact your issuer immediately if your card is lost or stolen. Keep yourself informed and you will always stay a step ahead of con artists.
Online credit card fraud: Are you really safe? is a post from:
.
