Protecting Yourself From Credit Card Fraud

Over  Christmas, there was an incident of credit card fraud as the Target database was hacked into which exposed the private information of its customers. This raises the question, how can a customer protect himself or herself from credit card fraud?  Here are some tips.

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LOS ANGELES, CA - The first tip is for a business, because businesses experience credit card fraud as well.  If you are a business.always, always, always, always, always...did I say, 'always'?  Always ask for the three digit security number on the back of the credit card.  A person can have a stolen credit card number, and the expiration date, but unless he is physically in possession of the card, he will not have the three digit security number. 

For consumers, there are several tips.  First, always check your statements and make sure all the transactions belong to you.  The way fraud works is that a person who is using a stolen card will try to make a small purchase, say, a $5 purchase.  If that goes though successfully, he knows the card works and that emboldens him to make a larger purchase. 

If you find that someone has used your card for fraud, the immediate thing to do is to call the fraud department of your card company or bank.  Canceling your card and ordering a new one is usually the next step, but talk to them first.

Another important consumer tip is to always take your receipt at the register or gas pump.  If you leave your receipt, and if someone at the place of business you are purchasing from (or the next gas station customer) is unethical, he may take that receipt, take the last four digits (which are the only ones that show on a receipt) and match that information up against a stolen credit card database.   If he finds a match, he can then test to see if the credit card will work. So the next time someone says, "Do you want your receipt?" say, "Yes."

Finally, if you use your credit card at a gas station, after you take your receipt, then hit the cancel button to cancel out the transaction.  That way, if your card numbers are "hanging" in the system, the next driver cannot drive up and fill up his car with your card number.

This real life tips will help protect you against credit card fraud.

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