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Tuesday, 11 February 2014

Avoid Credit Card Frauds


Credit Cards are a convenient payment method, although they do carry risks. Fraud with the use of stolen credit cards is committed for the purpose of obtaining goods without paying, to obtain unauthorized funds from a bank account or to sell stolen information further. Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of credit and charge card fraud, it is not the only way fraud occurs. A more subtle form of fraud is misappropriation. The use of your card number (not the card itself) without your permission. Misappropriation may occur in a variety of ways. Examples are:

A phone caller says that you need only provide your card number and its expiration date to qualify for a special discount vacation
A thief rifles through trash to find discarded receipts or carbons to use the card numbers illegally
A dishonest clerk makes an extra imprint from your credit or charge card for his or her personal use
Fraudulent credit card information or credit cards themselves are usually obtained through:

Fake Web Sites
Theft
Pick Pocketing
Phishing
Credit Card Swapping at ATM Machines
Skimming
By being aware of the risks involved, knowing the types of credit card fraud and by following below guidelines you can protect yourself from credit card fraud:

Destroy your expired cards

Immediately sign new cards

Don’t keep your PIN in your wallet

Treat credit cards as if they were real money

Lost or stolen cards should be reported immediately

Be cautious when giving information to websites or unknown individuals

Verify transactions on your statement with your receipts

Keep an eye on the credit card when making transactions in shops
Don’t sign a blank credit card receipt

Don’t borrow your cards – if a friend wants to buy something on the internet and needs a credit card, be with him when doing a transaction or you do the transaction for him (he might become a victim of credit card fraud, due to lack of knowledge).

It doesn't matter whether or not their website is encrypted. Encryption means that your data is secure between your computer and the merchant, not between your computer and the credit card processor. The merchant will have your card number regardless.If you’re buying from an unfamiliar or likely untrustworthy store, consider using a temporary/virtual card number that card companies like Citibank provide.

FIDA HUSSAIN

I am Fida Hussain,a computer student from Pakistan. Right from the day one I was introduced to computers,I had a passion for Hacking and Information security. So,I started this blog in 2012 to share my views and ideas with the world.

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