Credit Card Fraud And Identity Theft Uncovered
Using the Internet and buying on the Internet has its risks. Among the most potent risks are credit card fraud and identity theft. Protecting yourself against credit card fraud is not impossible, however, there are steps you can follow to minimize the chance of fraud. Above all, if you are a victim of credit card fraud you should contact your credit card issuer immediately. You will find an emergency 24-hour number printed on every statement. Unfortunately, your card will be canceled but a new one will be reissued within 5 to 10 working days.
In the meantime, every card holder should take the following steps to protect themselves:
* Get insurance: There are credit cards available on the market, which offer ‘Identity Theft Insurance Cover’. * Get protection cover: Most card issuers offer a registration scheme, which should be a free service. It means online transactions will require an additional password to verify your identity. * Keep your records private: Don’t let anyone know your pin number or use an easily traced pin number, such as a birthday or telephone number. * Hide or destroy your documents: It is sensible to purchase a shredding machine and regularly shred receipts documents sent from your card provider. * Make sure your computer is safe: Make sure you keep your computer secure with anti virus and firewall protection. There’s a new piece of technology available, for example, called a ‘phishing filter’, which will protect you from fraudsters. * Don’t email your personal details: Don’t send Your PIN numbers or passwords to anybody, even if the person you are sending them to is trustworthy, you don’t know who could be accessing your computer. * Don’t give your personal details to cold callers. * Be aware who is looking over your shoulder: Cover the screen on the card terminal when you type in your PIN in a shop or at a cash-point. * Keep up to date: Read your statements thoroughly and make sure that you can recollect any expenditure, or tally with your receipts.
If you do experience fraud, remember to contact your bank immediately. The emergency 24-hour number is written on all statements. You will have to cancel your card and a new one will be reissued within a couple of weeks. With credit card fraud also comes the risk of identity theft. This is on the rise and can be even more devastating than a simple credit card fraud. Your identity is stolen and loans and mortgages are taken out against your name and defaulted on, in essence leaving you with the debt. Even though you did not take out the loans yourself, they have been taken out in your name, as a criminal has stolen your identity through your credit card details. There are credit cards that do offer additional ‘Identity Theft Cover’, although it does usually come at a small, monthly cost.
‘Identity Theft Cover’ will cover you and help you to prevent, detect and defend against the theft of your good name. It can take up to 400 hours to clear your name through all the individual credit agencies. However, with cover, this would be entirely dealt with by their team of experts on your behalf. It is possible in the worst cases of identity theft that your bank accounts become frozen pending investigations. Some policies would provide you with adequate funds in this eventuality and cover your legal fees. This type of cover may also offer: * UK-based helplines * Identity theft prevention information * Secure document registration facility: Have all your credit cards listed – so that one phone call can freeze them all * Real time credit reports: email or text message alerts you to any change in your credit status * A case specialist assigned to you if you become a victim * Cover for legal expenses and other costs
If you follow all of the above tips, you will go a long way to protecting yourself against credit card fraud and identity theft. Be sure to shop around before choosing your credit card to make sure you will have some form of cover against credit card fraud. Even if it seems more expensive initially, it could save you thousands in the long term. Don’t let credit card fraud devastate your life; take control and don’t let the fraudsters take control of you.
About the Author:
Felicity Gardener has her finger on the pulse of Credit Card Fraud prevention and protection. Read her detailed advice which will help you foil fraudsters from getting their hands on your credit card information and ultimately your identity.
