Wednesday, 9 May 2012

Are You Already a Victim of Credit Card Fraud?

Most people are aware of the convenience that credit cards offer. Unfortunately, these cards and related information can be stolen easily. Identity thieves can buy goods and take out loans using your personal details and your stolen card. You may not even realize it until you get the bill, by which time the damage may run into thousands. Credit fraud affects us all. The cost of card fraud is borne by the issuer who recovers these costs by charging higher fees and interest rates to all their customers. Someone intending to commit this felony only needs your details in order to defraud you. They do not even need your card. Digital transactions and open communication have made all of us vulnerable to credit fraud. The warning signs that should make you suspicious of being a victim of credit fraud include:
A low credit score stops you from getting a new card even though you've never missed a payment;You receive a credit card in the mail that you never applied for;A debt collector demands payment on an overdue account for a card you've never had;A debt collector demands payment for an overdue account for goods you never ordered or received.

By understanding how credit fraud occurs and by taking a few precautions to protect your identity, you can reduce your chances of falling victim to this crime. Thirteen ways in which thieves can get a hold of your credit card and personal details:
Phishing;Site Cloning aka Spoofing aka Pharming;Skimming;Physically Stolen Cards;False Merchant Sites;Card number generators;Dumpster diving;Mail theft;Hacking and wireless hacking;IP Spoofing;Link alteration;Triangulation;Shoulder surfing.

Once your credit card or details have been stolen there are a number of ways in which you can be defrauded. The types of credit fraud that can be perpetrated include:
Application Fraud;Manual or Electronic card Imprints;Card-not-present (CNP) fraud;Counterfeit card fraud;Lost and stolen card fraud;Card identity theft;Mail non-receipt card fraud aka intercept fraud aka never received issue;Assumed Identity;Doctored Cards;Fake Cards;Personal Credit Fraud;Non-Receipt of Goods Purchased;Credit Fraud by Employees;Account Takeover

What should you do if you are a victim of credit fraud?
Call your issuing company;Contact the major credit reporting bureaus;Report the fraud to the local police department;Contact the local Postal Inspector;

How can I reduce the risk of becoming a victim of credit fraud?

Treat your cards and personal information like money - after all, they give would-be thieves access to your money and credit. By exercising some caution and common sense you will save yourself from a major problem and be able to rest easier at nights knowing that your financial health is in good hands - yours.

Don't let your loved one's be a victim of identity theft or credit card fraud.
You can protect them.
Learn how at Credit Card Secrets

View the original article here

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