When you own a credit card, one thing that you must be aware
of and knowledgeable about is credit card fraud. Your credit
card details can be obtained from a number of places; discarded
receipts; extra imprints when the card is out of sight; telephone
transactions in which your number is taken; the list goes
on. Credit and charge card fraud costs cardholders and issuers
hundreds of millions of pounds every year.
It is not always possible to prevent credit or charge card
fraud, but you can insure against it. Credit card insurance
not only covers all items purchased with the credit card,
but will cover up to a curtain figure spent on the card
if it is stolen or used illegally by another party other
than yourself or those named on the account. There are some
basic steps you few steps you can take to make it more difficult.
We give you some basic tips to help protect yourself:
Do:
• Sign your cards when they arrive
• Keep a record of account numbers, expiration dates
and phone numbers of each card issuer
• Contact your issues about any questionable charges
promptly
• Keep an eye on your card during the transaction,
and get it back as quickly as possible
• Open bills promptly and check accounts each month
• Never carry your pin number with the card
• Save receipts to compare with billing statements
• Notify card companies in advance of a change in
address
Don't:
• Leave cards or receipts lying around.
• Give out your account number over the phone unless
you're making the call to a company you know is reputable
• Sign a blank receipt. When you sign a receipt, draw
a line through any blank spaces above the total.
• Lend your card(s) to anyone.
• Write your account number on a postcard or the outside
of an envelope.
If you lose your credit or charge cards or if you realize
they've been stolen, you must immediately call the issuer(s).
Most companies have free numbers as well as 24-hour service
to deal with such emergencies. By law, once you report the
loss or theft, you have no further responsibility for unauthorized
charges. In any event, your maximum liability will usually
be £50 per card.
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