Credit Card Fraud
Credit card fraud is the illegal use of a credit card for purchases or cash advances without the cardholder’s knowledge or authorization. Credit card fraud falls into five categories. These include counterfeit credit cards, stolen or lost cards, no-card fraud, non-receipt fraud and identity theft fraud.
Counterfeit credit card fraud involves the making of fake cards by criminals using new technology to skim information contained in a card’s magnetic stripe, as well as to replicate security features such as holograms. Lost or stolen credit card is a risk when someone other than the cardholder gains physical possession of an active card. No-card fraud may occur when you give your credit card information to a telemarketer or enter it on a website. Non-receipt fraud is the term used to describe theft of a new or replaced card sent by post before it reaches the cardholder. Identity theft fraud involves the criminal use of another person’s identity and personal information to obtain a credit card.
Spotlight on Credit Card Fraud
Reporting Credit Card Fraud
There are many different types of credit card fraud. Counterfeit card fraud means creating duplicates of an actual card and then using the fraudulent card for financial transactions. Card-not-present fraud is the use of a credit card’s information over the Internet, telephone or through the mai... Continue Reading »
Reporting Credit Card Fraud
There are many different types of credit card fraud. Counterfeit card fraud means creating duplicates of an actual card and then using the fraudulent card for financial transactions. Card-not-present fr...
How to Prevent Credit Card Fraud
Preventing credit card fraud is something everyone with a credit card should know how to do. Whether you are on your first credit card or you have held many accounts for years, credit card fraud can hap...
About Credit Card Fraud
Counterfeit credit card fraud is the most common type of credit card fraud in Canada, resulting in 37% of the millions of dollars lost through this menace. Counterfeiters will normally use the fake identity to receive unemployment insurance benefits, government assistance, and personal loans or even to scam other individuals and companies.
In order to avoid penalties which may arise from improper use of your credit card, you should ensure that you are protected from this type of fraud. There are a few things that you can do to enhance your protection from credit card fraud. Carefully review your credit card statements regularly, and then report any unauthorized expenditure or suspicious use of the card to the card company. Thereafter, continue monitoring your statements even after the issue is resolved. This is so as to ensure that such a problem does not arise in future. It is also important to always get a receipt whenever you shop online using your credit card. Be sure to always hold on to all your receipts and cross check them with your credit card statements. Look out for any changes that may have been made to the amount of tip you left at a restaurant or bar.
Always select passwords which are difficult to crack when reviewing your credit card statements online. Do not use obvious passwords such as your maiden name, and be sure to change your passwords often. Never write them down and carelessly leave them lying around; don't share them with anyone whatsoever; do not place them in your wallet or on your computer either.