Credit money or invisible money constitutes to the most staggering rates of fraud in the U.S.A. Most of the times it is the unsuspecting card owner who is at fault. Divulging card numbers or careless use of cards leads to such credit fraud.
Credit fraud can sometimes be difficult to detect, as fraudsters may have additional pieces of ID that identify them as the real owner. Victims of credit fraud are estimated to spend on an average 330 hours rectifying what could have been prevented.
The prevention of credit fraud can be controlled to a great extent by the card owner. Simple guideline for preventing card frauds are provided by banks, card companies and other financial institutions. Some of the point that will safeguard against a possible credit fraud are:
- Avoiding carrying more credit cards than it is necessary. If one is not planning to use the card, carrying it with oneself will be more of a liability.
- Immediate reporting in the event of a lost or stolen card to the card company.
- Strictly barring oneself from writing the PIN number on the card.
- Changing the PIN number at least once a month.
- Paperwork relating to cards should be kept secure.
- Avoid giving card numbers to unreliable sources eg. Telemarketers, waiters etc.
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