Growing credit card fraud is a personal as well as financial concern for most credit card holders these days. Learning about 4 best ways to stop credit card fraud can help.
As a credit card holder you main concern would be to stop credit card fraud that have become almost a practice rather than exception in the market. The following 4 steps can help you in preventing credit card fraud.
1.Do Not Provide Your Personal Information to Anyone
You should not provide your personal, especially financial information like account number, password, or your credit card PIN to anyone, especially unknown people. You should know how to prevent credit card fraud online.
A number of great looking offers will come your way asking to just give your personal information and enjoy;
These are the most potent cases of online fraud which should be avoided; and
Offline too; no one should be allowed to learn about such personal information.
Keeping secrecy of your personal information is one of the best ways to prevent credit card fraud.
2.To Detect Fraud Check Your Credit Report Periodically
It would be good if you check your credit report provided by the three leading credit reporting bureaus; Equifax, Experian, and Trans Union.
Under the FCRA and FACT Acts, you are entitled to a free copy of your credit report once annually from each of them;
It would be good to set the timing of the three reports to cover at least three different quarters in a year; and
Fraud can be detected by finding unauthorized activities reflected in your credit report and it is an effective way of avoiding credit card fraud.
3.Timely Step on Detection of Fraud
To prevent credit card fraud you need to take timely action on detection of fraud.
Very first thing on detection of fraud or when you suspect the existence of one is to contact your card provider company and inform them;
Freeze your account and change the password;
A better way is to close the account that is victim of fraud and transfer everything to a new account with a new password;
You should inform all the financial agencies you are dealing with about the fraud detected or suspected and change all accounts and their passwords; and
On detection, never forget to inform the law enforcement agencies about the fraud with details.
4.Learn From Experts
It is rightly said that there is no end to learning. It is also the same in case of credit card frauds. As new methods are devised on how to prevent credit card fraud, skillful unscrupulous traders on the web are finding new and ingenious ways of committing credit card frauds. Experts in the trade can show you the way how to avoid credit card fraud with valuable tips and advices on the process.
You can also learn a lot on how to stop credit card fraud from the official websites of Federal Trade Commission and Federal Reserve Bank.