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How to Help Prevent Credit Card Fraud

credit card

Even with the advanced security of the card issuing companies, credit card fraud accounts for nearly 40% of identity theft in the UK.

Types of credit card fraud

  • Card cloning known as ‘skimming’ is when a card is copied without your knowledge.
  • Using someones lost or stolen card without their permission.
  • ‘Card-not-present’ fraud, which is often done through email scams or from stolen databases.
  • Trying to obtain a credit card in someone else’s name through fraudulent applications.

Help detect fraud

  • Set up a payment alert from your bank, so whenever your card is used you will receive a text message to confirm you are authorising the payment.
  • Check your bank statements regularly and question any payment you do not recognise.
  • If your card is declined or you are told you have reached your limit, this could mean your card has been used without your knowledge.

How to prevent card fraud

  • Shred all copies of credit card and bank statements.
  • Cut up old credit cards, making sure to cut through the magnetic strip and chip.
  • Shield your PIN when making public payments or using a cash machine.
  • When needing financial services, make sure you only use regulated finance companies.
  • Try to avoid giving out your credit card details over the phone or by email.
  • Don’t let your credit card go out of your sight when you’re paying for goods or services.
  • Only use websites that have a padlock symbol in the address bar.
  • Always log out of sites that have your card details, don’t just close the window.
  • Don’t use public wifi for financial transactions.
  • Don’t carry with you any written down passwords or PIN number.

Reporting credit card fraud

If you feel that you have been the victim of credit card fraud there are several steps you can take.

  • Contact your credit card company immediately. This will help you be reimbursed for any fraudulent activity and also stop the card from any further use.
  • Report the crime to Action Fraud.
  • Contact credit score companies like Experian or Equifax to see if anyone has applied for cards in your name.