Top Types Of Credit Card Frauds And Ways Of Prevention

By: Gen Wright

Having credit card eases a lot of transaction hassles, but the most people have serious concerns about credit card frauds. It can be defined as any unauthorized use of someone's credit card for making transactions, purchases or simply, manipulation of funds. How credit card fraud works? Well, every thief has his own ways to gather card and personal information unscrupulously, and with time, new types of credit card fraud techniques are being discovered. If you own a credit card, you need to some of the possible threats that you face unknowingly with every transaction that you make. Mentioned below are some terrifically common credit card fraud types along with tips that can help you in saving your card from unauthentic use.

1. Physically stolen cards: While talking of types, credit card frauds are found to be most common with stolen cards. You can lose your card anywhere without any knowledge. Thieves and frauds often look for chances, to steal a wallet or card, especially in crowded public places. In case, your card is stolen, call the customer care and block your card right away. While using your credit card at departmental stores and other shops, ensure that the transactions are completed in your presence.

2. Identity theft and credit card fraud: As the name suggests, identity theft is associated with dodgy use of someone's identity. In general, crooks gather all the information about a person like the date of birth, personal information, and bank information and apply for fake credit card. As a result, users may someday come to know that they have fake card in their name and may need to pay large amounts. In other cases, thieves steal personal information along with credit card details to make transactions of massive amounts, generally via online payment gateways.

3. Phishing: Unlike regular thieves who look for chances, to steal a card or information, there are smart hackers who create websites that looks exactly like websites of certain banks. In case, you unfortunately land up in of these sites, you would be asked to fill your card and personal details for routine checking, and the damage is done. While making transactions online or accessing your online credit card account, ensure that you do not change websites. It is advisable to bookmark sites that you frequently use to
prevent and check credit card fraud.

4. Skimming: Credit card fraud skimming is an exceedingly common type of fraud. The other three frauds mentioned are done by thieves, while this one is generally caused by an employee or clerk of a firm. People who make transactions at departmental stores with credit cards are more subject to this risk. The worst part is the fact that you can hardly prevent such frauds, nor you can prevent it. The simplest way to protect your card would be to purchase and transact from those shops and stores that are known to you or are reputed in the area. Ensure that the transactions are done right at the time of the purchase, and your card is passed through many hands.

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Since you now have an idea of how you can benefit from identity theft credit card fraud tips it is important that you look for the best sources of business credit card fraud tips.

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