What is Credit Card Fraud?
Of the many different types of Identity theft, the technique most known about is credit card fraud. The reason that credit card fraud is used by thieves so much is because it lets the person gain access to the cardholder’s account, which could allow for him to buy items over the internet without actually having to pay for them. In the case of a debit card, it also allows the thief full access to the cardholder’s bank account. This gives the thief full access to all of the victim’s finances, and would allow for him/her to make money transfers to other accounts.
What about PIN Protection and Account Security?
Credit card theft is not usually as random as most people think. Four times out of five, the thief has studied the victim and gathered enough personal information about them to gain access to his/her account. Identity thieves rarely begin their illegal career by finding a random credit or debit card lying on the ground. They often study their victim to find out information such as their date of birth, age, account number, social security number, and even their PIN to their cards.
Discovery of this information often begins as an internet card transaction through a scamming website or offer. When the transaction is run through the scam website, it usually contains the cardholder’s name, contact information, and sometimes even their card security number. This isn’t necessarily enough information for the thief to begin stealing from the victim (apart from that transaction), but it does tell the thief who you are, where you live, and what your account number is. At this point, he has all the information he needs to begin his “research” on the victim’s personal information. Credit repair companies assist in removing false information from your credit if it should show up on your report.
Taking Safety Precautions when Using Credit Cards
There are various things you can do to prevent an identity thief from obtaining your personal information. When entering your card number into a website, look at the websites URL line. On one end of the line, there should be a small colored symbol of a lock. This symbol ensures you that the information you are entering will be sent over a secure webpage, and will be received only by the person it’s meant to go to. Not all pages will have this symbol next to the URL line. This doesn’t mean that your card number will be accessed by someone who shouldn’t have it, but means that the connection that the information will be sent over isn’t as secure. It’s completely up to you whether you want to continue with entering the information or not; just be aware it could potentially be seen by unwanted eyes.
If you see that a transaction has occurred on your credit card that you didn’t allow, be sure to immediately call and suspend or cancel your card. The sooner you can stop the thief from accessing your account, the better. Credit card thieves are not always easy to catch, so the less he gets away with, the less you’ve lost. You can always get a different card, and by voiding the card you’re worried about, the thief won’t be able to access your finances any longer.