In today's world, credit cards have become a necessity. They are convenient, easy and fashionable alternative to paper and there is hardly anyone who does not posses one. Plastic money is gaining popularity day by day but just as the usage of credit card is rising there has also been increasing frauds in the segment.
Credit card fraud involves withdrawal of funds and obtaining of goods and services by using someone elses credit card or debit card. Otherwise inaccessible personal information stored on computers is stolen in order to use a card. Credit card fraud has reached into billions of dollars annually.
Due to the virtual explosion of credit card business through out the world, security has become critical in the entire process. It is always safe to follow some precautions while handling a card because there is a huge cost involved with a card loss. If a card user follows some of the following tips it will help him escape loss.
Signature and Receipts
It is advisable to put your signature on the signature panel of your card as soon as you receive it. This would prevent the misuse of a card in case it falls into wrong hands. Also putting your signature on the card helps the seller to cross check your genuineness.
Further it is also recommended to destroy receipts from card transactions and ATMs once you have checked these against your statement. Your credit card receipt often contain all the information required to perform a fraudulent transaction, you name, the card number, and the expiry date are all on there.
PIN safety measures
Always avoid keeping your personal identification number (PIN) along with your card. This will check a card's misuse in case it falls into a stranger's hand. If both card and PIN are kept together, there are increased chances of cash withdrawals from your account through ATM machines.
In fact there is an introduction of new Credit Card Security measures in UK. This measure mandates typing of a 4 digit PIN into the machine accepting your credit card transaction instead signing your credit card receipt. Although, this means you will have another PIN to remember but it will hopefully reduce the number of fraudulent credit card uses.