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11 Tips for Preventing Credit Card Fraud This Season by www.SixWise.com The holidays represent the busiest shopping season of the
year, and a prime time for thieves to get in on a piece of
the action.
"Credit card fraud can affect anyone, at anytime, but
consumers are particularly vulnerable around the holidays,"
says Jack McCoy, vice president of security for Discover Financial
Services.
A record 50 percent of shoppers are expected to do
some online shopping this holiday season, according
to Consumer Reports.
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And while credit card fraud was once more limited to those
who had lost wallets or stolen purses, today the Internet
opens up a plethora of new credit fraud avenues.
This year, Consumer Reports expects that a record number
of shoppers (50 percent) will shop online for at least one
holiday purchase, and online shopping is expected to jump
18 percent from last year, to a total of $32 billion, according
to JupiterResearch.
The good news is that whether you plan to shop online or
in the stores, all it takes is a little know-how to protect
yourself from fraud.
" ... There are a number of tips that smart shoppers
can adopt to reduce the likelihood of falling victim to scammers,
hackers and credit card thieves," says McCoy.
Prevent Credit Fraud with These 12 Tips
- Keep an eye on your statements. During the holidays,
credit card companies actually shut down many of their flagging
systems that watch for suspicious transactions.
"There are still some triggers the software will
catch, but the companies cut it way back -- otherwise
the system would crash, because there are so many transactions
during the holidays," says Todd Davis, an ID-theft
prevention expert and chief executive officer of Arizona-based
LifeLock Inc.
This means that you need to be extra vigilant in watching
your own statements for suspicious activity. This is easy
to do online, as most credit card companies post new purchases
within a day, and you can check the statement as many
times as you like.
- Keep up with your credit report. If you've never
checked your credit report, or haven't done so in a year
or more, the holidays are an ideal time to do so. Regularly
monitoring your report allows you to check for any unauthorized
accounts and fraudulent activity.
You are entitled by law to one free copy of your credit
report each year from each of the major credit reporting
bureaus, and it can be ordered from www.annualcreditreport.com.
- Opt for Paperless Statements. With paperless statements,
you don't have to worry about someone stealing your private
information right out of your garbage can or mailbox because
your statements are e-mailed to you online. (If you do get
paper statements, buy a paper shredder, at the very least.)
Always keep your credit card number shielded from
those around you while shopping.
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Get a Virtual Credit Card. Many credit card companies
offer virtual credit cards for shopping online. The card
has a unique number that can only be used once, allowing
you to shop online without ever having to enter your real
credit card number. Check your credit card's online website
for information.
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Protect Your Card Identification Number (CID).
The CID code is a three- or four-digit security code that's
placed on the front or back of your credit card. Most
online, phone, or mail-order purchases require you to
give this code before the transaction goes through, so
make sure to keep it confidential.
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Be a Savvy Online Shopper. This means avoiding
using the same username and password for everything (if
it falls into the wrong hands, a thief would have access
to everything), and not letting retail sites remember
your credit card number for future purchases. Though it's
convenient, it's also possible that your credit card number
could be stolen by hackers.
- Keep Your Credit Cards Separate From Your Wallet.
This way, if your wallet is stolen, your credit cards will
be safe.
If you don't know the retailer you're buying from
online, check them out with the Better Business
Bureau first.
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Protect Your Credit Card in Stores. Keep an eye
on your card, watch who handles it, and shield the number
from those around you as much as possible. If you have
multiple cards on your account (such as cards for your
children) make sure that they also know to keep the card
in a safe place.
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Sign Your Credit Card as Soon as You Get It.
Though it sounds obvious, many people carry around unsigned
cards that leave them vulnerable to credit card fraud.
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Keep Track of Receipts. Although many companies
now block out all but the last four digits of credit card
numbers on receipts, there are exceptions. If you are
throwing away a receipt, check to see if your credit card
number is on it, and if it is, shred it first.
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When Shopping Online Make Sure It Is in a Private
Place. It is highly recommended that you only shop
online from a computer you know and trust. Using a computer
in a library or Internet café leaves you much more
vulnerable to credit card thieves. On your personal computer,
make sure you have installed up-to-date anti-virus, anti-spyware,
anti-spamware and firewall software.
Recommended Reading
Online,
Phone, U.S. Mail or In-Person: Where is Your Credit Card and
Personal Identify Safest?
10
Secret Strategies to Improve Your Credit Score
Sources
PRNewswire.com
November 16, 2006
EastBayRI.com
November 13, 2006
OrlandoSentinel.com
November 12, 2006
To get more information about this and other highly important topics, sign up for your free subscription to our weekly SixWise.com "Be Safe, Live Long & Prosper" e-newsletter.
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