Tips to prevent fraud

Although many credit cards have been equipped with smart or chip technology, credit card fraud remains a widespread problem. The fraud takes on many different forms, and there are a variety of contributors that enable it to occur.

Each credit issuer usually provides their customers with a few important steps to minimize the possibility of fraud. But unfortunately, many credit card holders often ignore such important advise. Hopefully, a few tips provided by Visa International (below) could help you prevent such a misfortune.

Card and PIN

* Report lost or stolen cards immediately to the credit car issuer and local police. * Sign your card on the signature panel as soon as you receive it. * Protect your cards as if they were cash. Never let them out of your sight. * Don't leave your credit cards in your car's glove compartment. An alarmingly high proportion of all credit card thefts are from car glove compartments. * Never write down your PIN number. Memorize it. * Ensure that you get your card back after every purchase. * Always check sales vouchers for the correct purchase amount before you sign them, and keep copies of your vouchers and ATM receipts. * Always check your billing statement and verify the amounts of your purchases. * Make a comprehensive list of all your cards and their numbers and store it in a safe place. * Don't volunteer any personal information when you use your credit card, other than by displaying personal ID as requested by a merchant. * Don't lend your card to anybody. You are responsible for its use. Some credit card misuse can be traced directly to family and friends. * Never disclose your PIN to anyone. No one from a financial institution, the police, or a merchant should ask for your PIN.

You are the only person who needs to know it. When selecting a PIN, always avoid the obvious: your name, telephone number, date of birth, or any simple combination thereof.

Mail and Phone

Mail and telephone solicitations bring many tempting offers, but not all are legitimate. Be especially careful about deals that sound too good to be true, and keep the following advice in mind:

* Be wary of high-pressure sales tactics, especially if the sale must be made now. * Record the name, address, and phone number of the soliciting organization, and obtain names of other customers who can supply references. * Ask questions. The fewer questions the telemarketer can answer, the less likely that it is a legitimate business. * Do not give your account number over the phone unless you initiated the call. * Never send payment information via E-mail. Unlike secure web sites that protect your private data, E-mail -- or any other exchange of information over the Internet, such as instant messaging -- is not fully protected from being read by outside parties. * Be aware of any E-mail message that requests personal data -- such as passwords, PINs, or your social security number -- or sends you to a web site that asks for such information. These messages may involve the illegal practice of "spoofing," or forging an E-mail address to resemble another, legitimate address and business.