Credit Card Fraud
You keep hoping that your worst thoughts will not come true as you call the issuing bank or company to find out what's going on. You find out that not only are you over your limit on the card, but your 5 other charge cards are over the limit as well.
Almost always the merchant eventually learns that they will not be paid, or the payment they received will be reclaimed by the card's issuing bank because they have been the victim of credit card fraud. This is why most merchants are becoming more vigilant then ever when it comes to verifying credit card numbers.
AVS or CSC verification doesn't remove risks 100% but it removes the ability for fraud to be done based solely on acquiring account details with out having the credit card in person. Card Present Fraud has become increasingly hard to commit, and as a result it is no longer associated with being a white collar crime as is often the case with CNP fraud. Despite this, face to face or swiped card fraud can still be an issue which retail merchants still have to deal with.
One excellent way to help protect yourself against fraud is by thoroughly checking your monthly credit card statements, and calling your credit card company, if you notice any anomalies or charges you did not make. By looking at your statements it will be easy for you to tell, if your account looks to have any type of fraud happening.
Credit cards are now equipped with a security code, which must be entered for most online transactions. For cards you already own, most companies now provide comprehensive credit card fraud protection, and don't hold you responsible for purchases you don't make.
Then there is what is called "chargeback fraud" where a legitimate cardholder uses the card to purchase goods or services. Then when the statement comes they call the credit card company and claim they never received the item or service or that they never authorized the transaction.
Always make sure to tear or preferably shred any credit card receipt that has your personal information on it once you determine that you will no longer need the receipt. Try to limit the instances where you are forced to give your credit card number or account information over the phone.
Do not ever allow the card out of your sight. Don’t allow friends to hold your card, and never just leave your wallet lying out. Pay attention to where your card is when paying at restaurants. When you get a receipt from a payment, make sure the amount is correct. When tossing receipts, put them through the shredder and try to break the paper up to throw out so all the paper is not together.
If your credit card company offers "virtual" or "one-time-use" credit card numbers, you will be able to access the feature by logging in to your online account. Simply sign in using your personal information and then prompt the website to generate your temporary credit card number.
Credit card fraud can also be performed in the way of lost mail. Thieves have been known to steal post from mail boxes and every year, the postal companies are reporting more and more lost mail. Important documents such as check books, credit cards, Pin numbers can all be intercepted before they reach the owner of the mailbox.
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