That tiny piece of plastic in your wallet is actually more powerful than you think it really is. Banks all over the world are spending millions every year to protect themselves against credit card fraud by adding new security features. But because your credit card is a globally accepted product, it is subject to different merchant practices all around the world, which makes it an easy target for fraud.
Here are some 5 simple tips to protect yourself and your bank accounts from credit card fraud:
1) Reduce your credit limit
Many people are not aware that they can inform their bank to lower the limit on their card accounts. Lowering your credit limit will reduce your financial exposure should you lose your card or become a victim of fraud. Simply estimate how much you are likely to spend on your card each month and inform your bank that you would like to set your card account to this limit. Your bank will be more than happy to increase your limit for one-off purchases should you need to do a large purchase down the road.
2) Know where your cards are
Simple as this may sound, many of us hold a number of cards from different banks and may not even remember how many cards we actually have. Other than limiting our credit on each card, another good practice is to know where all your cards are to ensure that they are securely in your possession. Leave only one or two cards in your wallet and lock up the rest in your safe. Always put your cards back in the same place in your wallet so that you will immediately notice if they go missing.
3)Always check your card after making payment
Make it a point to check that the service staff has returned you YOUR card after you have made payment. There have been instances in restaurants where service staff return the wrong cards to their customers. Make it a habit to check that it is your name on the card.
4) Never lose sight of your card when making payment
Using your credit card at restaurants seem the most convenient way to make payment. After all, the service staff has got everything in control. Yet, this is traditionally one of the most common ways to skim data off your card. Go to the cashier to make payment and witness the whole process for yourself. Your physical presence will likely deter any opportunistic attempts to skim your card data.
5) Do not reveal any important account information to anyone
Critical information includes everything on your credit card statement, including your card expiry date, to the three/four digit code at the back of your card. With pieces of information about your card, it is easy for anyone to pose as you to contact your credit card company and ask for further details. In fact, a notorious credit card criminal has confessed to piecing up credit card details to commit credit card fraud this way even while he was in jail.
Remember, that tiny piece of plastic in your wallet is as good as cash, especially if you have a debit card. So keep it securely in your possession at all times.
Here are some 5 simple tips to protect yourself and your bank accounts from credit card fraud:
1) Reduce your credit limit
Many people are not aware that they can inform their bank to lower the limit on their card accounts. Lowering your credit limit will reduce your financial exposure should you lose your card or become a victim of fraud. Simply estimate how much you are likely to spend on your card each month and inform your bank that you would like to set your card account to this limit. Your bank will be more than happy to increase your limit for one-off purchases should you need to do a large purchase down the road.
2) Know where your cards are
Simple as this may sound, many of us hold a number of cards from different banks and may not even remember how many cards we actually have. Other than limiting our credit on each card, another good practice is to know where all your cards are to ensure that they are securely in your possession. Leave only one or two cards in your wallet and lock up the rest in your safe. Always put your cards back in the same place in your wallet so that you will immediately notice if they go missing.
3)Always check your card after making payment
Make it a point to check that the service staff has returned you YOUR card after you have made payment. There have been instances in restaurants where service staff return the wrong cards to their customers. Make it a habit to check that it is your name on the card.
4) Never lose sight of your card when making payment
Using your credit card at restaurants seem the most convenient way to make payment. After all, the service staff has got everything in control. Yet, this is traditionally one of the most common ways to skim data off your card. Go to the cashier to make payment and witness the whole process for yourself. Your physical presence will likely deter any opportunistic attempts to skim your card data.
5) Do not reveal any important account information to anyone
Critical information includes everything on your credit card statement, including your card expiry date, to the three/four digit code at the back of your card. With pieces of information about your card, it is easy for anyone to pose as you to contact your credit card company and ask for further details. In fact, a notorious credit card criminal has confessed to piecing up credit card details to commit credit card fraud this way even while he was in jail.
Remember, that tiny piece of plastic in your wallet is as good as cash, especially if you have a debit card. So keep it securely in your possession at all times.
1 comment:
There is a new type of credit and debit card fraud, thanks to the advent of the new contactless payment systems.
These cards, over 50 million of which were issued last year in the United States alone, are embedded with a miniature micro-processor and an antenna that broadcasts the account information of the card holder at 13.56 MHz. These contactless pay stations use a system that is not only inexpensive to duplicate on the home hobbyist's workbench, but quite inexpensive, as well. In fact, $20 and a trip to your local Radio Shack will give you all you need to become a thief of this sort.
They call themselves "Cloners."
The reason for the name is the process they use. They set their antenna, which fits easily into purse or pocket, to "ping" for cards that are RF (Radio Frequency) Enabled. The card responds by transmitting all necessary information to charge the account. This is, after all, what it was programmed for. The laptop or PDA gathers, or "Harvests" the data received. They do this in the most public of places, and it is absolutely undetectable when occurring.
From that point, the thief will then carry the information home or to another suitable location and begin the cloning process. Another wave of the antenna over a blank card, which can be purchased for two or three cents, and they have a form of payment that is electronically indistinguishable from the original.
Sadly, Organized Crime and Terrorist organizations such as the LTTE out of Sri Lanka are using credit card fraud like this to fund their destructive activities.
Does that scare you? It should, and it did us. To respond to this threat, Wisteria House Products of Phoenix Arizona has developed the Armadillo Dollar. It is a simple, low-cost device you slide into your wallet that blocks the transmission of these radio waves.
If you decide you want to put another layer of protection between you and the wireless thief with our product, use the code “TopDog” when ordering. That’ll take $5.00 off the regular $25.00 price, at least while we’re introducing it to the market.
It is, quite simply, the BEST RF-Shielding product of its kind in the world.
You have my word on it.
I am Ron Hatton.
We are www.ArmadilloDollar.com and proud to be All-Americans!
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