Credit card fraud is one of the most common and widespread form of identity theft. It can have detrimental effects on an individual’s personal and financial status as they can become potentially liable to payment transactions they have not authorized, among other things.
Scope of credit card fraud
Individuals across the globe use credit and debit cards in order to complete online payment transactions in a safe and efficient manner. Retailers strive to offer customers the most up to date and convenient technology so that individuals are able to utilize this online payment method, for example Chip and PIN terminals and contactless payment terminals.
However, it is important to understand the downside of using credit cards to conduct payment transactions. Even through this method is widely believed to be safe and secure in regards to the actual procedure, it is vital to understand how to avoid credit card fraud in order to negate any potential damage to your financial standing. In the event that your credit card is stolen or lost, individuals are advised to immediately report it to their issuing banks as any unscrupulous individual can start conducting online as well as telephone payments through it.
Small details such as card billing address, account number and name of cardholder are pieces of important information that can lead to identity theft. Therefore it is very important that individuals keep this information to themselves and are careful not to give out these details. Fraudsters seek out individuals who are likely to part with this information in order to take advantage of them through stealing their credit card details and using it for their benefit; these include taking a mortgage in your name, leasing a car or conducting online payments.