Credit Card Fraud Protection
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The best credit card fraud protection procedures are mostly about using common sense to avoid getting into situations in which credit card or other personal information could be compromised. Most companies offer some form of credit card fraud protection, and have 24/7 toll-free numbers to report unauthorized purchases. The card owner's liability is generally limited to $50 in a worst-case scenario, and even that liability is not viable if the purchase happens after the card has been reported lost or stolen. Some companies waive responsibility for unauthorized purchases in all cases, as a reassurance to hesitant customers. If the number is somehow used even without the card itself being taken, the cardholder is also not responsible for unauthorized use. However, all evidence of improper use should be reported as soon as it is discovered. A company may have a time limit for reporting such incidences without culpability.
Be sure to review the card statement when it is received, and especially after fraud has been reported. If corrections have not been made, it would be wise to report the incorrect information again to the credit card fraud protection department of the issuer by phone and by letter, specifying the amount and the date when it was first reported. Some companies offer a service where all credit cards are registered, so that if a wallet is lost or stolen, one call will enable the company to alert the various issuers to flag that item so that no fraudulent purchases can be made. The cardholder can also do this personally without the help of these agencies. If you choose to make use of such a service, read the terms and limits of service carefully. If a service fails to report the fraud promptly, be sure that they, not the cardholder, will pay the consequences.
Beware of telephone 'phishing', where an attempt may be made to collect personal information in deceptive ways in order to use it to open other cards or lines of credit. Legitimate companies do not call or email customers to 'verify' account numbers or social security numbers, but scam artists often do. If a person is in doubt as to whether a contact is legitimate, he or she can refuse to give the information and inform the person that the cardholder will personally call the issuer's department which is involved in credit card fraud protection in order to straighten out the matter. If the caller is legitimate, he will not have a problem with this action, or may even suggest doing this to reassure the customer.
Less a matter of fraud than just annoyance, some businesses will try to sell consumers some type of insurance to provide credit card fraud protection. However, this is an unnecessary expense. The Federal Trade Commission limits the liability for unauthorized charges to $50. Instead, if a purchase was not authorized, contact the credit issuer to obtain procedures for disputing charges. Individuals should not allow any telephone solicitor to intimidate them into giving out personal information, as this could easily lead to fraud or identity theft. Be sure to communicate this idea to elderly cardholders who are often targeted for such schemes. It is not rude to refuse to give out personal information until the situation has been verified. Also, do not blindly accept that the caller is indeed from the 'security department' or 'fraud alert section' of the supposed company.
One way to avoid online fraud is to be sure that any purchases are made over a secure site. Most vendors will advertise their security features on their website. Also, beware of copycat sites which may try to imitate a legitimate business' site. As with the telephone situation above, do not respond to emails asking for personal information for 'verification' purposes. If the buyer wishes to make a purchase online, he or she should type the web address into the browser, rather than click on email notifications about the company. Sites which are frequently visited may be bookmarked for future use. This way a person can know that they are arriving at an actual website and not at a clever imitation. Become your own credit card fraud protection service!
Other common sense practices include keeping a close eye on credit cards at all times and shredding applications for unwanted cards or unused 'special' checks from a card issuer. Many companies offer to include a picture of the cardholder on the front of the credit card as a means of credit card fraud protection. Do not carry too many credit cards. This can help keep a budget under control as well as limit losses if a purse or wallet becomes lost or stolen.
In speaking of credit card fraud protection, one can not help but think of the ones who commit such crimes. In the book of Proverbs, Solomon writes, "Treasures of wickedness profit nothing: but righteousness delivereth from death." (Proverbs 10:2) Those who commit fraud often have a short-sighted view of their actions, not realizing that the 'benefits' are fleeting and judgment is certain. A far more satisfying course of action would be to work with their own hands to earn what they need, and even to experience the joy of giving to others. The book of Proverbs has many other bits of information about handling finances in a godly way and the satisfaction and blessing which comes from doing what is right.
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