Credit Card Fraud

I have five credit cards, i have two from HSBC, three from CITIBANK with two supplementary and one from BDO. It's so hard to track purchases especially if you are using different cards with different cut-off date, obviously thats the way it goes for me to manage my bills. But with the technology today you can purchase any items in the internet just use your credit card. So, with this you need to be aware and be careful of the sites that you are transacting with, because you are giving away informations that is very confidential. Here are some common cases of Frauds for you readers to be aware.

Common Cases

1. Lost/Stolen Cards - Credit Cards are taken from owners and used by unathorized third parties. This is very common why? because store, restaurants and botique sometimes don't check the signature on the back of the credit card.


2. Skimming - The magnetic stripe of the card, which contains all your personal data is copied then unscrupulous party can use this to replicate credit card.


3. Account Takeover - Unscrupulous person pretends to be a bank employee and calls client to get personal account information.


4. Promo Offers - This is same as account takeover, where an unkown third party pretends to be a bank employee that offers a certain product or credit card update and get to exchange some information from your account details.

You Must Do To Prevent this Frauds

1. Sign the signature panel at the back of the credit card as soon as you receive it. That helps the authentication of the transaction.


2. Do not give out important details like expiry date of the card, security numbers at the back of the card. The credit card issuer will not call you to ask for that informations.


3. Know the credit card company toll free 24/7 hotline numbers, it is important to report immediately for stolen or lost cards for instant diactivation.


4. Lastly, keep your PIN confidential, this should be memorized and not be shared or recorded anywhere.

source: Bubbles Salvador of Good Housekeeping Magazine