Protect Your Credit Card Information From Identity Thieves
Identity theft is one of the fastest growing crimes in the world today. Worldwide losses amounting to more than £120 billion per year are attributed to identity theft. In the UK alone 100,000 people were affected by identity fraud last year - a rise of 29% over the previous year.
Identity fraudsters do the most damage when they collect credit cards details or personal information that could help them open credit cards under a stolen identity. The criminals are then free to wrack up huge debts under the names of other people.
On average it takes the defrauded some 18 months to discover what has happened, and even longer to untangle the web of fraudulent credit card transactions. Given that fraudsters spend an average of £1000 per card, identity theft can end up being very costly.
Protecting your credit card details
Naturally, a great many people around the world are concerned by the growth in illegal credit cards acquired through identity theft. Fortunately, there are measures that can be put in place to protect our details, preventing us from becoming the next victim of fraud.
Credit cards protection - step #1: Destroy unwanted documents
Old statements, expired cards, documents sent by companies with your detail pre-printed, and pre-printed application forms are like gold dust to identity thieves. Instead of casting these documents into the bin it is better to put them through a paper shredder first. Shredders that crosscut instead of strip cut offer better security when disposing of documents.
Of course, it is not just documents with your credit card information on that interests thieves. Utility bills, insurance documents and other official paperwork that contains personal information could be used as evidence by a thief to open new cards in your name. Before you throw anything in the bin it is best to stop and think if it could be used by thieves.
step #2: Reconcile your statements
Thoroughly check off statements as soon as they arrive. Better still, register for online access to your statements. By doing so you'll be able to pick up on any strange activity on your cards straightaway. If you do find unauthorised transactions you must notify your card company immediately. If one of your cards is being used illegally it is best to cancel ALL of your credit cards as a precaution.
step #3: Safeguard receipts
Credit card receipts and ATM receipts can be used by thieves in an effort to defraud you. Keep receipts safe or shred them.
step #4: Keep your PIN number under wraps
Never divulge your PIN Number, security number or any other details to people you don't know. This goes for people asking for details over the telephone too.
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