Real Estate Innovation

Credit Card Fraud And Identity Theft Uncovered

Using the Internet and buying on the Internet has its risks. Among the most potent risks are credit card fraud and identity theft. Protecting yourself against credit card fraud is not impossible, however, there are steps you can follow to minimise the chance of fraud. Above all, if you are a victim of credit card fraud you should contact your credit card issuer immediately. You will find an emergency 24-hour number printed on every statement. Unfortunately, your card will be cancelled but a new one will be reissued within 5 to 10 working days.

In the meantime, every cardholder should take the following steps to protect themselves:

* Keep your personal records secret: Never tell anybody or write down your PIN number or passwords. If you have difficulty remembering the number choose an easily remembered number, which isn’t your birthday. * Cover your tracks: Always destroy and shred whenever possible. * Get extra protection: Mastercard and Visa offer a registration scheme, which is a free service. Once registered you will have to enter an additional password for online transactions. * Protect your PC: Make sure you have up to date anti virus and firewall software installed. A ‘phishing filter’ will protect from fraudsters who attempt to acquire your account numbers and passwords. * Beware of cold callers. * Never email your financial details to anybody. * Be cautious in shops to: Always use your spare hand to cover your other hand whilst entering your PIN in the machine. The same applies at cashpoints too. * Be vigilant: Always check your credit card statements. You should always file and keep all credit card statements. * Cover yourself: Think about taking out additional Identity Theft Cover with your bank or credit card supplier.

Identity theft is as serious as credit card fraud and it can happen to even the most cautious. Your identity can be stolen and then used to get loans and even mortgages without your express permission. These loans are taken out in your name and, if defaulted upon, leaving you with the debt. Some credit cards do offer additional identity theft cover, but there is usually a monthly charge for this additional service. This might be worth considering, particularly if you travel widely, or use your credit card extensively, thereby putting you more at risk.

‘Identity Theft Cover’ does three basic tasks. It will prevent identity theft, detect potential criminal activity using your details, and defend against the theft of your name. Clearing your good name can take hundreds of man-hours, because all the credit agencies have to be contacted and back up documents provided to all of them to restore your credit rating (which is vital if you ever need a loan or mortgage in the future). The insurer will do all of these things using its own team of experts, removing a lot of the time and hassle on your part. In some cases, victims can find their bank accounts frozen. In circumstances like this, adequate cover would provide you with funds should you find yourself without use of a bank account, pending a criminal investigation; your legal fees are also covered.

If you are cautious and take all the recommended steps to protect yourself, you will be sure of protecting yourself against credit card fraud and identity theft. Think carefully before choosing your credit card and find one that will cover you against fraud. Even if this seems like one more added expense, it could end up saving you thousands of pounds and a great deal of stress and worry.