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The Top 4 Ways to Prevent Fraud Disputes

  • December 4, 2013

The credit card has literally been one of the most useful inventions of the 20th century, which quickly managed to become the most important addition to the lives of billions of people around the world. But even with all of its multifaceted benefits, little did the banks realize that the same credit cards which was designed to make life more convenient, would also end up being the biggest cause of concern. Even though banks do their best to provide multiple layers of security to clients by checking up on purchases made online and verifying high value purchases, most times the perpetrator manages to get away with fraud simply because account owners don’t follow few simple rules.

Tips To Deal With Fraud
– Keep Track

Undoubtedly the biggest mistake you can ever make with your credit card, is by not keeping a detailed record of all your purchases. Storing all the receipts for your spending can help you to accurately identify the purchases you have spent behind and it can also help you to identify any illicit purchases made using your details.

– Don’t Reveal the CVV Number

Most times while making online purchases or while talking to a customer care executive, you might be asked to reveal your CVV number given behind the card and this could lead to fraud. Your CVV number is like your personal identification PIN for your credit card and when you reveal that to someone, your details can be easily gathered to make online purchases. Which is why you should always make sure that you are only making payments via authorized payment portals, check the website link where you are entering your details and never reveal your CVV number to anyone.

– Report Stolen Credit Cards Instantly

If you have fallen victim to credit card theft, then the first thing you should do is to report the loss of the credit card to the bank without any delay. It may come as a huge surprise to know that most card owners don’t even realize that their card has gone missing until they are slapped with a huge bill at the month’s end, which is why you should always remember to check all your credit cards regularly and report the loss of your credit card as soon as you notice it is missing.

– Destroy Cards

It may come as a huge surprise to know that most instances of fraud occur mainly because card owners throw out their old credit cards without destroying them first. Dumpster fishers can easily find out your credit card and steal your identity and account information and misuse it, only to leave you with the consequences. Which is why you should always destroy your card completely by cutting it up and burning it, before throwing it away into the trash.