What is credit card fraud & Carding – Can you avoid it occurring to you?

What is credit card fraud?

Credit card fraud: It occurs when fraudsters steal your credit card information and either use it to make payments or sell it to other criminals. This activity may even have an impact on your credit report, such as if the fraudsters exceeded your credit card limit. Signs that you were a victim of credit card fraud

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It’s often possible to tell if you’ve been victimized by fraudsters who have stolen your credit card information. The following are some indicators that this is the case:

• Your card is rejected when you try to use it to make a payment.
• Your credit card or bank statements show purchases that you don’t remember making.
• Your credit card provider lets you know that you’ve exceeded your card limit. This would also be noted on your credit report.

How can credit card fraud happen?

Fraudsters can obtain your credit card information in a variety of ways. These are some examples:

• Card skimming
  This is when they counterfeit or clone your card without your knowledge.
• Gaining access to lost or stolen cards
  If they’ve got hold of your card, they’ll be able to use the details to make purchases.
• Phishing
  They could send you fake emails from companies that seem reputable, asking for your credit card details.
• Phony online banking websites
  They may set up fake online banking websites in order to gain your details.

How to protect yourself against credit card fraud

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You may take some precautions to reduce your chances of becoming a victim of credit card fraud.

• When using your credit card, keep it visible since you don’t want crooks to be able to clone it.
• Use digits that are difficult to guess, such as your date of birth, as your PIN.
• When inputting your PIN into a machine, keep your eyes out for fraudsters who may be lurking nearby.
• Avoid using your credit card in machines that appear to have been tampered with.
• Avoid giving up your credit card information over the phone or by email.
• Check whether your personal data has been affected if you learn about a data breach in the news and the company involved holds it.
• Check your credit card and bank statements, as well as your credit report, on a regular basis to ensure that no activity has been recorded that you are unaware of.
• Cut apart the chip and magnetic strip when discarding an outdated credit card.
• Shred paper copies of credit card statements.
• Close any unused credit card accounts.
• Tapping your card to pay for transactions is becoming increasingly popular, around a third of all card transactions are now made without a pin. There are things you can do to protect yourself from contactless card fraud.

What to do if you’re a victim of credit card fraud

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If you suspect or know you’ve been a victim of credit card fraud, notify your credit card provider so that they can investigate. You can also file a complaint with Action Fraud. Finally, check your Credit Report & Score to see if the fraudsters’ actions have had an impact on it — it’s free for the first 30 days, then £7.95 per month after that. In addition to giving you with your credit information, it will notify you when substantial changes to your report have been made, or if your financial information has been discovered on websites used by fraudsters.

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