What is credit card fraud? What are the precautions to protect our cards from misuse?

Question

American, Master, Visa, you name it...all are vulnerable I guess...

Answer 1

These are the questions you should ask your bank(s) just to be on the safe side. Credit card fraud is illegal. It is when some one else uses it to make unauthorized purchases on your card. The best way to protect yourself is by having a reasonable credit limit, say no more then $3000. Frauds usually target the credit that has a high limit. Read your cardholder agreement and just use some common sense and you will be fine.

Answer 2

To buy something online all that is needed is the credit card number & expiry date.No PIN will be asked so never ever reveal this info to anyone, and note that if you pay in a restaurant or something the employee shouldn't be able to walk away with the card for too long.Ideally you always keep an eye on him/her to prevent them from noting down that information or worse duplicate the card.

Answer 3

Credit card fraud is using an invalid or stolen credit card. The use of a credit card in a dishonest way. When we think of credit card fraud we tend to think of criminals stealing people’s credit cards and then using them to steal merchandise. A fair amount of credit card fraud still happens this way (23% of all credit card fraud losses, according to the RCMP), but the majority of credit card fraud results from counterfeit card use (37% of all dollar losses). Organized criminals have acquired the technology that allows them to "skim" the data contained on magnetic stripes, manufacture phony cards, and overcome such protective features as holograms. While no-card fraud (credit card fraud committed without the actual use of a credit card) currently accounts for only 10% of credit card fraud losses, this figure will grow because of the increase of phishing scams (fraudulent e-mails and websites designed to deceive recipients into revealing credit card numbers and other personal and financial information).

Protecting Your Identity 101: http://idtheft.about.com/od/identitytheftbasic1/a/PROTECTID101.htm

Read a description of Fraud Protection. This is also known as Fraud Detection, Internet Fraud, the prevention of credit card fraud: http://www.bitpipe.com/tlist/Fraud-Protection.html

Answer 4

obtaining card under false pretense using some ones card numbers ID theft to get credit card keep your info. safe. don't give card info. over the phone