June 2,2009
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Using CC's Wisely, Pt. 4
Protect yourself against fraud.Identity theft and credit card fraud has become the fastest growing entity in criminal activities and a primary source of investigation among law enforcement authorities. These criminals are costing credit card companies and consumers billions and billions of dollars. Such fraud expands across the entire world and has no mercy for any class of individuals or companies. All financial companies have made it a major focus of concern by allocating billions of dollars in prevention and capture of any individual participating in such illegal activities. Still, credit card companies depend on consumers being smart with the use of their cards and also taking every precaution possible in deterring such theft.
Consumers should begin by reviewing their monthly statements. If you participate in online banking and bill paying, it is vital that you pull you credit card statement up regularly, at the very least, once a week. It is highly advisable that you review your account activity several times a week. Keeping accurate record of your spending will allow you to briefly check to assure there are no unauthorized charges. If you notice any strange or erroneous charges, contact your credit card company immediately. There are limitations on the amount of time you have to report such activity before becoming personal liable. Additionally, banks make mistakes. Don't take for granted that all fees are warranted. If there are hidden fees, verify that they are legitimate.
Never give your personal or credit card information out on the phone or to any individual you do not know. Criminals are finding creative ways to scam consumers using various methods of technology. The technology varies from phone forwarding devices to caller id hacking. Some of the newest scams have even included text messaging to cell phones. If you suspect any of suspicious activities, contact your local authorities. Lastly, do not loan you cards to anyone, not even a family member. You are the only individual authorized to use it and you are the only individual responsible for payment. Don't take the risk of becoming a victim of fraud!