March 19, 2010
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Credit Card Theft; It's All About Awareness, Pt.1
A haven for organized crime.It's Fraud Prevention Month in Canada and financial institutions across the country have been running campaigns in hopes of bringing a greater awareness to its customers on how to prevent identity theft and credit card fraud. Some of the biggest concerns include online shopping and increasing credit card scams. The internet has become a haven for organized cyber gangs as well as the small time thief. Thieves have even resorted to selling stolen credit card numbers and identities. Recent studies indicate that Canadians lose an estimated $2.5 billion a year on identity thief and card fraud making this Fraud Prevention Month even more important than ever. The Canadian Council of Better Business Bureaus wants to help Canadians learn how to safeguard their valuable personal information. Here are the Bureau's top five suggestions:
Don't just throw it out, shred it! Shred it means bank statements, credit card statement, personal tax information, bills, insurance related statements, medical papers, and any other piece of paper that contains your name, address, or personal information including those credit card checks and offers. Thieves will do anything to grab your information including pick away at your garbage. Some will even visit the local garbage dump looking for their next victim.
Be suspicious of any unsolicited credit card. The days when banks sent out unsolicited cards to customers has gone away. New regulations prohibit banks from doing so. If you should receive a card that you did not request or agree to, call your financial institution immediately. Thieves use a method called phishing to capture your card information and use it to apply for new cards. They often steal new cards right out of your mailbox. When calling the bank, be sure to ask them to take you off their mailing list.
Check out part 2 for more suggestions on how to protect yourself against fraud.