Credit Card Fraud

  Credit Card Fraud  - Florida criminal credit card fraud: Lessons to learn  - Jul 11, 2007  

A huge credit card fraud amounting to US$ 75 million has been unearthed by the U.S. Secret service. The criminal gang caught perpetrating this credit card fraud was based in South Florida and had international links. The secret service agents recovered more than 200,000 credit card account numbers from these gangsters.

The modus operandi of these credit card criminals transcended international borders. These criminals used to send large amounts of money to cyber criminals in eastern Europe using E-gold accounts. The money was used to buy stolen credit card numbers from their east European counterparts. The stolen credit card numbers were used to generate counterfeit credit cards at numerous locations throughout South Florida. These credit cards were then used for fraudulent purchases and money withdrawal.

Strange but true, credit card crimes such as these and identity theft are on the rise. Everyday we hear or see new methods by which criminals exploit the vulnerabilities in the system. This particular case of credit card fraud was a visible example of co-operation between international criminals to promote mutual interests.

How can we protect ourselves from such criminals? This question must be troubling many of us. There is no doubt about the fact that criminals are getting wiser day by day, but if we take simple precautions like the ones listed below we can avoid getting into their traps for sure.

Always keep your credit cards safely, don't ever let them out of sight.

The PIN number of credit card shouldn't be posted everywhere, instead it should be memorized and the document containing PIN should be destroyed immediately.

Make sure that websites and online shopping sites on which you use the credit cards are 128 bit encrypted and has the latest security and privacy safeguards.

Whenever you pay your bills, or swipe the credit card make sure that it never leaves your sight. Don't let it fall into wrong hands.

Take extra care wherever you exchange your credit card details and destroy all the payment slips which have any reference to your credit card number.

Check your monthly statement carefully and if you find any discrepancy, report it to the credit card company immediately and if things go seriously out of control get your credit card blocked to prevent further misuse.

The dangers of credit card fraud are enormous, but a little care and one can steer clear of all such difficulties. Authorities are constantly taking measures to tackle such credit card frauds, and we should supplement their efforts with the vigil on our part.

  Credit Card Fraud  - 5 important precautions to prevent credit card fraud  - May 15, 2007  

Credit cards come with enough safety measures, but crimes that include credit card fraud are increasing at alarming rate. A very miniscule part of these unlawful activities is due to the flaws in systems, the major reason is careless attitude and lack of proper precaution in handling of credit cards and related documents. In this article we take a look at 5 important precautions that every credit card holder should take so that his credit card doesn't fall into wrong hands.

1. Keep only the needful

With so much things competing for our attention in this modern world, having a purse full of credit cards can be disastrous. Imagine, taking out something from your purse and accidentally dropping one credit card. Things can become seriously complex with this simple mistake. So it is always better to keep the number of credit cards to a minimum, and if you really need them just carry the the one you require for the day or occasion and keep others at a safe place.

2. Keep them close to you

Always carry your credit cards in your wallet or purse that stays with you. A lot of people who leave their valuables away from their personal attention find them stolen by someone who is just waiting for a chance.

3. Don't share the vitals

The credit card PIN number should be memorized, not written away in every nook and corner. Credit card PIN number is a security measure so that only the right owner makes transactions with the credit card. Even if your credit card has been stolen, very little can be done until someone actually has your PIN.

4. Get rid off the useless

Don't let the unused or void credit cards lying around in drawers, simply cut them into four pieces if they are of no use to you anymore.

5. Don't leave trails

When you do a transaction with credit cards, you get a receipt. It is good to keep receipts but, if the receipt carries a full detail of your credit card, like the complete number, it can be very risky. Either keep it at a place where it is absolutely safe or destroy it.

Follow these steps and be on the safer side.

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