How many credit cards are in your wallet? If you're like most people, you probably have more than one. Many people carry a cashback credit card, another credit card for emergency use, a store card and perhaps another for petrol purchases. In all, there are more than 30 million people in the UK with at least one credit card, and the average number that each carries is four. With all those cards floating around, it's small wonder that credit card fraud is a major problem across the nation.
The new focus on cashback credit cards for micro-purchases has increased their use exponentially. Just a few years ago, most people only used them to buy high value items. These days with cashback and reward options that offer points or cash every time they're used, far more people are using their credit cards for everyday purchases, and paying them off once a month. The unexpected result of this is far more opportunities for fraudulent use than ever before.
The most common type of fraudulent credit card use is when a thief gets hold of your details through "skimming" or phishing. In skimming, someone who runs your card for a legitimate purchase runs it through a card reader to read the information off the magnetic strip. That information is then copied onto another card and the new card is used with your details. Often, the first hint that you have that your details have been stolen are the fraudulent charges on your monthly account statement.
You can prevent your details from being stolen this way with one simple precaution - never let your card out of your sight. Pay at the till rather than at the table in a restaurant if you must. In addition, be sure to check your account carefully each month, and compare receipts against the account statement. If you notice anything out of the ordinary, notify your credit card company immediately. Finally, shred your statements and receipts before tossing them in the dustbin. If you are careful with your details, you'll be far less likely to be a victim of identity theft and credit card fraud.
