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How to prevent credit card thefts?

Friday, October 18, 2013 by Rajiv Raj

cc128n28To prevent credit card thefts and frauds, it is advisable to inculcate following habits:

Treat credit cards like you would treat cash:Keep them safe in your wallet. Make sure the wallet is kept safe while travelling. Don't let them peep from your pockets to attract thieves.Creditvidya has come across many cases where customer's Cibil score has got impacted due to misuse of stolen credit cards.

Sign on the signature panel: As soon as you get your new credit card make sure you sign on the white strip behind the credit card. The merchants are supposed to verify the signature at the time of transactions with the one behind the card.

Destroy the old cards that are not in use: The credit cards that you do not use or have expired cut them in such a way that nobody can use it. If you just discard them somebody may pick it up and misuse it.

Do not reveal your credit card number:Even when you call your credit card company, do not reveal the number in full, they usually ask for last four digits of your credit card for verification. Keep the credit card number very confidential.

Keep customer receipts safe till every month's bill is produced: That way if there is any discrepancy in transaction, you can always raise a dispute with your credit card company.

Be around when a merchant is swiping your card: Make sure he does not note down your number or swipe more than required times. Also, ensure that it is done in your presence.

Legible handwriting:While including a tip in your bill at restaurants, make sure you make no mistakes while totaling and also ensure you write the tip amount in a clear writing.

Thoroughly read your credit card statement:Make sure you study your credit card statement thoroughly. In case of discrepancies, report it to credit card companies immediately.

MadanRajiv Raj

Rajiv is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India’s first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.

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