Credit Card Fraud - Be careful with your credit cards

Some ways of paying for goods are more hazardous than others...

Christmas shoppers and January Sale customers need to be especially on their guard against purchases or unauthorised cash withdrawals being charged to their credit card - or expected refunds being omitted.

EVERYONE should take care all year round that the system is not used against them.

With so many credit card transactions going through the system at peak times, thieves can be spending your money within hours. -With the huge volumes of entries going through computer systems, if there is a weakness somewhere, it is likely to be found!

We don't mean to be alarmist, and so far no-one can say how serious a problem this is; but credit card problems can and do happen throughout the year - purchases on your account which you never made, cash withdrawals when you weren't there, or even refunds which never appear.

Make sure that if there is a problem it isn't yours.

NABC has a constant stream of reports of credit card 'errors' over our members' helpline, and in a recent European conference we found that disputes over incorrect or fraudulent entries on card and bank statements were also a problem in Holland , Italy, France, and Spain.

The major problem is that most people don't check their sales receipts and credit card or bank statements. If you find an error on your statement weeks or months after the event it can be much too late to do anything about it, and your money may be gone forever.

There are some simple rules to avoid problems

KEEP your card safe and separate from any PIN number (which you shouldn't have written down anyway).

DO NOT ACCEPT any statement from your bank or card provider that 'Our security system is foolproof. If there was a withdrawal/ purchase it must have been one that you have forgotten, or someone else from your family made it without telling you.'

There are enough reported errors and frauds out there to believe that if you don't recognise an entry, it is probably a mistake or a theft.

IF YOU HAVE A PROBLEM which you can't get sorted out quickly - use the Code of Banking Practice complaints procedure. Your Card Provider should give you the details. If in doubt call NABC!

A final comment for the banks and card providers - with retailers generally confirming that it would be much easier to detect many frauds with a picture of the user on the card as well as a signature, why don't all bank and credit cards have pictures too?

 

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