Credit Card Frauds - Stay Informed. Stay Safe.

Posted by buyforexonline on May 28th, 2014

Credit cards have undeniably made our lives easier and much more convenient. The benefits of credit cards are many but they have serious drawbacks as well -they leave us vulnerable to fraud. Anyone with a credit card is a potential target for fraudsters. For this reason people prefer currency exchange online , over credit cards when travelling abroad.

However cautious & vary you might be, it’s easy to be taken in by sophisticated credit card scams. In the year, 2013, in one of the largest credit card fraud schemes ever charged by the US department of justice; 18 men, including 5 Indians, fabricated identities to obtain credit cards and doctored credit reports to pump up the spending and borrowing power associated with the cards. They borrowed or spent as much as they could, based on a phony credit history, but did not repay the debts causing more than USD 200 million in confirmed losses to businesses and financial institutions.

This was just a single example of the clever tactics used by fraudsters to outsmart credit card users. There are plenty of other points at which your data can be stolen.

• Data from a legitimate card is imprinted or the magnetic strip & skimmed. The information from the card is then later used for fraudulent transaction.
• Fraudsters can intercept cards sent by lenders before they reach customers' addresses.
• If your card is physically stolen or lost it can be used for criminal intent, and can be used to make unauthorized charges on your account.
• The metallic strip on a card can be erased using a strong magnet and then details are altered on the card to match those of a valid card. 
• Fraudsters can steal identities by opening new accounts in another person's name without their knowledge or permission using proof of ID they either find or steal.

Criminals are smarter than we think; Be cautious and proactive in preventing credit card fraud from happening to you. Here are some preventative measures you can take:

• On receipt of a new card ensure that it is in sealed condition and that the seal is not tampered with.
• Sign on the back of your new card as soon as you receive it.
• Monitor your account regularly either on the Internet or from call centres. Also, subscribe to e-mail and mobile alerts to keep track of card usage.
• Memorize your card's PIN number.
• Minimize the usage of credit cards when travelling abroad, instead use safer alternatives such as-prepaid forex cards, which can be easily obtained from Buy Forex Online India Pvt Ltd, one of the leading online forex dealers in India .
• Destroy and dispose all documents that mention the card number, such as copies of receipts, airline tickets, travel itineraries, etc.
• Personal account information should never be shared with anyone unless payment for the purchase is being done from that account.

This information was brought to you by BuyForexOnline.com, the most convenient & secure online platform to buy Forex in India.

For more information, please visit- https://www.buyforexonline.com/