Article
Credit cards are a convenient, safe and flexible method of payment accepted in more than 200 countries worldwide. While credit card fraud can happen, banks take significant steps to protect customers and minimize the fraud as much as possible.
What is credit card fraud?
Credit card fraud can happen several ways. Your card could be lost or stolen and used to purchase goods and services. A criminal could obtain your card number and expiry date and use this information to buy merchandise by phone or over the Internet. Or criminals could tamper with payment terminals at retailers to obtain your card information and create a counterfeit credit card.
Your bank is there to protect you
Banks and the credit card companies take credit card fraud very seriously, and have highly sophisticated security systems and teams of fraud experts in place to monitor transactions, protect customers and prevent and detect credit card fraud. For example, the banks’ systems can automatically detect unusual activity in a customer’s account and take steps to prevent fraud from occurring.
Visa, MasterCard and American Express have zero liability policies for unauthorized transactions. Customers are protected when using credit cards issued by banks and are not responsible for fraudulent transactions made on their cards.
How you can protect yourself
Banks work hard to prevent and detect credit card fraud using advanced technology and by assisting with police investigations. There are some simple steps that you can take to protect yourself as well:
- Report a lost or stolen card as soon as you notice it is gone. Your card issuer will cancel your card and issue you a new one. And make a list of all your cards and their numbers and keep this in a secure place. This key information is helpful when reporting lost or stolen cards
- Never lend your card or disclose your PIN to anyone else
- Choose a PIN that can not be easily guessed if your card is lost or stolen - don't use your birth date or address
- Make it a habit to regularly check your transactions online or on your monthly statement. If there are any charges that you didn’t make, report them to your card issuer right away
- Only give out your card number over the phone or Internet when making a purchase with a reputable company. Sometimes scammers will try to trick people into revealing information about their credit cards either over the phone or through e-mail. It’s important to know that your credit card company or bank would never call to ask for personal information like your credit card number, expiry number, PIN, or the security number on the back of your card
- Protect your credit card like you protect your cash. Never leave them unattended in your car or at work
- Always check your card when it is returned to you after a purchase. Make sure it is your card
- When travelling, carry your cards with you or make sure they are in a secure location such as a hotel safe
What to do if you are a victim of credit card fraud
If you have charges on your credit card that you didn’t make or if you think that you may have revealed your credit card number when you shouldn’t have, contact your credit card issuer right away using the phone number on the back of your card. The card issuer will take the appropriate steps to protect you from fraud.