Banks investigate credit card fraud

Better safe than sorry: what you can do against credit card fraud

In principle, the credit card is considered a secure means of payment. Nevertheless, perpetrators have now developed various methods to gain financial advantage. It is all the more important to protect yourself against data and card theft. You can find out how to do this with simple means here.

Basically, credit companies and banks do a lot through high security standards to protect their customers from unauthorized access. Still, credit card fraud is an issue that every credit card holder should take seriously. In order to protect yourself, you should first know what perpetrators do.

Forms of credit card fraud

Credit card theft: Fraudsters use a variety of methods to get hold of other people's money with a credit card. One form of fraud is card theft. The credit card can then immediately be used fraudulently. The credit card should therefore, like other valuables, be carried as close to the body as possible or at least in locked pockets. If it is not needed for a long time, it should be kept in a safe place at home.

Skimming: Another form of fraud is so-called skimming, i.e. data theft at ATMs. Manipulated reading devices that are attached to the ATM enable the perpetrators to get at the credit card data. Before withdrawing money, therefore, check whether the keyboard and card slot could have been tampered with. Also make sure that you cover your PIN well when you enter it - for example with your hand.

Phishing and Co .: Electronic data theft is also a form of credit card fraud. Fraudsters log data entered online, which is transmitted to the respective retailer when shopping online, for example. This is often done via emails with attachments that contain malware. This installs itself on the user's computer when it is opened and writes down future entries. Suspicious email attachments should therefore not be opened. We also recommend installing an appropriate firewall to protect against malware.

Another variant of electronic data theft is so-called phishing. Users are redirected to fake websites so that they can enter their payment details there. These can then be picked up by the fraudsters. Fake pages can usually be detected by checking the address in the web browser. If there is no “https: //” in front of the web address, caution should be exercised.

Preventing credit card fraud

Credit card holders can prevent or protect themselves from fraud if they observe a few things when using the means of payment:

  • Sign your credit card in the space provided, preferably with a waterproof pen.
  • Never send your card details via email, SMS or messenger services.
  • Check your withdrawals regularly. You can optionally set up notifications to inform you about the use of your card.
  • Destroy written invoices and receipts when you no longer need them, because they usually also contain the credit card number.
  • Keep the card in a safe place at home, especially if you won't need it for a long time.
  • Do not keep the PIN number with the card. Ideally, you should memorize them and not write them down.
  • Do not reveal your PIN to anyone, including your bank or card provider. Employees are not allowed to ask for your PIN.
  • Avoid transactions at internet retailers without a secure payment system. You can usually recognize this by the "https: //" in the address bar.
  • Do not keep old credit cards, but destroy them, for example by cutting them up.
  • Before withdrawing money, check ATMs for abnormalities, such as adhesive marks that could indicate a manipulated reader (skimmer).
  • When entering the PIN, cover the keyboard so that it cannot be spied on or filmed.
  • Always keep an eye on your credit card and your surroundings when paying in order to control the payment process.
  • Protect your PC against viruses and spam with the latest security software and operating systems and use secure passwords. These should consist of a long and varied combination of letters and numbers.

What to do in case of fraud

Quick action is required in the case of card theft as well as credit card fraud. Many credit institutions and banks contact their customers if their security system detects anomalies. If cardholders themselves notice the loss of their credit card or fear data misuse, this list can help them if necessary:

  • If you suspect or in an emergency, have your credit card blocked immediately.
  • Check your last card transactions. If you discover unauthorized transactions, complain immediately to your credit card provider or your bank. They usually grant a period of six to eight weeks after booking for objections or complaints. To do this, you can use a corresponding form that most banks make available to their customers.
  • Report it to the police, because the bank might want to see this evidence in the event of a complaint.
  • Document as much as possible when data or cards were stolen and when the card was blocked.

Credit card fraud - who is liable?

If the worst comes to the worst, the question arises for many credit card holders who is liable in the event of damage. Detailed information should be found in the terms and conditions of the respective provider (such as in the Barclaycard download center).