Credit Card Fraud

Credit card fraud has become a very serious issue. Everyone is responsible for protecting themselves with the help of the banking Industry.

You will most likely be aware of the across-the-board launch of CHIP and PIN as the latest step in credit card protection. All new cards are now issued with a pin number and you have been required to know each of yours to make any purchase since February 14th 2006.

All credit card companies now keep encrypted data that is unique to you as an individual. This normally comprises a password along with details such as your date of birth, birthplace or your mother's maiden name. This used to identify you as an individual and protect against credit card fraud.

Regardless of the precautions in place against credit card fraud, it is important to check your statement regularly to ensure that it does not contain any erroneous transactions. If you suspect that your card has been misused in any way it is important that you contact your credit card provider immediately.

Many providers now also keep a watch on accounts and look for unusual activity to combat credit card fraud. If they spot unusual activity they will normally telephone you to check whether a transaction is legitimate. Because of this protection, it is worth telephoning your card provider if you are going abroad and intend to use your card and also if you are going to make a particularly large purchase.

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