A lot of us have been victims of credit card fraud especially when we use these facilities. Fraud can happen anywhere at anytime and to anyone. The problem with credit card fraud is that it is too easily carried out by criminals while it can be done by people that you know as well because you might not be as suspicious about them as people you don’t.
Credit card fraud can be as minor as someone using your card for purchases at the petrol station to major ones where your identity is stolen and used for large purchases. This is a problem faced by most people not only in Malaysia but around the world.
The term credit card refers to the criminal act where your credit card is used for the wrong reasons through illegal means. As you might be using the cards in many places, retail stores and petrol stations, it is very easy to obtain your credit card information and use it for unscrupulous means.
In simple terms, credit card fraud involves using your card information to buy things without your knowledge.
While a lot of security measure has been put in place to curb this problem, credit card fraud is still very rampant because cardholders are not taking extra measure to keep their information safe from thieves. The one thing you must do when receiving your credit card is to sign the card and activate it through a phone call and many other pointers to keep your information safe.
Those who carry out credit card fraud only need your credit card number, your name, expiry date and your CVV number imprinted at the back of your card to carry out any illegal transactions. Take note that although there are SMS codes and such, there are always methods to go around with that.
When you receive your new credit card, if the seal is opened, you must report it to the bank immediately and request for the new card. This could mean that someone has opened the letter, took down the credit card details which could be detrimental to your account later.
The biggest problem with credit card fraud is that once you have this problem, you need to go through a painful and frustrating process of having the illegal transactions investigated by the bank. This could take weeks or even months which means that you lose the convenience of using the card.