Identity theft and unauthorized transactions are among the most common problems consumers face when they hold credit cards. Although measures have been taken by the issuer of the cards to ensure that there is no cheating or fraud cases, such incidents still occur.
The onus is always on the card issuer which usually are the banks. However, the cardholder should be liable for certain responsibilities if no safety precautions are taken.
If you experience any of these problems before, the headache of having to investigate the transactions and all the procedures that follow would be quite distressing. Hence, to save yourself the trouble and to avoid any complications, below are some of the precautionary actions you can take.
Always sign the credit card as soon as you receive it. You are usually required to activate the card. If the bank tells you to send an SMS or call to activate your card, choose the call function.
Never, ever allow anyone else to use your credit card. If you really have to, you should be present when the transaction takes place. It would be a lot better if you actually carry out the transaction yourself.
Credit card details are very sensitive. Do not under any circumstances disclose them to anyone. These details can be used to make phone call transactions and online purchases.
For credit cards that are no longer valid due to expiry or replacement, cut the card into as many pieces as possible. This is to avoid having your card cloned.
ALWAYS check the details of your transactions before signing. You can always validate all the information with the merchant.
Keep all the slips and statements and check them once you receive the documents.
Keep your cards with you all the time. If it is missing, report the loss immediately.
If there are any discrepancies in your credit card statement, call the issuer immediately to clarify. You need the payment slips as evidence.