Credit Card Quick

Credit Card Fraud is on the Rise: How you can Protect yourself from becoming the Next Victim

Identity Theft

The numbers are quite staggering: credit card fraud flew to the number-one spot in 2009 in terms of identity theft. In particular, credit card fraud accounted for nearly 75 percent of all identity theft cases last year.

This jump in credit card fraud represents an amazing 63 percent increase from 2008. In addition, the number of identity theft victims rose 12 percent to 11.1 million.

Other numbers reported by Javelin’s annual identity theft fraud report include:

• Total losses from identity theft rose 12 percent to $54 billion in 2009, up from $48 billion in 2008.
• Theft amounts, per victim, were approximately $4,481 in 2009.
• Debit card fraud dropped to 33 percent of all identity theft, down from 35 percent in 2008.

It’s no surprise that identity theft is steadily increasing, given the amount of time that individuals spend on the Internet, notebooks and PDAs.

So, what can you do to ensure that you’re not the next victim of credit card fraud?

• Use one credit card exclusively for online shopping. This will allow you to better monitor the card and the activity on the card. You may also want to request a lower credit limit on the card to prevent a credit card thief from going wild on your credit card.
• Make sure all of your credit cards have ample credit card theft protection. Carefully read the terms and conditions of your credit cards so that you are aware of your responsibility should your credit card be stolen.
• Never, ever, ever make a purchase online unless you have the most up-to-date firewall protection.
• Pay close attention to merchants when handing over your credit card. Many of the identity thefts of today can steal your credit card numbers in a matter of second using small, handheld devices called skimmers. Many times, this theft is done when the merchant walks away from the counter to complete your purchase.
• Use the power of the Internet to check and recheck your credit card accounts. Easy-to-navigate credit card websites allow us to check our current balances, view recent transactions and pay online. Use this technology to keep a close eye on your credit cards so that if your credit card account is compromised then you can deal with it sooner than later.

The Practicality of Online Credit Card Management

Credit Card Debt

Managing our bills – including our credit cards – has never been easier, thanks to online banking.

Whether through your bank or through your credit card’s website, you can pay your bill and stay on top of your debt without relying on snail mail.

Often times, it just makes more sense to sign up for the credit card management system offered through your credit card, as it will be able to provide you with more information than the bill payment system through your bank.

The Benefits of Online Credit Card Management

In other words, a credit card online management system may allow you to do many things: it may allow you to view your statement; it may allow you to pay your bill online; it may allow you to set up an automatic payment system; it may allow you to request convenience checks; and it may even allow you to ask for a credit increase.

Whatever type of online credit card management system you choose, one thing’s for sure: it sure beats paper statements, checks and stamps any day of the week.

Many people who use credit card management systems may choose to simply eliminate their paper bill each month. Not only can you save paper, but you can greatly increase the practicality and convenience of paying your credit card bill each month.

Features of Online Credit Card Management

You can use your credit card online management system to check recent transactions and to periodically check your account for any signs of theft or fraudulent activity. You may also periodically check your credit card’s balance to prevent you from going over your credit limit.

How to Protect your Identity

Before signing up for an online credit card management system, make sure your computer has the most up-to-date anti-virus and firewall protection, and always make sure that the website security certification is up to date. Finally, always choose a random user name and password, and not a password that is easily identified, such as your address or birth date.

Before accessing your account via your credit card’s website, make sure that you identify the locked padlock symbol near the address bar and that the address of the web page starts with “https”. This signifies that the website you are currently on is encrypted to prevent credit card thieves from gaining access to your personal information.