For years we have been warned to be extra careful as to whom you give your credit card or debit card to whether it would be on the phone, the Internet or especially in person.
But consumers may be totally surprised how easily one can become a victim of identity theft and how often it occurs even if you still have the card physically in your possession.
How can this happen you may ask. The answer is "skimming." What is skimming? "Skimming" is a method where thieves utilizing illegal technology can steal your credit card information.
Just recently reported by the St Louis Refinancing Group news team, skimming has received more news attention than ever due to banking incidents happening at Bank of America banks.
Retails stores that accept credit and debit cards such as restaurants, bars, gas stations and ATMs are becoming more susceptible targets for skimming.
Let's take for example an employee who decides to commit theft. They simply steal a customer's credit card information off the magnetic strip on the back doing so by means of scanning with a hand held electronic device.
Once they have your private financial information, they can now go on their dream shopping spree or sell your information to criminals where counterfeit cards are made.
Be extra careful when you use an ATM machine next time. These new-age thieves can now get your card information by utilizing cameras or by watching you when you enter your PIN number at the machine.
Most consumers are unaware of the fraud that is perpetrated against them until their credit card or bank statement arrives in the mail and they see what purchases they did not make.
The next 10 tips are here to help protect you against such information theft:
1. Do not forget to always keep your bank or credit card company updated on your personal information. Time is of the essence when identity theft occurs and you do not want any problems to arise that may hinder a quick solution.
2. Make sure you write down all customer service phone numbers from the back of your credit or debit cards and keep this list in a safe place at home.
3. Buyer Beware: Stay away from ATMs that appear dirty or in disrepair. They may not work properly or may be fake machines put their to capture card credit information.
4. Another tip that most consumers forget about is notifying your credit card company when you go on vacation and the destination of your travels. They can decline any suspicious charges much faster when they have this information.
5. Look at the signs when you approach an ATM. If there is wording such as 'enter PIN number twice to complete your transaction,' go to another machine.
6. You must sign up for banking alerts if they are offered by your financial institution.
7. If you notice that the front of an ATM machine looks damaged or loose, this may be a sign that someone has attached a skimming device.
8. Never do a transaction if suspicious or dangerous looking individuals are close by. Potential criminals may try to steal your cash or watch as you type your PIN number. If your card gets stuck in the ATM, call your bank and report the incident. If someone offers to help, just beware that it may be a scam artist wanting to get your financial information or perhaps harm you!
9. When keying in your PIN, always cover the keypad with your other hand to block someone or a camera from capturing the numbers you type in.
10. Retail places that are very busy can sometimes be the perfect location for credit card fraud. The best advice would be to always try to keep the card in sight. If that is not possible and they have to go to another location of the store or restaurant, follow them. If for some reason the store clerk makes you feel uncomfortable, simply pay with cash or just leave.
Another good piece of advice that was mentioned above is to check your balance on a regular basis when your statement arrives.
For those who use their debit cards more often should also know that the laws protecting credit card holders do not apply to debit card purchases. Thus, you should start using your credit card for larger purchases or when buying online.
If you notice that your cards are missing, immediately call your bank within two days so that your loss amount is limited to just $50. If you procrastinate, you may end costing yourself and your financial loss may be greater than necessary.
Looking to find the best deal on a St Louis refinancing loan, then visit www.StLouisRefinancingGroup.com to find the best St Louis finance advice on a St Louis mortgage for you and your family. Get your questions answered by calling the St Louis loan experts at 877-334-0210 or 314-334-0210.
