Low Cost Credit Card Fraud ProtectionOver the years, a number of different systems have been created to help consumers implement credit card fraud protection plans. As the economy gets worse, history reveals that desperate people will do desperate things. There is a definite need for each person to have an organized, well maintained credit card fraud protection system in place. Unfortunately, the systems that are offered with your credit cards, or even with free credit reports, require the payment of a monthly fee. There are still a number of zero cost, common sense methods you can use to create a viable credit card fraud protection system on your own. First, you will need to consider both transactions that physically require your credit card, and those that are carried out over the phone or online. When it comes to credit card fraud protection, every bank requires you to sign the back of your credit cards. In fact, if you do not sign the back of your credit card, and it gets stolen, the bank may decide that you still owe on every single item charged to the card, even if you are enrolled in a credit card fraud protection program. In this day and age, forging drivers licenses and other types of ID is well within the reach of many people. Once they have your signature, this last stopgap you have in most credit card fraud protection plans is easily bridged. Banks and credit card companies will allow you to endorse the back of your credit card with the statement "please ask for photo ID". While this may not prevent the person from charging items to your card, they also may not actually know what your signature looks like. This can help you prove later on that the card was stolen, and is therefore an important part of your credit card fraud protection system. When setting up a credit card fraud protection plan, it is very important to treat your personal signature like any other piece of private information. If at all possible, try to obtain some type of ID for each store that you plan to use your credit cards in, so that you do not need to carry a document with your signature along with the cards. Alternatively, simply don't carry your credit cards into stores or other places where they can get stolen. While this may be inconvenient at first, the nightmare of stolen credit cards can be much worse. Because of the ease of online and telephone credit card transactions, your credit card fraud protection plan will also need to encompass these areas, even if you never use these types of services. As may be expected, the best thing to do is make sure that you never allow unauthorized people access to your credit card numbers. If you use online services, consider opening an account with paypal, or another internet banking service. This will prevent other people from getting ahold of your credit card numbers when you purchase online. Keeping a list of all charges you make to your account is an important step in credit card fraud protection. You may want to invest in a wallet sized ledger similar to what comes with your checkbook. In many cases, your bank or credit card company offers a listing of all transactions to your account via telephone and online. By checking in with these services on a daily basis, you can compare their list of transactions to your own, and identify any fraudulent activity. Since time is crucial in these matters, the sooner you notify the bank, the sooner they can help you. Credit card fraud protection is every bit as vital to your financial well being as job security and paying your bills on time. Today, many companies offer fee based services to help identify fraudulent activity, and prevent it from happening. That said, as a consumer, there are still a number of things you can do for free that will protect your credit cards. |