Credit card Internet fraud is one of the most common crimes in cyberspace today. It can be as simple as being charged for a dollar online purchase and then the merchant using the card to charge other purchases.
This is much easier for a thief than the old-fashioned way of actually stealing the credit card and account details. It affects not only the cardholders but the merchants as well. Each year, hundreds of millions of dollars are lost to fraud. As well as business, for example, some people may shy away from charging online, and as a consequence business is lost to honest merchants.
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While most countries have done their part in preventing card fraud, there are still isolated incidents of this cybercrime. There are several ways to avoid this depletion of your financial resources. Perhaps the most important way is by keeping informed.
Accurate Financial Records
Personal vigilance is one of the keys to prevent this fraud. Maintaining up-to-date personal financial records keeps a credit card user aware of purchases made under his or her name. Card issuers often send out the billing statement a month before the payment due date.
This allows the cardholder ample time to verify and dispute questionable purchases. Billing statements should be kept and filed for at least a year for reference. They should be shredded before discarding. In making online purchases, the cardholder should be on the lookout for the secure sign (HTTPS:) in the front of the domain name listing of the merchant's website. When a site looks suspicious, the purchase should not be made.