Credit Card Fraud

Even if you take every precaution to prevent your credit card from being stolen or misused, it can still happen.

Below is a list of steps that you can take in order to make the after event a little less painful.

1) Always keep a copy of you card's emergency phone number so you can contact your card issuer as soon as you are aware that the card has been stolen or misused. Furthermore, keep the number separate from your card as you do not want the phone number to be stolen with the card!

2) Report any card theft to the police immediately. This can be inconvenient and time consuming, but it will simplify the process of getting the card issuer to refund any unauthorised use of the card.

3) If you are travelling abroad, make yourself aware of the card issuer's procedures for dealing with stranded tourists. For example, Barclaycard will arrange emergency cash advances or replacement cards. Consider getting a card protection plan. This will allow you to cancel all cards and order replacements with one phone call, as well as other benefits such as emergency cash advances, emergency hotel bill payment and replacement travel tickets home.

The maximum liability on credit cards is usually £50 for fraudulent transaction made before the issuer is notified. Your liability is not limited if you have been grossly negligent, such as writing your PIN on the card, or if you have played a part in the fraud. Preventing your card from being stolen or misused is clearly preferable to the hassle and upset involved in dealing with your card being stolen or misused.

Below is a list of measures that you can take in order to help prevent your cards from being used fraudulently:

Keep an eye on your card when using it in a shop or restaurant, especially overseas. If an embossing machine has been used, ask for carbon copies and destroy them.
Never discard transaction slips which display the card number.
Never leave your card where the detail can be copied by a fraudster.
Check your transaction slips at the time of purchase, raising any discrepancies with the retailer.
Never write your card PIN number down or disclose it to anyone.
Ask the retailer to confirm the amount being debited from your card, including any delivery and booking fees, when using your card to pay for an order.
Check your credit card statement against the transaction slips you have accumulated through the month. If the transaction was not electronic, it is possible for mistakes to be made when your card is debited, such as transposing two digits.
If you plan on using your card to buy products and service over the Internet, consider getting a credit card that guarantees to refund you for any fraudulent use of the card that results from using your card over the Internet.
Do not buy products and services from websites that do not use a secure serve to process credit card payments. A secured server is indicated by a small icon of a closed padlock begin displayed at the bottom of your browser. Never offer your card details to 'cold' telephone callers, i.e. anyone contacting you out of blue, even if they claim to be from a reputable company.

The information and websites listed on this page are for your information and convenience of searching and do not include all the possible sites. Savings Advice does not endorse any particular website and is not responsible for the content of the sites listed. Savings Advice will not mediate or get involved in any disputes or problems regarding the quality of advice or financial loss thorough any of the websites listed on this page. If you are unsure about the service offered by any of the sites listed, please check them with the Financial Services Authority. Savings Advice does not offer financial advice and is not tied to any particular financial institution.