10 Warnings St Louis Mortgage Consumers Must Know To Prevent Credit Card Fraud
Articles - Mortgage
Each year we are alerted by our banks and financial experts as to how to protect ourselves from identity theft especially when we use our credit and debit cards at retail stores, on the Internet and by phone.
by FloydJ.Tapia


Each year we are alerted by our banks and financial experts as to how to protect ourselves from identity theft especially when we use our credit and debit cards at retail stores, on the Internet and by phone.

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.

St Louis mortgage news reports have significantly increased on this subject of skimming especially due to situations at various Bank of America locations.

Skimming occurs most frequently at retail type stores that process credit and debit card payments which would include bars, gas stations, restaurants and get this, ATMs.

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.

What is sad is that most cardholders never know that the fraud has taken place nor any idea something is wrong until the criminal activity is spotted on their bank statement. And that is if they look at their statement very closely.

So, here are 10 tips to help keep your financial information private and safe:

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. Never use an ATM that is dirty or in bad shape. They may not be in working condition or may be a counterfeit machine put their to steal your credit card information.

4. Always let your bank or credit company know when you travel and where you are going so that they can monitor purchases and decline any suspicious transactions.

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. If your bank(s) offers email banking alerts, make sure you sign up for them.

7. A skimming device may have been installed on an ATM that appears to be damaged, toyed with mechanically or has any loose fitting parts.

8. If any one that looks suspicious is close by to an ATM, use common sense and leave. Criminals stake out ATMs to possible steal your cash or try to watch you type in your PIN number. If someone offers to assist you when your card gets stuck in the machine stay alert and walk away if necessary. You can always call your bank and report the incident.

9. If you want to be extra sure no one is watching you type in your PIN number or capturing it on camera, cover the pin pad with your other hand thus blinding the onlooker.

10. Although ATM skimming is growing at a quick pace, skimming occurs more often at retail outlets such as restaurants. If possible, always keep your card in sight. Try not to let anyone leave with your card if you can help it. If you are in a retail store and they say they have to go to another counter to run the card, follow them. If in doubt, pay with cash.

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 should discover that your card has been lost or stolen, notify the bank within two days and in most instances your loss is limited to $50. Waiting to inform your bank after two days may increase your overall financial loss substantially.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

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.