A credit card is a great payment tool that provides a variety of benefits including convenience, universal acceptance, rewards, credit building, tracking of purchases and much more. As the popularity of credit cards has increased so has credit card fraud. In fact, according to the Canadian Bankers Association credit card fraud in 2012 totalled almost $440 million. Credit card issuers have been improving their card security and fraud prevention measures but fraudsters are still managing to pull off elaborate schemes to defraud consumers.
Fraud can occur when your card is stolen, copied, or when someone obtains your credit card information. Fortunately, credit card companies waive any unauthorized charges to ensure that consumers are never out of pocket as a result of experiencing fraud on their credit cards.
Keep the following in mind when using your credit card and you will protect yourself from fraud: