Fraud Protection

Have you ever bought goods on your card and the shop assistant didn't bother to check your signature?

This is all too frequent and criminals have great fun using cards pinched from wallets, cars and out of lockers at health clubs or even intercepted in the post. Often a period of time elapses before the loss or theft is discovered and during the period before you have advised the card company of the situation you could be liable for the bogus transactions. Some credit card companies limit the liability through insurance to a maximum of £50 but some issuers don't so be very careful with your cards whether you have taken out fraud protection options or not.

The credit cards themselves are relatively hard to copy nowadays so interception in the post, particularly cards sent to flats with a communal and non secure post bo,x is a favourite source for the criminal. Stolen cards change hands in the black market for £50 to £100 per card.

Also be careful if you leave your card behind a bar as fraudulent transactions often take place with dishonest bar staff.

A credit card has become essential in today's financial world but there is an obligation on you to look after the card in the same way you would look after cash. The credit card companies have a number of systems in place to alert them if someone's spending patterns change. For instance two purchases over the Internet or where the cardholder is not present, or mail order by telephone could prompt the fraud department of the card company to temporarily put a stop on your card until they have spoken to you to confirm that all is order.