Safety and Credit Cards

With almost daily scares about the ease with which so many of us in the UK become victims of credit card fraud, many have questioned whether credit cards are safe to use. The answer is a resounding "yes" as long as you take some precautions whilst using your credit card.

Here are a few ways to ensure safe usage of your credit cards:

1. Whenever you pay for goods or services, never let your credit card out of your sight, and when inserting your PIN, always shield the keypad from any prying eyes. Through the use of chip and PIN, credit card fraud in the UK has been reduced by up to 80%. However, to fully ensure that this remains the case never reveal your PIN to anyone (including Police or Bank Officials) and never make the mistake of writing it down and keeping it together with your credit card. If you were to reveal or write down your PIN and it can be proven that as a result of your carelessness a theft has occurred, the credit lender will not reimburse you for your losses.
2. Always retain your receipts for the goods and services that you’ve paid for using your credit card and check them against your credit card statement each month. Always report anything that you cannot account for to your credit card lender straightaway so that the credit card lender can investigate the fraud as soon as possible.
3. From time to time obtain a credit report to ensure that you have not become a victim of credit card fraud. In the UK there are several companies (Experian, Equifax, PrivacyGuard) from whom you can obtain your monthly credit report either on an ad hoc basis or each month by subscription (often with a free trial period thrown in). You get to keep your credit report even if you have decided not to proceed after the trial period has ended.

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