St Louis mortgage consumers are constantly bombarded with safety tips on how to protect the use of our credit cards and now we use debit cards when we make transactions in person, on the phone or the Internet.
However, one may be caught totally off guard to know that identity theft can occur to you even when you still have your credit card or debt card in your possession.
Most people have never heard of the term "skimming." This new wave of crime utilizes modern technological advances where a thief can much more easily steal your credit card information.
St Louis finance experts are saying that credit and debt card skimming is now becoming an epidemic while becoming more newsworthy as a result of recent skimming incidents like those at Bank of America.
Retails stores that accept credit and debit cards such as cafes, bars, gas stations and ATMs are becoming more susceptible targets for skimming.
All a thief has to do is get hold of your credit or debt card, scan it through a small hand held electronic device and in seconds has all your financial information that is stored on your card.
Criminals are also aiming at ATMs now. By using cameras or observing you as you key in your 4 digit pin code, these ruthless white collar thieves can now drain your bank.
So, here are 7 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 as you will need this to dispute fraudulent charges.
2. While you are considering it, go and write down all customer service contact numbers found on the back of your cards and keep this list in a secured place. Oh, and look at your monthly bank statement very carefully.
3. If an ATM is in bad shape or run down, walk, better yet run away! A sign of a dirty machine may signify that it is not working or may be a criminal clone wanting to steal your information.
4. Another factor that most consumers forget about is informing your credit card company when you go on vacation and the destination of your trips. They can decline any suspicious charges much faster when they have this information.
5. If you notice that the front of an ATM machine looks damaged or loose, this may be a sign that someone has attached a skimming device.
6. If there are suspicious persons casing the ATM, they possibly want your cash or are wanting to watch you type your PIN number. If you at any time lose your card in a machine, just leave. It may be best to politely turn down assistance from someone who may have been watching you. You can always call your bank and get a new card.
7. Cover the pin pad with your other hand when entering your PIN number.
Another good piece of suggestion that was mentioned above is to check your balance on a periodic 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. So, you are more protected using a credit card.
St Louis finance analysts suggest always notify your bank or credit card firm within two days of losing your cards. This may help limit your losses to $50. The worst thing you can do is delay this needed phone call. You may end up suffering greater financial losses by waiting.
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