What to do on Financial Scam

credit-cards

Just a few days ago I post about financial scam about what happened with my best friend. Times to time scammers are trying to find ways and means just to earn and we must be aware about this credit card scams. More than being familiar with these unscrupulous or immoral schemes, it’s every card holder’s responsibility as well to take the necessary precautions to make sure these cases don’t happen.

1. Sign the signature panel at the back of the card as soon as you received it. This helps authenticate the transaction and prevents lost or stolen cases.
2. Do not give out important details like card number, expiry date, the security number at the back of the card and other information to anybody.
3. Know your credit card company’s 24/7 hotline, so that in case you need to report a stolen or lost card, or if you suspect fraudulent transactions in your card you can easily contact them.
4. Keep your pin confidential. You must memorize your pin number not recorded anywhere specially in your cell phone, because in case your phone lost there is a possibility that they can access your account.
5. Never lend your card to anyone or accept advice from strangers while you are using it.
6. Always review your billing statement and report immediately any unknown transactions.
7. Perform online transactions in private. Ensure that no one is watching you while you key in your pin or any other sensitive information.

Financial Scam

credit-cards

A friend of mine didn’t notice that her credit card had already expired until she tried to use it to pay for a meal at a restaurant. She immediately called up her bank to ask for the renewal card. Usually they send the renewal card way ahead of the expiration date, so it completely slipped in mind to check the validity of my friends’ card.

She learned the bank that her renewal card was sent on time, but to her old billing address. My friend have been using a different billing address for more than five years now, so it was a shock when they said the name of the person who received the card on behalf of my friend. She did not know the person and nor did the occupants of her old billing address. When my friend checked her billing statements, she realized she had already paying for this person purchases for 3 months.

My friend case isn’t the first and only credit card fraud cases ever to be reported. In fact fraudster continues to find new ways of targeting unsuspecting costumers. So, my friends please do make sure that your credit card are checked and properly put in your wallet for security reasons.

Credit Cards, Use Wisely

credit-cards

A credit card is a great convenience. With just one thin square of plastic, you can make big purchases without having to bring cash, even pay for it over easy on the pocket monthly installments at no interest. We can use it to pay for items we bought online. We can bring it with us when we travel, no need for travelers check or cold cash to travel the whole trip’s expenses. We can also borrow money from it for short term needs. Best of all, we have a safety net if ever there is an emergency situations that require large payments.

Yet some people view credit cards with suspicion, thinking it may lead their finances astray.

The truth is our credit cards can work for us depending on our spending habits. I have here some steps on how to use credit cards wisely.

• Charge only what you can afford to pay. Experts say our total payments for debts; credit card bills should not more than 15 to 20 percent of your take home pay. Set monthly limit of charges and don’t go beyond this amount.
• Pay your credit card bill on time, and as much as possible, in full. In order to avoid finance charges. But if we can’t pay the minimum amount due.
• When we receive our bill, compare this against your copies of sale slips for your purchases. To check if there are discrepancy.
• Safeguard your credit cards. Treat it like cash and make sure it doesn’t fall into the wrong hands.
• If you find yourself in debt trouble, call your creditor right away and own up to your situation.

A simple note; just avoid over spending to menimize our monthly bills.