10 Warnings St Louis Mortgage Consumers Must Know To Prevent Credit Card Fraud

Each year we are alerted by our banks and financial experts as to how to protect ourselves from identity theft especially when we use our credit and debit cards at retail stores, on the Internet and by phone.

But consumers may be totally surprised how easily one can become a victim of identity theft and how often it occurs even if you still have the card physically in your possession.

How can this happen you may ask. The answer is “skimming.” What is skimming? “Skimming” is a method where thieves utilizing illegal technology can 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 due to recent skimming incidents such as those at Bank of America.

Retails stores that accept credit and debit cards such as restaurants, bars, gas stations and ATMs are becoming more susceptible targets for skimming.

All a thief has to do is get a 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.

They can sell your information to professional card counterfeiters who will resell them on the black market or that person could simply use your buying power for their own shopping pleasures.

Be extra careful when you use an ATM machine next time. These new-age thieves can now get your card information by utilizing cameras or by watching you when you enter your PIN number at the machine.

Most consumers are unaware of the fraud that is perpetrated against them until their credit card or bank statement arrives in the mail and they see what purchases they did not make.

So, here are 10 tips to help keep your financial information private and safe:

1. Keep your personal information updated with your bank or financial institution. This is very important if an issue every occurs and you need to dispute any fraudulent charges.

2. In case your cards are ever lost or stolen, you absolute sure you have written down all customer service phone numbers found on the back of your cards and keep this list in a safe place.

3. Buyer Beware: Stay away from ATMs that appear dirty or in disrepair. They may not work properly or may be fake machines put their to capture card credit information.

4. If you are going to travel, let your card companies know the dates and destinations so that they can immediately decline transactions that are suspicious or at other locations.

5. When approaching an ATM, any sign that says you should ‘enter PIN number twice to complete transaction,’ is a warning to leave immediately.

6. Again, make absolute sure you sign up for any banking alerts offered.

7. A skimming device may have been installed on an ATM that appears to be damaged, toyed with mechanically or has any loose fitting parts.

8. Never do a transaction if suspicious or dangerous looking individuals are close by. Potential criminals may try to steal your cash or watch as you type your PIN number. If your card gets stuck in the ATM, call your bank and report the incident. If someone offers to help, just beware that it may be a scam artist wanting to get your financial information or perhaps harm you!

9. If you want to be extra sure no one is watching you type in your PIN number or capturing it on camera, cover the pin pad with your other hand thus blinding the onlooker.

10. Although ATM skimming is growing at a quick pace, skimming occurs more often at retail outlets such as restaurants. If possible, always keep your card in sight. Try not to let anyone leave with your card if you can help it. If you are in a retail store and they say they have to go to another counter to run the card, follow them. If in doubt, pay with cash.

You have probably heard this before but always check your balances when your statement arrives.

You should also stay abreast of the laws protecting your credit card rights and that these laws do not always apply to debit card purchases. Always use your credit card if possible when making purchases.

Always notify your bank or credit card company within two days of losing your cards. This may help limit your losses to $50. The worst thing you can do is prolong this needed phone call. You may end up suffering greater financial losses by waiting.

Looking to find the best deal on a St Louis refinancing loan, then visit www.StLouisRefinancingGroup.com to find the best St Louis finance advice on a St Louis mortgage for you and your family. Get your questions answered by calling the St Louis loan experts at 877-334-0210 or 314-334-0210.