With a lot of horror stories about credit card fraud published regularly, such frauds have become much more dangerous than a traditional robbery. While you cannot avoid using a card, you should strictly avoid situations which will invite fraudsters.

Credit card thieves are upgrading their tricks every day. In order to stop them intruding your financial life, consider the following as minimum precautions –

1. When you go to a restaurant, never allow the waiter to take your card away from your eyes even for a very short time. If the situation requires, you can go to the counter for the payment.

2. Do not write PIN on a credit card. Also, never write it on a piece of paper and keep in your wallet. This will be an open invitation to all the fraudsters in case if you lose your wallet.

3. You should prepare on a piece of paper a list of your all credit card accounts with the expiry dates as well as the phone numbers of the card issuers. This may be required to report the loss quickly. Keep this paper in a safe place.

4. You should carry only those credit cards which are actually needed. Your wallet should not carry all your cards. The cards which you rarely use must be kept separately in a safe place. Many people are proud to take all their cards in their fat wallets. By doing this they are sabotaging their own financial life.

5. If you receive any offer from card issuers which you are not interested in, do not throw it away in the garbage. You must shred it.

6. You should be prompt to open all the statements which you receive for your cards. If you find any discrepancy, you should contact to be card issuer immediately to resolve it.

7. You should never lend your credit card to anyone. By doing this, you are breaking the rules of card issuers and you may lose the legal protection against fraud.

8. While signing for a credit card receipt, ensure that there is no blank space anywhere in the middle. If you find one, draw a line on such space before you sign the receipt.

9. You should not give your card number to anyone on the telephone when you receive a call. If you make a call and you are sure about the reputation of the company you are calling, you may quote card number.

10. If you plan to move, you should inform your card issuer your new address much in advance. If you inform them at the last moment, it is possible that you may miss out a statement in the mail. If such statement goes in wrong hands, all other precautions you have taken become worthless.

Credit cards have become a part of life. It’s a great feeling to have them in your wallet. It gives you a feeling of financial power. However, what about the risks? How to stop fraudsters from using your card? Chintamani Abhyankar provides a straightforward advice on protecting your financial life.

Chintamani Abhyankar, is an expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and tips on personal income tax.