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Did you know that most credit card fraud occur even when offenders do not have the actual credit cards in their hands? In fact according to reports, only 23% of all credit card fraud cases are resulted from lost credit cards.

Today, the most common cases of credit card fraud actually happen without the credit card holder’s knowledge. Yes, even if you have your credit card or your business credit card in your safety, you can still be victimized by credit card fraud. How do these criminals achieve such fraudulent acts?

There are a number of different strategies that these criminals use to achieve their purpose. Some use a special skimming device to obtain the credit card data and create dummy cards that use the same numbers. Others simply obtain credit card accounts through the use of deceptive e-mails and websites. These are known as phishing scams. Once a thief obtains your credit card information, he can use this to open new accounts in your name, charge expensive purchases to your account and commit other fraudulent activities. All these can be done without your awareness until your credit card company starts calling you about unpaid bills.

Most people who have been victims of credit card fraud were surprised to find out that their accounts have been plagued by illegal transactions only after a few months had passed. It can be an enormous inconvenience on your part if your credit history is damaged by such activities. Even if you report that you have been a victim of fraud, it can take some time before you can regain your reputation and fix your credit report.

Business Owners Watch Out!
If you’re a business owner, you also need to be wary about phony credit cards used by these criminals. Your best defense against credit card fraud is precaution. Here are some ways you can do to protect yourself and your business:

When a customer uses a credit card in purchasing a product, ask for proper identification. Ask to see their driver’s license, passport or other valid Identification cards.

Examine the signature carefully. Make sure that there are no erasures or blots in the signature. If there is, it may be possible that the credit card has been stolen and the signature has been changed.

When examining identification cards, make sure that the signature in the IDs presented are identical to the one in the credit card and the credit card slip.

Check the credit card’s signature panel. Authentic credit cards should display a certain color design which can either be MasterCard or Visa, while fake credit cards are discolored, erased, painted, or covered with tape. Also, check that the hologram on the credit card is not tampered or damaged.

Call the credit card company if you have any doubts. Make sure that when you make your call, you still have the customer’s credit card with you.

Do not keep carbon copies of the credit card receipts. Make sure that you shred these important papers before throwing them in trash. Other people can get relevant information from these papers.

If you have sales staff, alert them about credit card fraud. Instruct them about the necessary steps in checking the credit card’s authenticity.

Protecting your business from credit card fraud is possible if you stay alert about the signs. Be especially careful if your customer is:
o ordering a suspiciously large bulk

o ordering for a large bulk and asks for an overnight shipping

o using multiple credit cards with numbers arranged in sequence

o asks that the goods be delivered overseas

o using different credit cards to pay off a single purchase and asks to send it to a single address

Pamela Williams is a Loan Consultant, Internet Marketer, Writer and owner of BusinessCreditCardSite.com, a finance company Las Vegas, Nevada that provides support for businesses all across the US particularly with obtaining small business credit cards. Visit http://www.businesscreditcardsite.com

If you’re like most Americans the economy has taken a toll on your credit. Late payments on mortgages, car loans, and even credit cards have damaged millions of hard working and honest peoples credit score. So, what can you do if you’re ready to repair your credit and wish to get back on track? We offer a step by step guide below.

First, you should get current if you are late on any of your accounts. This is important and is a crucial step to fixing your credit. Your payment history makes up 35% of your credit score and lenders want to see a clean payment history with no lates.

Second, consider paying off as much debt as possible, how much debt you utilize plays a big role in determining your credit score, the less you owe your credit card company the better.

Third, if you have any accounts in collection we recommend trying to settle with these agencies. Collection accounts hurt your score a lot and will stay on your report for at least seven years. You can usually settle with these companies for 10%-40% of what you originally owed. Just make sure that when you contact these companies you be upfront and tell them you are willing to settle as long as they agree to remove the derogatory item from your credit report, make sure you get this in writing.

Fourth, consider hiring a credit repair company that knows what they’re doing. A legitimate credit repair company knows how to remove late payments, collection accounts, charge offs, and even a bankruptcy if they are not being reported accurately by the credit bureaus. Keep in mind you get what you pay, it is unlikely you will get a great service by paying $40 a month most of the time they will not do anything for your credit report and you’ll be out a lot of money without any results. Look for a company that offers some sort of guarantee that they will get you results, after all that is what you’re paying them for.