PayPal Stories Archive

Credit card and charge fraud causes cardholders and issuers numerous problems and wastes time and money; the amount of goods and services purchased with fraudulently obtained personal identity was more than $50 billion dollars last year. Read on to learn about how to keep your information secure and avoid credit card fraud.

Here are some tips from the FBI and Scambusters:

• Keep an eye on your credit card every time you use it, and make sure you get it back as quickly as possible. Try not to let your credit card out of your sight whenever possible.
• Be very careful to whom you give your credit card. Don’t give out your account number over the phone unless you initiate the call and you know the company is reputable. Never give your credit card info out when you receive a phone call. (For example, if you’re told there has been a ‘computer problem’ and the caller needs you to verify information.) Legitimate companies don’t call you to ask for a credit card number over the phone.
• Never respond to emails that request you provide your credit card info via email — and don’t ever respond to emails that ask you to go to a website to verify personal (and credit card) information. These are called ‘phishing’ scams.
• Never provide your credit card information on a website that is not a secure site.
• Sign your credit cards as soon as you receive them.
• Shred all credit card applications you receive.
• Don’t write your PIN number on your credit card — or have it anywhere near your credit card (in the event that your wallet gets stolen).
• Never leave your credit cards or receipts lying around.
• Shield your credit card number so that others around you can’t copy it or capture it on a cell phone or other camera.
• Keep a list in a secure place with all of your account numbers and expiration dates, as well as the phone number and address of each bank that has issued you a credit card. Keep this list updated each time you get a new credit card.
• Only carry around credit cards that you absolutely need. Don’t carry around extra credit cards that you rarely use.
• Open credit card bills promptly and make sure there are no bogus charges. Treat your credit card bill like your checking account — reconcile it monthly. Save your receipts so you can compare them with your monthly bills.
• If you find any charges that you don’t have a receipt for — or that you don’t recognize — report these charges promptly (and in writing) to the credit card issuer.
• Always void and destroy incorrect receipts.
• Shred anything with your credit card number written on it.
• Never sign a blank credit card receipt. Carefully draw a line through blank portions of the receipt where additional charges could be fraudulently added.
• Carbon paper is rarely used these days, but if there is a carbon that is used in a credit card transaction, destroy it immediately.
• Never write your credit card account number in a public place (such as on a postcard or so that it shows through the envelope payment window).
• Ideally, it’s a good idea to carry your credit cards separately from your wallet — perhaps in a zippered compartment or a small pouch.
• Never lend a credit card to anyone else.
• If you move, notify your credit card issuers in advance of your change of address.
• Review the privacy policy of websites you shop at, making sure that they protect your personal data. Check out Venmo’s privacy policy here.
•  
• Always check your receipts against your billing statement. If you think a charge amount was changed, call your credit card company immediately.

One of the biggest points of vulnerability of credit card fraud is when you’re making an actual payment transaction and the card is with the merchant. There are numerous stories of employees swiping cards multiple times or writing down card numbers, online vendors selling credit card information, or credit card information being solicited by phone calls. When you use Venmo for payment transactions, you elimination this hassle of vulnerability, since your credit card information is never transmitted to the vendor. Instead, they interact solely with Venmo’s servers, meaning your credit card information is never out in the open for others to intercept or hack into. Venmo helps you guard your credit card number, since you never actually have to give it out to vendors that accept Venmo payments. Let your favorite online vendor know that you want to use Venmo to buy goods online.

Protect your credit card information and avoid fraud by signing up for Venmo.

And merchants— it is your responsibility to ensure that credit card fraud never happens. Make sure that this is the case by adopting Venmo today!