Credit cards fraud: Money can be lost; this is how easy it is; check precaution

This case indicates a credit card fraud that is truly startling and will leave every person who has one feeling very vulnerable indeed.

Credit card holders should know that they will be reimbursed by the bank only if they report their cards or money missing immediately. Image source: Reuters

This case indicates a credit card fraud that is truly startling and will leave every person who has one feeling very vulnerable indeed. He or she would definitely want to take all steps to protect their hard earned money from fraudsters who are out to steal from through the ill-guarded digital medium. The targetted people are especially those who are careless and do not take enough precautions or throw caution to the winds.

A 55-year-old actress was targeted by a criminal who got access to her credit card through a manner that is astonishing. He then proceeded to spend her money lavishly. How did he do it? First of all he called the bank concerned and reported the original card of the woman as missing. But what is really puzzling is that he then stole the replacement credit card and was able to spend the money before being finally caught. Credit card holders should know that they will be reimbursed by the bank only if they report their cards or money missing immediately.

There is a 2-3 day window, but the sooner the bank is intimated about the loss the better the chance of recovering the lost money. Needless to say, credit cards and debit cards are very dangerous to carry. It becomes even more dangerous when the credit card holder also writes down the PIN and puts it in the wallet alongside the card. This is a recipe for disaster in case the wallet is lost. Best is to remember the PIN rather than write it down. The loss can be debilitating indeed.

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