Protect Your Credit Card from Money Schemes

Follow these recommendations for a little added credit card security.

09:44 01 June 2013

Liberty Reserve, an online money transfer company, isbeing charged with money-laundering in the amount of approximately £6billion. This type of scheme unfortunately seemed to be perfect for people who used it unethically.

 

What can someone do to protect their credit card or debit card from falling prey to these types of schemes?

 

• Secure website-any website that processes money transactions should have a picture similar to that of a lock to inform the user that the site is properly encrypted to protect information for credit cards and debit cards.

 

• Proactive emails-it is safest to discard emails from unidentified entities offering to transfer funds for a minimal fee, and to convert currency. If you need a service of the sort, you should initiate the contact with the company. 

 

• Reputable companies-it is best to only give out sensitive information such as your credit card or debit card information to companies who have an established and positive reputation in the industry

 

• Banking institutions-while it may not be quite as convenient as conducting business online, you can visit one of the banks that are able to transfer the funds into your desired currency so you can then transmit it to the person or company you are paying.

 

• Verify amounts-for any type of transaction that you do, make sure you verify the amounts that are supposed to be charged, and check any applicable credit card or debit card statements in case there are unusual or unexplainable charges that should be reported.

 

• Information-be leery of companies which offer to handle your monetary transactions with minimal information. Due to the legalities in many places, as well as online stipulations legitimate companies will not only request your credit card information, but will also require your name, and usually you’re billing address as well. If they claim to process without your name or address, be especially careful or avoid the company completely.