Safeguard Your Credit Cards … Just Like Your Cash

Taking care of your credit cards is essential to protect yourself against credit card fraud.  Even after banks introduce a cap on cardholders’ liability with effect from 1 November 2009, you will need to continue to safeguard your credit cards. 

The banks can still hold you liable for unauthorised transactions charged to your card if you have acted fraudulently, with gross negligence or failed to notify the card issuer as soon as you become aware that your card has been lost or stolen. 

This advisory highlights a few key steps you should take to safeguard your credit cards. 

1. Treat your credit cards like cash. Keep them safe. Never leave your credit cards and documents containing your credit card information (e.g. card number, expiry date, PIN or password) carelessly in places where they may be stolen or appropriated by someone else.
   
   
2. Sign your cards with permanent ink as soon as they arrive.
   
   
3. Do not give your credit cards details (i.e. card number, expiry date) to unknown parties as the information can be used to make unauthorised charges. Memorise your PIN and password, and do not divulge these information to anyone. 
   
   
4. Exercise care when using credit cards for telephone and online purchases. Have a credit card with a lower credit limit for these purposes. Do not perform online transactions in public places such as cybercafés. Patronise only reputable and legitimate online stores. 
   
   
5. Keep your credit card sales slips, statements and other information about your credit card in a secure place. When discarding documents, shred them and ensure that confidential information relating to your credit card is destroyed.  Do also destroy expired credit cards.
   
   
6. Keep a record of your card numbers, their expiration dates, and the phone number and address of the card issuers in a secure place. 
   
   
7. Check your billing statements promptly when they arrive, especially after each overseas trip. If you notice any discrepancies, call the card issuer immediately.
   
   
8. Check regularly to ensure that your credit card is always in your possession.
   
   
9. Notify the card issuer immediately if your card or card information is stolen or lost. Take note of the date and time you notified the card issuer.

For more tips on what you should do to use your credit cards prudently, refer to the ABS-MoneySENSE guide “Credit Cards – What you should know” at www.abs.org.sg and www.moneysense.gov.sg