Summer -- and what for many is the vacation season -- is now drawing to a close. As you pack away the snorkelling gear and swimsuits, keep in mind that September is the month to review those credit card statements listing your vacation spending to ensure that all of the charges are accurate. A regular and thorough statement review is a good habit to start and just one of the many tips that the Canadian Bankers Association recommends in the fight against credit card fraud.

What is Credit Card Fraud?

Credit card fraud can take several forms. You could lose your card and have it found or stolen by a criminal who uses it to purchase goods and services. A criminal could obtain your card number and expiry date and use this information to manufacture a counterfeit card, or you could unwittingly provide your card number and expiry date to a fraudster over the phone or Internet.

How You Can Protect Yourself

The banking industry works hard to prevent and detect credit card fraud using advanced technology and cooperation with police investigations, however there are some simple steps that you can take as well:

• Report a lost or stolen card as soon as you notice it is gone. Your card issuer will cancel your card and issue you a new one.
• Always check your monthly statement. Make sure the charges are yours.
• Never give out your card number over the phone or Internet unless you know you are dealing with a reputable company.
• The most common sources for credit card thieves are cards in wallets left in full-view at work or in your car.
• Be vigilant.
• If your credit card has a Personal Identification Number (PIN) so that you can obtain cash advances, protect your PIN. Don't write it down, memorize it. The same is true of your debit card number.
• Always check your card when it is returned to you after a purchase. Make sure it is your card.
• When travelling, carry your cards with you or make sure they are in a secure location. Shop at a travel store before your trip and purchase a money belt to ensure that your cards and money are kept hidden yet easily accessible to you.
• Sign the back of a new card as soon you get it.
• Make a list of all your cards and their numbers and keep this is a secure place. This key information is helpful when reporting lost or stolen cards.

Your Card Issuer is There to Protect You

Many credit cards, all Visa and MasterCards for example, offer additional protection through a zero-liability policy, which means that in proven cases of fraud, you are not responsible for any fraudulent charges. Your cardholder agreement will tell you whether you have this protection so check your agreement or contact your credit card issuer.

What to Do if You are a Victim

If you think that you may have revealed personal information to a fraudster or if your card has been lost or stolen, you should contact your card issuer right away. The card issuer can cancel the card immediately and reissue a new one to prevent fraudulent activity.

Banks and the credit card companies take credit card fraud very seriously, and have a zero tolerance policy towards fraud. Remember, you are protected from fraud losses when using your bank-issued credit card.

For more tips on credit card fraud, or to download the CBA’s free booklet, Safeguarding Your Money, visit the Fraud and Security section of the Canadian Bankers Association website. Our free consumer booklets are also available by calling 1-800-263-0231.

Canada’s banks take the issue of privacy, security and fraud prevention very seriously. They work hard to prevent their operations and customers from being used for any kind of financial crime and to raise awareness about the ways that customers can protect themselves.

As a consumer, you also have an important role to play in preventing fraud. This month, we’ll take a look at protecting yourself from credit card fraud.