October 5, 2014

It Pays To Read

Upon checking my Metrobank card, I was shocked to learn about my credit card due, a whooping P106,006.36! My husband, who's the auditor of the Mendiolables Company (lol) asked me what are the two P30,000 reflected in the bill.  I actually cannot remember what are those P30,000 for. John and I checked our records for the stuff we bought for the previous month.  We found out that we were billed twice for the aircon unit we bought at SM Megamall.  This why it pays to read diligently your credit card monthly bill or bills. By diligent reading and recording of all your transactions you can protect yourself from becoming a victim of  the same situation.

Good thing Aubrey, of SM Appliances in Megamall, immediately made a letter to Metrobank. Metobank, on their part, were also quick to returned/reflect back the P30,000 we were billed.  

Unfortunately for my BDO credit card, I was billed with P989.88 last July, 2014. As of this writing, I still haven't received the said amount. Calling BDO, knock, knock...

There are several ways that fraud can occur on your credit card or debit card account.

“Skimming” is a technique where information stored on your card’s magnetic strip is stolen when your card is swiped during a transaction. Thieves are then able to reproduce fake cards using your stolen details. Once completed, these cards can be used to make purchases using your account.

Dishonest merchants can not only “skim” your card, but can also process unauthorised duplicate transactions using your card details.

Credit or debit card fraud can also occur when your card is lost or stolen and used by a third party to purchase goods or to withdraw cash from the card. Cards can also be intercepted in transit while being sent to you.

Protect your credit / debit card:

Memorise your personal identification number (PIN). Don't use the same PIN for all your cards, and don't choose your birth date or other easily identifiable number that you might carry with you.
Check statements and call your credit card issuer immediately if you see anything suspicious on your bill.
Do not let your credit card out of your sight at anytime: for example, at a restaurant, go with the card.
Card fraud can happen anywhere in the world: be vigilant when travelling overseas.
Always sign your card in ink as soon as you receive it.
Keep track of when new and reissued cards should arrive, and call the credit card issuer if they don't come on time.
Make sure your mailbox is secure, and that only you and the postal carrier have access to it.
Shred all credit card receipts and pre-approved credit card offers into small pieces before you discard them. Keep your billing statements in a safe place.
When you use your credit card online, make sure you are using a secure website. Look for the padlock symbol in your browser window.
Never give your card number to strangers or telemarketers who call you on the phone. Don't give your card number unless you initiated the call, and know who you are speaking with.
(Source: ANZ.com)

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