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Why You Should Never Give Out Your Credit Card Postcode

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Credit Card Postcode

Do you know how easy it is to steal your credit card information and start making purchases with your card? Not very difficult at all, as long as someone gets their hands on your credit card number and that critical piece of information – your credit card postcode! Here’s why you should never give out your credit card postcode.

The basics of your credit card post code

The first digit of your credit card number is called your Issuer Identification Number (IIN). The IIN tells us who issued you your credit card. That could be a bank, a department store or even another type of company. It’s important for security purposes so that when you purchase online it can help to protect against fraudsters stealing and misusing your card. Giving out your post code and then other information like your birth date, address and mobile phone number makes fraudsters’ jobs even easier.

The second thing about your card that needs protecting is your CVV2 code – sometimes known as CVC2 or CVV2. This three-digit security code helps to prevent online fraud by verifying that you are in possession of your credit card at time of payment.

Organanisation

And while it’s useful for keeping criminals away from shopping on your account, there are ways they can get around having to enter these codes if they have enough personal details about you already – like knowing where you live and working out what time zone you’re in from how often you use your card on a daily basis!

This means giving them access to more than just one layer of protection around all those precious digits on your plastic! So, always think twice before handing over your card or any other personal details to anyone asking for them.

Always check with an organisation before providing any extra information over and above what you need to give them in order to make a purchase. If something doesn’t feel right, don’t do it! Remember too that not every website has SSL encryption which protects your data whilst travelling between you and their servers so look for ‘https://’ rather than ‘http://’.

Credit card fraud can happen to anyone

It doesn’t matter if you have a good credit score, it doesn’t matter what city you live in, and it doesn’t matter how nice your neighborhood is. If criminals want to steal your credit card information, they’ll find a way. That’s why protecting your card number and keeping tabs on who knows it are so important. One of the biggest things you can do to keep yourself safe is to never give out your credit card postcode when shopping online or over the phone (this goes for cards as well as bank account numbers).

A post code can provide enough information for someone to set up a convincing phishing scam that could result in large charges being put on your account. The best thing to do is always ask for an alternative form of payment instead. You don’t even need to explain why; just say you’re uncomfortable with giving out your postcode. Most merchants will understand and respect that request. And if not? Then it might be time to rethink whether you really want to do business with them at all!

The most common type of credit card fraud

Identity theft — fraudulent charges to your account — is by far and away a greater threat than credit card fraud, which can include counterfeit cards being used to make purchases. According to Javelin Strategy & Research’s 2016 Identity Fraud Report , 15.4 million consumers were victims of identity fraud in 2015, an increase of 16% over 2014.

That makes identity fraud three times more common than any other type of consumer fraud, including credit card fraud. And while less prevalent, identity fraud was also more costly for consumers in 2015, topping $16 billion for 12 months; conversely, losses from credit card-related fraud totaled $5 billion over 12 months.

Of course, if you’re concerned about fraud on your credit card, you should take precautions. But if you’re worried about someone stealing your identity, then giving out your postcode isn’t going to help them much at all. In fact, it could help them significantly right now! When you give out that information during a transaction or application process (online or in person), it may seem like just another piece of information that doesn’t matter much.

But think about how easy it would be for someone else to use that postcode to find out where you live and what name(s) are associated with that address!

How you could be affected by identity theft

Identity theft is an all-too common occurrence in today’s world, and something most of us do little to prevent. A 2013 study by Javelin Strategy & Research found that identity theft increased 12% between 2012 and 2013—totaling 13.1 million people affected and a total cost of $24.7 billion (that’s a whole lot of money).

This can have a huge impact on you as well; did you know that stolen identities can have negative repercussions for as long as 20 years? And we haven’t even gotten into what could happen if your credit card information gets out there… The bottom line? Protect yourself from thieves by taking these steps to safeguard your identity.

How to protect your identity: While it’s impossible to completely stop thieves from getting their hands on personal information, there are ways you can keep them at bay. For starters, don’t give out any unnecessary personal details over the phone or via email.

Use secure passwords (don’t use 12345678 or anything similar), change them regularly and use multi-factor authentication when possible. It may seem like a hassle now but it’s much better than being victimised down the road.

Ways you can prevent it from happening

Here’s how you can reduce your risk of a credit card hacking attempt. Assure your computer and personal data are secure by following these four steps.

(1) Use strong passwords on all sensitive websites;

(2) Enable two-factor authentication for important accounts;

(3) Be suspicious of unsolicited email and phone calls requesting personal or financial information; and

(4) Review your credit report regularly. By following these tips, you can protect yourself against identity theft as well as credit card post code hacks. It’s always better to be safe than sorry! 

Of course, it’s not enough just to follow those steps—you also have to know why they are so important. So here are some more details on what each step means and how you can use them in your daily life.

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First up is using strong passwords—use both numbers and capital letters whenever possible, avoid obvious words like password or 1234567890, change them frequently, never write them down anywhere, etc. Next is enabling two-factor authentication wherever possible—we highly recommend using Google Authenticator if that option is available to you!

Steps you should take if it does happen to you

1. Take a screenshot.

2. Check your bank account.

3. Report it to your bank immediately and ask for a new card with a different postcode (and contact numbers).

4. Contact police and let them know what has happened – they may or may not take you seriously, but at least you have evidence of it happening to you!

5. Change all passwords associated with your email address and any other accounts that were linked to that credit card number.

6. Check social media accounts for any suspicious activity – change passwords on these too if necessary.

7. Protect your identity by keeping monitoring in place from Experian, Equifax or TransUnion (depending on where you live).

8. Consider putting a freeze on your credit reports so that no-one can open up any more lines of credit in your name without first getting permission from you!