Never Disclose Financial Information Or Credit Card Details To Anyone

General do's and don'ts to keep your crucial information safe and secure

People exchange financial information every day. But giving out your credit card details to the wrong person can put you at risk for credit card fraud and identity theft. There are some situations in which it is important to never disclose financial information. This article examines some of the times when it makes sense to keep your financial life private.

First, never give out your credit card details to anyone who calls you on the phone. This may seem like obvious advice, but it's easy to be tricked by people who say they are calling for a charity or by a telemarketer who offers something you really are interested in buying. Rather than giving your info out to a caller who could be trying to defraud you, however, it's better to ask the caller to send you more information via the U.S. postal service. Most fraudulent callers won't do this, since mail fraud carries stiff penalties. If you do receive the information, look it over at your leisure and make the donation or purchase on your own terms.

Just like it's never a good idea to give callers personal financial information, it's never a good idea to respond to email requests for credit card info. One popular scam is known as a "phishing" scam. You receive an email from what appears to be a legitimate merchant stating that your credit card information has expired and asking you to follow a link to update it. The link, however, directs you to a fake site that may look enough like the original that you don't realize your mistake until you've already entered the information. If you want to purchase something online, manually type in the internet address. This will protect you from being redirected to a fraudulent site.

Another way to protect your financial information is to dispose of documents with personal or financial information by shredding them. You can buy a cheap shredder for under $20, and the small amount of cash you'll pay out is well worth your peace of mind.

When you do give out your credit card information to make a purchase online or over the phone, it's important to make sure you have privacy. If you're making an online purchase from a public place, for instance, it's all too easy for someone to look over your shoulder and jot down your credit card information as you enter it into the computer. If you're giving your credit card number out over the phone, make sure no one is standing close enough to hear you. Just a few simple precautions to ensure privacy can save you a lot of grief.

Finally, never lend your credit card to anyone whose name is not on the account. It may seem harmless to let a friend place a small charge on your credit card, and nine times out of ten it is harmless. But there is always a risk that even someone you think of as a close friend could take advantage or could use the information inappropriately later on.

Your financial information such as credit card details can be used against you in a variety of ways if it falls into the wrong hands. Rather than risk the aggravation and loss of money that falling prey to fraud can bring, it's better to never disclose financial information to anyone except trusted merchants in secure situations.