Dealing with Credit Card Fraud: Protect Your Finances

02
July

Credit card fraud is a growing concern in today’s society. The concern is growing in online and offline communities. If your card number is accessed by an unauthorized party, then the problems can be severe and harm your credit rating.

This type of fraud occurs when a card is lost or taken. It is noticed when the statement from the issuing bank is received or when phone calls are received to verify whether a charge is authorized or not. Though this issue can cause difficulty, there are laws in place that will protect you from incurring liabilities. The government has a law that will limit your loss to only $50. The card issuer will work with the victim and in some cases, eliminate this loss completely.

There are many ways to protect yourself from having your information accessed by individuals who are not authorized to have access.

Dealing with Credit Card Fraud

Use easy tips for dealing with credit card fraud and protect your privacy and financial safety. Fraud is common online and offline but experience more online. Some merchants keep the numbers on file and sell them to other parties. Even if your card is not used for online transactions, your card is not fully protected. Non-usage does not guarantee safety of your financial information.
• Never allow your internet browser to remember the password you enter for sites you visit that require login. If your computer is lost or stolen, the unauthorized individual who has the computer will be able to access your private information. Hackers can access protected files and information by accessing stored passwords and usernames. Changing the password for online access to credit card accounts is a good practice and should be long and alphanumeric. The password should never be unencrypted and never revealed to anyone.

• When purchasing online, do not distribute your address if it is not required. Date of birth is also not required in most cases. Purchases of online services do not need this information. Set up an account with a name, email address and enter your preferred password. When more information is given, the possibilities of having your information misused are much higher.

• The connection to a server should be secure before entering any information including your credit card number. This is even more important if additional information such as a shipping address is required.

• If you suspect your card has been comprised, immediately notify the card issuer immediately. The records will be reviewed to determine if unauthorized charges have been incurred. Financial institutions will help you with dealing with credit card fraud and possibly remove charges that appear on your account without your knowledge or permission. Once the card company has been notified, the account will immediately be frozen to prevent usage attempts. The card holder will then receive a new card with a number that is different from the original one.

•Frequently check your credit report for charges that should not be on there. If illegitimate items are found early, the credit bureaus may be able to remove them off the report if they are notified as soon as the occurrence is recognized. When the credit card report copy is received, review it for cards that you never applied for.

•Notifying the credit reporting agencies will help you by putting a fraud alert on your rating report to prevent unauthorized applications for a card in your name. A victim can also apply a seven year alert to the credit report for protection by completing an identity theft report with the major credit reporting entities.

• Keep receipts and all statements to identify unauthorized charges. They provide evidence for identifying which accounts are legitimate and which accounts are unauthorized. Also, while correcting the fraud issue, keep a detailed file or list of every conversation with the credit card issuer and credit bureaus.

The most important step is to immediately take action to protect your well being and stop more damage from happening. This will prevent struggling later when trying to correct an issue that is not your own fault. Using easy suggestions, you can make dealing with credit card fraud easier.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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