What To Do If You See A Suspicious Credit Card Transaction
North American Precis Syndicate
You can protect your finances and your reputation if you act fast when you encounter credit card fraud. (NAPS)
(NAPSI)—You scan your monthly credit card bill, only to find a suspicious
transaction. Don't panic. Fortunately, credit card companies largely shoulder
the financial burden of unauthorized credit card charges. By law, you're only
on the hook for $50, and it's unlikely you'll even be dinged for that much.
Now it's time to take action through these four steps.
Let Your Issuer Know, And Fast
If you find a peculiar transaction, call your credit card issuer right
away to report it—that's if your issuer didn't alert you first. Your issuer
will ask you to verify the most recent transactions to make sure no other
suspicious activity was recorded.
Your issuer will close your current credit card and issue another one with
a new number within days. If your account has any authorized users on it, the
issuer may send them new cards, too. Confirm that the new card is linked to
the payment history of the old card account, so they appear as one on your
credit history. Update any recurring bills with the new card number.
When you place a fraud alert on your credit report, you'll get a free
report as well. This doesn't count toward your annual free credit report
under federal law. Check your credit report for any unauthorized accounts and
for the accuracy of your personal information. If anything looks funny,
report it to the credit bureaus. File a police report if you find an account
that you didn't open. Often, companies that experienced data breaches will
offer free credit monitoring to victims. Use it.
In the future, use best practices with your credit card. Opt for
two-factor authentication when available while shopping online to make it
more difficult for scammers to take over your accounts. Consistently update
your online passwords to protect your financial information from data
breaches. Always check the security credentials of online retailers before
making a purchase with your credit card.
Be On The Lookout
Regularly and carefully check your recent transaction history for any
fraudulent charges. A fraudster only needs your card number to make
purchases, so fraud can happen even if your card is in your wallet. Signing
up for alerts—either via e-mail or text message—is another way you and your
issuer can flag any odd transactions in real time.
For more information on credit card fraud, and other personal finance
advice, visit www.ValuePenguin.com.
On the Net:North American Precis Syndicate, Inc.(NAPSI)