Every year, millions of People in America become a victim of fraud which costs the national economy billions of dollars. If you are a victim, it can wreak havoc on your personal finances. For many financial institutions have measures in place to help protect you from credit fraud.
What’s Credit Card Fraud? Credit card fraud is when someone uses your credit card or credit account to make a buy you did not allow. This activity can occur in various ways! If you lose your credit card or have it stolen, it may be used to make purchases or other transactions, in either person or online.
Fraudsters may also steal your credit card account number, PIN and security code to make unauthorized transactions, without needing your physical credit card.
What’s Identity Theft? ID theft involves the use of obtained details about you, such as your name, your birthday, SSN, credit card numbers and more, to use existing credit accounts or open new ones in your name.
When this occurs, criminals seize the spending power of your credit while you get stuck with the bill.
What to Do if are a Victim. Since credit card fraud can occur at any moment, even when your card is still in your wallet, it is important to watch all your credit card accounts.
If you discover someone has made unauthorized fees for your credit card account, you should: Immediately contact the credit card company.
Many have zero-liability policies, meaning you will not be accountable for any fraudulent charges charged to your accounts. What is more, the law of the united states limits your liability for fraudulent credit card charges. If somebody uses your stolen or lost credit card before you report it missing to the card issuer, you can only take place accountable for $50 of any fraudulent charge.
If you report the loss before the card is used, you are not accountable for any charges, nor are you liable if it is the card number that is stolen and used.
Change your online passwords and PINs to prevent fraudsters from doing any further damage. watch account activity, and consider contacting Experian to put an initial security alert on your credit report. This could be especially helpful if you are not sure how your info was compromised.
Whichever credit bureau you contact will notify the other two major bureaus of your request. Keep track of your bank statements, and if you notice signs of fraud, notify your bank immediately. Request a copy of your credit report. Signs of fraud, like new accounts you do not recognize, will show up on credit card statements first, soon to follow on your credit history. Whenever you request a fraud alert, you’ll also get a copy of the credit report. If you know the person who is causing fraud you are within the legal right to pursue a case in which we will help you via contacting us.