Credit card fraud is a major issue in the United States, in 2016 hacked credit card fraud reached an approximate record $4 billion. Taking steps to avoid becoming a victim of credit card fraud is incredibly important when maintaining your finances.
Read below to find out how to protect yourself against credit card fraud.
Credit/Debit Card Fraud
Credit/Debit Card fraud is defined as buying some goods or services with intention of not paying. There are a variety of different types of fraud such as fraud sprees, identity theft, and identity assumption:
- Identity Theft:
- Identity theft occurs when someone used your credit/debit cards
- Fraud Sprees:
- Thief steals your information and makes several unauthorized charges.
- Identity Assumption:
- Thief uses your stolen information on a long term basis
How to Prevent Credit/Debit Card Fraud
There are a variety of ways to prevent credit/debit card fraud:
- Never give account information over the phone unless you a sure of the company you are dealing with
- Make sure to get your card back after each transaction
- Do not leave a blank space on the line above total so it is not filled in without your consent
- Save your receipts and compare them with your bills
- Consider using a virtual card more secure
- Look for credit card skimmers
- Insert your card if you can avoid swiping
How to Prevent Credit/Debit Card Fraud
There are a variety of different ways to tell if you have been a victim of credit card fraud:
- Unfamiliar charges on your billing statement
- Account information you didn’t open
- Bills from unknown sources
- Call from creditors
If you see any of the following or any other suspicious behavior then take the following steps:
- Alert Your Credit Card Companies First
- Contact Credit Bureau
- File Police Report
- FTC Complaint
Author’s Verdict
Credit card fraud can be a real hassle to deal with if you become a victim of it. There are a variety of methods to protect yourself so be sure to keep yourself safe.
Hopefully the above information helps you understand how to prevent credit card fraud.
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