Credit Card Fraud: It Can Happen To Anyone!
Credit Card And Identity Theft Is Alarming!
In 2023. The Federal Trade Commission reported 426,000 cases of credit card fraud in the United States. And, yes, it can happen to anyone. Plus, the residual effects harm your credit report, credit rating, and the ability to secure a mortgage, a loan, or make a purchase.
It is estimated that by 2026, it is projected to amount to 43 billion; by 2030, they project over 49 billion! The internet has made credit card theft almost too easy, and hackers seem to be getting more clever daily. The Dark Web is full of hackers lurking around the internet.
Because of the Fair Credit Billing Act, customers are protected from liability over $50, if reported within two days of discovery. If you have waited past 60 days without notifying the card issuer, you may be responsible. If you suspect credit card theft or see unauthorized charges on your card, you need to call the issuing card company immediately.
Now, making all the necessary calls and reports begins to be time-consuming and aggravating. After calling the card issuer, you should report the fraud to the Federal Trade Commission at www.ftc.gov or 877-438-4338. It is easy to file. Answer a few questions, and you will be given a case number. The website also provides a list of recommendations and steps to complete.
Sample letters for correspondence with banks and credit bureaus are also included.
The EMV chip cards make it more difficult for thieves to use your credit cards. Merchants are incorporating AI into their programs to help determine the legitimacy of accounts and consumers.
More Tips For Credit Card Fraud
A few more necessary tips:
- Place fraud alerts on your accounts
- Call a credit bureau to place a fraud alert on your account.
- Secure your accounts with a strong password.
- Tap your card instead of swiping or inserting
- Check for skimmers on devices
- Review your statements regularly
- Get your free annual credit report at Annual Credit Report
- If shopping online, use a credit card, NOT your debit card
- Enroll in credit monitoring
- Avoid public Wi-Fi
- Never give out personal information or social security numbers
Be Diligent
The very best advice is due diligence, and that can't be stressed enough. Be your own guide and private eye, to your credit!
There are several credit monitoring services available with each company allowing you to pick a plan that suits you. LifeLock and Experian are two such credit monitoring services.
Sources Used
https://wallethub.com
https://www.idexbiometrics.com
https://www.fool.com
https://ftc.gov
