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Guarding Against Credit Card Fraud
It can happen to anyone — someone can steal your credit card information and your identity. There are ways to prevent credit card fraud, however, and thus protect your credit score and identity.
Protect your card
Thieves these days don’t have to steal your wallet to steal your credit. Simply handing your credit card over to an unscrupulous waiter can mean the theft of your information with a simple device that “skims” the data off the card, allowing it to be replicated. Computer hackers have even stolen credit card numbers from financial institutions. The best way to protect yourself from someone committing credit card fraud is to do your best not to give a thief the chance:
- Don’t let your credit card out of your sight.
- Sign the back of the card, and if you have room, write “check ID” next to your signature. Hopefully this will prompt cashiers to confirm the person presenting your card is really you.
- Limit use of your debit card. If someone steals your debit card and goes on a spending spree, it’s a lot harder to recover the money they’ve taken from your bank account and you can be held liable for hundreds of dollars if you don’t report the card stolen fast enough. By contrast, federal law limits your credit card liability to just $50.
Protect yourself
No matter how diligent you are about protecting the physical card, someone can still steal your information through other means. So to protect yourself, the Federal Trade Commission has other tips on how to stop credit card fraud as soon as you discover it:
- Check your credit report annually. Doing so is very simple these days, as the credit agencies are legally required to give you a free credit report every year.
- Sign up for a credit monitoring service that regularly checks for suspicious activity.
- Save your receipts and reconcile them with your monthly bill to spot any erroneous or fraudulent charges.
- Keep a list of your credit card numbers, expiration dates and contact information separately so you can quickly cancel the card if it is lost or stolen.
- Do not give out your credit card information over the phone unless you made the call. Your credit card issuer will not call you and ask for that private information, so beware of anyone who does.
- Shred pre-approved credit card offers, and opt out of getting them by calling (888) 567-8688. The FTC has more information about other ways you can opt out of companies sharing your private information.
- Call your credit card issuer and ask that they stop sending you the blank checks, which can be stolen from your mailbox and used like regular checks.
Thieves can be clever and diligent about committing credit card fraud on your dime, so the best way to protect yourself and credit score is to be just as diligent in monitoring your finances and bills.
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Where do you get ideas on how to decorate your apartment?
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- My friends or family (25%, 5 Votes)
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Total Voters: 20
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