Victim of Credit Card Fraud Information

Information for Credit Card Fraud Victims

The Federal Trade Commission (FTC) estimates that credit card fraud represents 1 quarter of the 9 million identity theft cases each year. It is important for consumers to know what to do if they become victims of credit card fraud.

Types

Thieves use a variety of tactics to commit fraud including stealing mail, digging through trash, sending out fictitious e-mails (phishing) and electronically copying account information (skimming).

Prevention/Solution

Consumers can avoid becoming victims of credit card fraud by shredding their mail and not giving out account information over the phone. They should also regularly check their accounts for unknown charges and keep their account information in a safe place.

Reporting fraud

Victims should immediately report the fraud to their credit card company, the police and credit bureaus (Experian, Equifax, TransUnion).They should also write a letter to their company, get a police report and place a fraud alert on their credit file.

Considerations

The police and the FTC may not investigate the fraud. The FTC only investigates cases involving $2,000 or more in charges.

Warning

Under the Fair Credit Billing Act, consumers may be liable for up to $50 for unauthorized credit card charges. In some cases, they have zero liability for the charges.

References

• ftc.gov-Credit, ATM and Debit Cards: What to do if They're Lost or Stolen
• guides.wsj.com-Identity Theft &Credit Card Fraud-How to Protect Yourself
• spamlaws.com-Reporting Credit Card Fraud