How to Detect Credit Card Fraud
Credit cards are a convenient way to make purchases, both in person and online. Unfortunately, while they are convenient for consumers, they also give fraudsters a huge opportunity to rip people off. If you use credit cards, be alert for signs of credit card fraud. The sooner you detect fraudulent charges on your credit card, the sooner you can take steps to remedy the situation.
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Instructions
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Monitor your credit card transactions online on a weekly or biweekly basis. Most credit card companies allow you to access your account information via the Internet. Log on often and look through your transactions, keeping an eye out for anything that might be fraudulent. If you don't have online access to your account, study your monthly statement.
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Be alert for suspicious mail or phone calls that could indicate fraud. If someone has stolen your identity, you may get calls or letters about merchandise or services you never ordered. Follow up with the sender or caller to get more details about the transaction.
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Check the accuracy of a charge whenever you make an online purchase or buy something through a TV ad. Sometimes companies will offer a free gift card or other item with your order. The catch is that if you accept it, you are unknowingly agreeing to sign up for unwanted merchandise. You won't know this until the excess charges show up on your card.
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Request an annual copy of your credit report from the three major credit bureaus. Equifax, Transunion and Experian are required by law to give you a free copy each year. Carefully read through your reports, looking for any credit card accounts you don't recognize or other suspicious information.
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Tips & Warnings
If you discover a fraudulent charge and the merchant refuses to reverse it, dispute it with your credit card issuer.
Banks and merchants sometimes have their records compromised by hackers or have inadvertently exposed them. If you do business with a company whose records have been stolen, you are at a higher risk for credit card fraud. Companies will typically warn you if this happens so you can closely monitor your credit reports and add a fraud alert to them.
References
- Photo Credit Photo: Wikimedia Commons
