How to Track Credit Card Fraud

Keep your card safe from thieves.

Credit card fraud is one of the most common forms of identity theft in the United States. Unless you check your finances, you may never know if someone is abusing your credit card until it is too late. Effective credit card fraud tracking can help prevent theft in the first place and minimize damage if theft does occur.

Instructions

1. Read your credit card statements as they arrive. Look for any purchases that are questionable, such as purchases you don't remember making, multiple payments from the same merchant, or purchases you made that are higher than your receipt. Contact your card company if you need to contest a purchase.

2. Obtain a credit report. The three major credit bureaus, Equifax, TransUnion and Experian are required by law to provide you with one free credit history report per year. You may obtain this report by mailing a request to each of the bureaus, or by requesting it at Annualcreditreport.com. Use the reports to see if any unauthorized accounts have been opened in your name.

3. Place a fraud alert with each of the three credit bureaus if you suspect credit card fraud by contacting each one by phone. A fraud alert sets up your credit so that no new accounts of any kind, such as credit cards, checking accounts or loans, can be opened without your permission. Also, inform the bureaus of any fraudulent accounts opened in your name.

4. Contact your credit-card issuer if you suspect fraud. The credit card company can then close your credit card account and open a new one for you. Contact the number on the back of your card to close the account.

5. Contact the entities with any fraudulent accounts in your name and inform them that they were not opened legally. This prevents the thief from using that account any further. You may need to place a fraud alert with the credit bureaus before the entity will take any action.

Tips & Warnings

• By federal law, you are only responsible for $50 worth of any fraudulent use of your card. Practice safety with your card. Do not leave it alone or lend it to anyone else.

References

• Infofaq: Facts about credit card fraud