Which Companies Protect You from Credit Card Fraud?

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Many companies provide protection from credit card fraud, including credit card companies, banks and consumer protection agencies. Have credit card activity monitored regularly by a regulated company with tips from a certified public accountant and personal financial planner in this free video on credit cards.

Part of the Video Series: Tax Law, Real Estate & Credit Tips
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Video Transcript

My name's Miranda Chook, a CPA. To learn about companies that protect you from credit card fraud, you might want to start with your own credit card company. Many of them will actually put alerts on your account. You can agree with them to have them reject or at least call ahead to verify transactions that perhaps exceed a certain amount or that are occurring in a different geographic location. Just be sure if you do that to let them know if you're going to be traveling out of the country so that they do allow those charges to go through and you're not stuck in a foreign country without a credit card. But back to credit card fraud. Your credit card company actually may also either directly or through a subsidiary or affiliate provide services to you monitor all of your credit cards not just the ones with that company. And what you're doing is basically buying insurance. You'll pay premiums every month and again you're hoping that that would be less than any losses that you would incur from any kind of fraudulent activity on your cards. Your bank might also provide a similar service and take a list of all of your credit cards and monitor those for you for a fee. There are also agencies at the federal level and at the state level, consumer protection agencies that you can contact as well if you need more information. And a few common sense tips. If you're interacting with a vendor that you're just not comfortable with and a lot of times this happens with online transactions, then just don't buy that product or service. It's just not worth it. Also when you get your new credit card to replace an expiring credit card, cut up or shred that old card before you throw it away.

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