Credit Card Fraud Is on the Rise. How Can You Protect Yourself?

If you’re using credit cards you’re likely to find that at some point or another you may be victimized by card-related fraud.

Based on the Federal Trade Commission, credit card fraud is the most prevalent form of identity theft from 2017 and is only getting more severe. The FTC states that the amount of thefts reported was up by 15% between the fourth quarter last year until the beginning of the third of the 2022 quarter. The month of November, 2021 Security.org stated that the 127 millions American adults, which is nearly 50 percent of all adults within the U.S., have had fraud at the very least on their credit card.

The theft of credit cards can take many kinds. The most common is that the moment a burglar gets his fingers on your cards they could rack up an enormous amount of money prior to you realize that the cards have gone not present. Additionally, criminals are constantly finding innovative ways to swindle individuals using text messages, emails or phone calls. The third reason is that security breaches in retail businesses as well as credit bureaus and other places provide criminals with personal data that they may utilize to establish credit card accounts under victim’s names.

If this seems like a gloomy scenario but here’s some positive new information:

  • If you’re a victim of theft from your credit card the law in the United States limits the liability of $50 when you file a report of the fraudulent charges promptly.
  • The majority of credit cards have no liability for charges that are not authorized.

Debit and ATM Card

It is possible that the costs will be greater when it comes to thefts and the compromise of debit as well as ATM cards, but. The FTC recommends customers who lose their cards to inform the credit union or bank which provided the cards as fast as is possible. The following are important dates for determining if you’ve lost you suspect that your debit card or ATM card has been taken

  • When you’ve reported the theft, you’ll not be held responsible for any costs or cash withdrawals following that time.
  • If you are able to report the theft within 2 working days from the time of the incident your liability will be limited to a liability of $50.
  • If you do not meet this deadline, but you not report your loss in the 60 days from the date you received an account statement from the bank, the maximum amount you can lose is 500 dollars.
  • After 60 days, there’s no coverage.

Reparing the damage

It’s quite shocking to discover your credit card was stolen, but you’ll have to act quickly. Here are a few urgent steps to do when you discover that you’ve been hacked:

  • Contact your credit card company or your bank and notify them as soon as you can.
  • Make a police report, and keep a copy the report to keep for records. This is important for fixing any harm on your credit.
  • Think about a credit freeze or fraud alert by calling all three of the credit agencies: Equifax, Experian, and TransUnion. By putting a freeze in place, anyone, even yourself, will be able to create a new account until the freeze is being enforced. The fraud alert will make it impossible for any person to create a new account under your nameit is only necessary to contact any of the three credit bureaus in order to get one.

While there are safeguards that can minimize your losses if you’ve been targeted by fraudsters who use credit cards but it’s still an issue. Apart from the telephone calls to banks, credit card companies as well as police and credit bureaus, you’ll have to deactivate your card, and wait to receive replacement to arrive in the mail after which you can transfer your new card number into autopay as well as other credit card accounts linked to the previous card.

Moving forward

After the dust has settled and life gets back to normal A few useful tips can help you avoid a repeat trouble:

  • Beware of phishing scams , and be aware of scams that have become more sophisticated. If you receive an email that seems to come from a federal agency or bank asking you for the credit card number of your choice as well as your Social Security number likely to be fraudulent.
  • Don’t use unsecure websites. Make sure you use the sites with the padlock icon located on the left of the bar located at high-up in your web browser.
  • Make use of a password management. Use a password with multiple passwords which could allow a burglar the ability to access the personal details of your account and information.
  • Do not rely on public Wi-Fi for transactions with your bank.
  • You should think about using mobile payments apps such as Apple Pay or PayPal, with technology that permits users to make payments without divulging your credit card’s number.
  • Check your financial account online regularly, not only when you receive a the monthly statements.

Credit cards are a great way to simplify our lives. They are however also the targets of people who would like to cause you to suffer. Be vigilant.

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Credit cards can make life simpler. This is why they’re in greater need of thieves than in the past. Learn how to better defend yourself against them.

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