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How to Handle Credit Card Fraud

Posted September 16, 2020 by EasyFinance.com to Credit / Credit Cards 1 0

Nobody ever wants to be a victim of credit card trickery, and finding questionable purchases on your card is perturbing. 

Although some people may never experience trickery involving credit cards, it takes place daily. You may be pondering how and where someone jeopardized your credit card. Is it that gas station that’s in the middle of nowhere? Or that online shop where you purchased some clothes from? The truth is it’s difficult to tell.

Although all this is frightening, there’s good news. In numerous instances, credit card firms have safeguards in place to protect your purchases from credit card trickery. 

Credit Card Trickery: What is it?

This happens if someone uses your credit card for procurement that you didn’t consent to. 

It’s estimated that world-wide credit, debit, and prepaid credit card trickery totaled 21.84 Billion Dollars in losses in 2015. This is per the Nilson Report. According to the same report, global credit card fraud will hit a whopping 31.67 Billion Dollars in 2020.

Credit card fraud can be done in several ways:

  • If your credit card is lost or stolen, it can be used to make procurement or any other transactions online.

  • The PIN, credit card account number, and security code can be stolen by fraudsters and used to conduct transactions without authorization and without the physical credit card. 

How safe are Credit Cards?

The most protuberant protective measure for credit cards is the EMV chip. This is a small gold or silver-colored chip lodged solidly onto the face of many new credit cards. This makes you have safer transactions and can help lessen credit card trickery.

Regrettably, EMV chips haven’t entirely solved the issue of credit card trickery. So, what happens if you discover charges on your credit card that you didn’t make?

Instead of panicking, take a deep breath and create a game plan. We have summarized some weighty tips on what actions to take next.

Steps To Take If You’re a Victim Of Credit Card Trickery

Call Your Credit Card Issuer

As soon as you suspect credit card account trickery, contact your card issuer instantly by calling the number on the card’s back. When waiting to talk to a rep, find out online or through the mobile app of your issuer if you can freeze or lock your credit card from access. This stops someone from accomplishing future transactions using your card.

When talking to a representative, let them know that your account has been compromised. The bank will invalidate the card (this doesn’t imply that your account is closed) and send you a new credit card with a brand new account number, security code, and date of expiration. 

Inspect Your Credit Card Accounts and Change Your Passcode

It’s always good to practice caution. After you get in touch with your credit card firm, ensure you examine all your other credit card accounts to check if they’ve been compromised also.

Even if just one card may be having questionable charges, it’s important to inspect the other credit cards as you can’t be sure how the fraudster obtained the information. Therefore, ensure all your passwords and PINs are changed just to be secure. 

Inform the Credit Bureaus and Contact the Police if Need Be

Filing a report with the police or getting in touch with a criminal defense lawyer is crucial if you discover a pattern of dishonest charges in the days after the initial signs of doubtful activity. Sometimes credit card trickery can take place all at once. Other times it may take several days or weeks.

If you find that numerous credit cards or accounts are being used without your cognizance, get in touch with the main credit bureaus to notify them and ask for a credit freeze. 

Track Your Statements and Credit Reports

It’s a good idea to monitor your credit card statements for several months after the initial signs of credit card trickery. Months after your credit card information is stolen, dishonest charges can appear on your card statements. This can happen if there was extra information like login credentials that perhaps was compromised.

Inspect Your Online Shopping Accounts

It’s usual for online shopping sites to allow you to save your card information for future procurements. Even if you’re safeguarded by your credit card firm’s “zero liability policy,” it’s crucial to ensure your online shopping accounts aren’t threatened.

In case your online shopping account isn’t safe, remove the compromised card (and any other stored cards) and ensure the passcodes are changed also. 

Bottom Line

Although anyone can fall victim to credit card trickery, no one’s life should be fordone because of this. These tips can help you keep track of all your credit card activities. This is an excellent weapon for combating credit card fraud.

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