Credit Card Fraud

Jul 12

Credit card fraud is such a huge issue when it comes to identity theft. Credit card fraud costs the victim billions of dollars a year in fraudulent charges on their cards. While some of the loss is passed back to the retailers it is the owners name that is damaged for good.

Imagine being a victim of credit card fraud; the heartache of knowing that someone has your credit card and has used it to charge up hundreds if not thousands of dollars worth of charges. It not only would make you feel vulnerable and upset; it is also is going to mess up your credit score and the three main credit bureaus are going to begin spitting out bad reviews that you can not be trusted with the ability to pay back your debts.

If you do discover that you are a victim of credit card fraud you immediately want to contact your credit card company to let them know that you have lost or had your card stolen. They will then freeze your account so that no one can use your card anymore. Now even if you have just misplaced your card and you believe that you know where it is; then you may want to contact them and let them know that you lost it. This will ensure that no one will find it and be able to use it without your knowing it.

With credit card fraud being such a huge topic we wanted to provide you with some fraud prevention methods that you can begin using to ensure that you do not become a victim:

Never carry more than one card.
Never use your credit card on an unsecured website. If possible use a prepaid visa card for all your online purchases.
Make sure that you have a photocopy of your credit card and number in case you do lose it. You will be able to have all the necessary information to cancel it.
Never let your children use your card. While some parents want to put their children on their cards as users; I found out the hard way that if someone is going to lose your card then most likely it will be your children.
Sign the back: You will be amazed at how many people refuse to sign the back of their cards. However this makes it easier for the retail stores to insure that the signature on the back matches.
Photo on card: If possible make sure that your credit card has a photo on the front of the card. If not write on the back in black permanent ink to check photo identification.

Common sense will play a huge part when it comes to credit card fraud. If you are ready to have someone watch over your personal information so that you can sleep better and not have to worry about whether someone is using your identity; then you may want to consider getting an identity protection plan.