Anyone can be a victim of credit card fraud. Credit cards are primarily used in online transactions, making them some of the most desired possessions for scammers and fraudsters. Knowing how to protect yourself from these online criminals is important, but knowing how to deal with them once you become their victim is also crucial.
Knowing what to do in case you become a victim of credit card fraud can help you halt a fraudster from exploiting your credit card and personal information. Below are some of the steps that you can take to help resolve your credit card fraud case faster;
- Inform Your Credit Card Company
Calling your bank about the fraudulent activity on your credit card account should be your primary step. By doing so your credit company can immediately cut the service of the stolen card and flag your account for investigation. Your main objective in calling is to stop all activity on the account so fraudsters can no longer use it in conducting other unlawful purchases.
Aside from calling your card issuer, preparing a written statement or an email regarding the incident is also advisable. Your letter must contain the details of your call and the date when you made your report. You can use this letter as a document of reference in the future.
- Report to Federal Trade Commission
The Federal Trade Commission (FTC)is an independent US government agency,whose primary role is to protect consumer rights and prevent monopolies. FTC accepts complaints regarding credit card fraud through its online complaint form. Using the complaint form allows the FTC to gather the necessary information regarding your complaint. Your report will then be forwarded to the appropriate departments, who can start to move forward with an investigation.
- Report to Local Authorities
Local authorities, such as a police station should be able to accept your credit card fraud complaint. Remember to secure a copy of all the documents that you will be submitting for yourself . You may use these documents as a reference,when you follow up on the status of your case. Using the information you have provided, authorities can cross reference your case to other cases as part of their investigation.
- Inform the Credit Bureau
The Credit Bureau, also known as the Consumer Reporting Agency can help place a fraud alert on your compromised account. You may file your complaint with any of the three major credit bureaus, Equifax, Experian and TransUnion. After reporting your issue, you will receive a letter from the agency confirming the details of your report and the initial fraud alert that you have requested. The initial fraud alert will be reflected on your account for ninety daysandwill be seenby all credit providers,who have pending credit requests from you. Credit providers are then required to take additional precautions to authenticate all of your transactions.
The agencies on the list provided above are all designed to help address your credit card fraud concerns.Although there are no guarantees that you can receive a refund or payment for your losses, these agencies can help you find the fraudsters using your information and prevent them from causing more problems. In the end reporting credit card fraud will not only benefit you, but can also help prevent others from becoming potential victims.