You might have been super smart to protect your personal information from credit card scammers. You may have done everything possible to protect yourself. But still, you are susceptible to an incident of credit card fraud. Online scams have been on a rise everywhere and even with the advanced technology to protect you from these frauds, you need to be on high alert.
Here’s how you prevent and report credit card fraud:
- Contacting the credit card company:
The first and foremost thing that you need to do is call your credit card company and close all your affected accounts instantly. Once you identify any suspicious transaction in your account, you are protected by Fair Credit Billing Act. With the help of this federal law, your liability will be limited to $50.
- Change your passwords:
You need to change your passwords, PIN and usernames for all your accounts. This will help in preventing further damage that could be caused by the fraudsters.You can also turn off your cards if you report credit card fraud with the authorities.
- Call the credit bureaus:
You can contact one of these three credit agencies –Experian, Equifax and TransUnion. They will put a 90-day scam alert on your credit card. When you report credit card fraud with one agency, the other two also get notified.
When you request to freeze your credit account this will restrict the identity thieves from using your personal information to open any new accounts. You will need a copy of your credit report. You can get the free report at annualcreditreport.com or when you set a fraud alert.
- Filing a report with the FTC:
By just finishing an online complaint form, you can file a report. From the information that you include, the Federal Trade Commission will create your Identity Theft Affidavit. This document certifies that you have been an identity theft victim. It contains all the essential info credit businesses and bureaus need to aid you in cleaning up the damage.
- File a police report:
When you report credit card fraud with the police, you have the legal evidence of the fraud. This way, you can also request to freeze your accounts for free. Contact the police department in your locality and then file a report with them. Just ensure that you have the necessary information with you before filing the report such as the amount stolen and the date of the incident.
- Keep an eye on your bank and credit card statements:
No one cares about your money more than you do, so it is vital that you protect yourself. It is highly recommended to keep a check of your credit card statements and banking account. If there is any sign of scam then you need to report credit card fraud with your bank right away!
It can be scary to experience credit card fraud but taking these steps will help in minimizing the damage and prevent any further incidences. When you report credit card fraud the authorities will take correct actions and you will have a better chance of keeping a clean credit record.