Credit / Debit Card Fraud
If you suspect credit/debit card fraud:
If your credit cards are lost or stolen, contact the issuer(s) immediately.
Most credit card companies have toll-free numbers and 24-hour service to deal with these emergencies — they are eager to avoid credit card fraud.
According to US law, once you have reported the loss or theft of your credit card, you have no more responsibility for unauthorized charges. Further, your maximum liability under federal US law is $50 per card — and many card issuers will even waive that fee for good customers.
If you follow all these tips, it will go a long way in protecting you from credit /debit card fraud.
21 Tips to Prevent Credit/Debit Card Fraud
- Keep an eye on your credit/debit card every time you use it, and make sure you get it back as quickly as possible. Try not to let your credit/debit card out of your sight whenever possible.
- Be very careful to whom you give your credit/debit card. Don’t give out your account number over the phone unless you initiate the call and you know the company is reputable. Never give your credit/debit card info out when you receive a phone call. (For example, if you’re told there has been a ‘computer problem’ and the caller needs you to verify information.) Legitimate companies don’t call you to ask for a credit/debit card number over the phone.
- Never respond to emails that request you provide your credit/debit card info via email — and don’t ever respond to emails that ask you to go to a website to verify personal (and credit/debit card) information. These are called ‘phishing’ scams.
- Never provide your credit/debit card information on a website that is not a secure site.
- Sign your credit/debit cards as soon as you receive them.
- Shred all credit card applications you receive.
- Don’t write your PIN number on your credit/debit card — or have it anywhere near your credit/debit card (in the event your wallet gets stolen).
- Never leave your credit/debit cards or receipts lying around.
- Shield your credit/debit card number so others around you can’t copy it or capture it on a cell phone or other camera.
- Keep a list in a secure place with all your account numbers and expiration dates, as well as the phone number and address of each bank that has issued you a credit/debit card. Keep this list updated each time you get a new credit card.
- Only carry around credit/debit cards you absolutely need. Don’t carry around extra credit/debit cards you rarely use.
- Open credit card bills promptly and make sure there are no bogus charges. Treat your credit card bill like your checking account — reconcile it monthly. Save your receipts so you can compare them with your monthly bills.
- If you find any charges you don’t have a receipt for — or you don’t recognize — report these charges promptly (and in writing) to the credit/debit card issuer.
- Always void and destroy incorrect receipts.
- Shred anything with your credit/debit card number written on it.
- Never sign a blank credit/debit card receipt. Carefully draw a line through blank portions of the receipt where additional charges could be fraudulently added.
- Never write your credit/debit card account number in a public place (such as on a postcard or so that it shows through the envelope payment window).
- Ideally, it’s a good idea to carry your credit/debit cards separately from your wallet — perhaps in a zippered compartment or a small pouch.
- Never lend a credit/debit card to anyone else.
- If you move, notify your credit card issuers in advance of your change of address.