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Credit Card Fraud

Our society has become one of plastic cards. Almost all adults, and with increasing frequency, many young people have at least one credit card. There is no doubt that credit cards represent convenience. However, these cards are easily stolen, and the costs to businesses, consumers, and credit card companies are huge.

Credit card companies are constantly striving to improve the security of their cards. More and more companies are requiring that photos be placed on cards. Most cards now have holograms, which make it more difficult to counterfeit. Even with these security improvements it is relatively easy, and common, to become a victim of credit card fraud. Credit card companies will limit the amount that you are personally liable for when your card is used by a thief, but it is still a frustrating and time consuming process when you lose a credit card and discover the next month that there are several thousand dollars worth of unauthorized charges on your bill. The importance of protecting your cards, your credit card numbers, and your sales slips cannot be over emphasized.

Protect Your Cards

Try to carry only one card. If your purse or wallet is lost or stolen, it will be a much easier process to have to report only one card stolen.

Immediately report a lost or stolen credit card to the issuing company. By making a prompt report you are limiting your personal liability. Also, this helps the company to stop unauthorized charges by canceling your credit card number.

Don’t write your Personal Identification Number (PIN) on your credit card. Also, don’t put your PIN on a piece of paper in your purse or in your wallet. This prevents a thief from using your PIN to make cash withdrawals using your stolen credit card.

Don’t Reveal Your Number

A thief only needs your credit card number to make unauthorized purchases. We see more and more purchases being made by telephone or via the internet. There are even theft rings where new credit cards are made using your stolen number. You can protect your card number by following these basic security precautions:

• Don’t give out your credit card number over the telephone, or over the internet, unless you initiated the telephone call, and then only if you trust the company that you are doing business with.
• When you are making a purchase at a store, shield your credit card from the people in line behind you. Some thieves look over the shoulder of customers to obtain credit card numbers.
• Don’t throw your credit card receipts in the trash. You should thoroughly tear up all receipts. If possible, obtain a personal shredder and shred all discarded financial documents. Insist on being given your credit card receipt and carbon copies at stores.
• Check your monthly credit card statement to make sure that all purchases are legitimate. If there are any purchases that you did not make, contact the credit card company immediately.
• Make sure that the amounts charged on your statement are accurate. Most merchants are very honest, but there are exceptions to every rule. Be alert to cases where your credit card slip was altered after your signed it. To avoid this possibility, always total your charge slip before signing. Don’t leave blank spaces where additional amounts can be added in.
• NEVER sign a blank charge slip.

Video

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Additional Resources

If you would like more detailed information on Credit Card Fraud, contact one of these agencies:

Federal Trade Commission (FTC)

This site has some excellent information on ways that you are able to avoid charge card fraud. They also have a large library of downloadable publications available to consumers.

If you would like to make a complaint about credit card fraud, you may call the FTC at 877-FTC-HELP. You may also file a complaint on-line at: FTC On-Line Complaint

Consumer Action

This agency is based out of California, and is a non-profit consumer advocacy organization. They provide information on avoiding credit card theft and fraud. Consumer Action Web Site

Credits: This site features videos from the Federal Trade Commission . We would like to thank them for being such a strong supporter of consumers.