 Credit and charge card fraud costs cardholders
and issuers hundreds of millions of dollars
each year. While theft is the most obvious
form of fraud, it can occur in other
ways. For example, someone may use your
card number without your knowledge.
It's not always possible to prevent
credit or charge card fraud
from happening.
But there are a few steps you can take
to make it more difficult for a crook
to capture your card or card numbers
and minimize the possibility. Guarding Against Fraud
Here are some tips to help protect
yourself from credit and charge card
fraud.
Do:
• Sign your cards as soon as they arrive.
• Carry your cards separately from your wallet, in a zippered compartment,
a business card holder or other small pouch.
• Keep a record of your account numbers, their expiration dates, and the
phone number and address of each company in a secure place.
• Keep an eye on your card during the transaction, and get it back as quickly
as
possible.
• Void incorrect receipts.
• Destroy carbons.
• Save receipts to compare with billing statements.
• Open bills promptly and reconcile accounts monthly, just as you would
your checking account.
• Report any questionable charges promptly and in writing to the card issuer.
• Notify card companies in advance of a change in address. |
Don't:
• Lend your card(s) to anyone.
• Leave cards or receipts lying around.
• Sign a blank receipt. When you sign a receipt, draw a line through any
blank spaces above the total.
• Write your account number on a postcard or the outside of an envelope.
• Give out your account number over the phone unless you're making the
call to a company you know is reputable. If you have questions about a company,
check it out with your local consumer protection office or Better Business Bureau. |
Reporting Losses and Fraud
If you lose your credit or charge
cards or if you realize they've
been lost
or stolen, immediately call the
issuer(s). Many companies have
toll-free numbers
and 24-hour service to deal with such emergencies. By law, once you report
the
loss or theft, you have no further responsibility for unauthorized charges.
In any event, your maximum liability
under federal law is $50 per
card.
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