Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 69 views

    What Is Credit Card Fraud

    Uploaded by

    David Ojo
    Credit card fraud occurs when someone uses a credit card or account without authorization by stealing or using the card or account information. Identity theft involves criminals using personal information like Social Security numbers and birthdays to open new credit accounts in someone else's name. If you are a victim, you should immediately contact your credit card company or bank, change passwords, monitor accounts, request a credit report, and consider filing a police report to document the fraud or identity theft.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    What Is Credit Card Fraud

    Uploaded by

    David Ojo
    69 views2 pages
    Credit card fraud occurs when someone uses a credit card or account without authorization by stealing or using the card or account information. Identity theft involves criminals using personal information like Social Security numbers and birthdays to open new credit accounts in someone else's name. If you are a victim, you should immediately contact your credit card company or bank, change passwords, monitor accounts, request a credit report, and consider filing a police report to document the fraud or identity theft.

    Original Title

    What is Credit Card Fraud

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Credit card fraud occurs when someone uses a credit card or account without authorization by stealing or using the card or account information. Identity theft involves criminals using personal information like Social Security numbers and birthdays to open new credit accounts in someone else's name. If you are a victim, you should immediately contact your credit card company or bank, change passwords, monitor accounts, request a credit report, and consider filing a police report to document the fraud or identity theft.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views2 pages

    What Is Credit Card Fraud

    Uploaded by

    David Ojo
    Credit card fraud occurs when someone uses a credit card or account without authorization by stealing or using the card or account information. Identity theft involves criminals using personal information like Social Security numbers and birthdays to open new credit accounts in someone else's name. If you are a victim, you should immediately contact your credit card company or bank, change passwords, monitor accounts, request a credit report, and consider filing a police report to document the fraud or identity theft.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    What is Credit Card Fraud?

    Credit card fraud is when someone uses your credit card or credit account to make a
    purchase you didn’t authorize. This activity can happen in different ways:

     If you lose your credit card or have it stolen, it can be used to make purchases or
    other transactions, either in person or online.

     Fraudsters can also steal your credit card account number, PIN and security
    code to make unauthorized transactions, without needing your physical credit
    card. (Unlawful transactions like these are known as card-not-present fraud.)

    What is Identity Theft?


    Identity theft involves the use of illegally obtained information about you, like your name,
    birthday, Social Security number, credit card numbers and more, in order to use existing
    credit accounts or open new ones in your name. When this happens, criminals capture
    the spending power of your credit while you get stuck with the bill.

    What to Do if You’re a Victim


    Because credit card fraud can happen at any time, even when your card is still safely in
    your wallet, it’s important to monitor all your credit card accounts regularly.

    If you discover someone has made unauthorized charges on your credit card account,
    you should:

     Immediately contact the credit card company. Many have zero-liability policies,
    meaning you won’t be responsible for any fraudulent charges made on your
    accounts. What’s more, federal law limits your liability for fraudulent credit card
    charges. If someone uses your lost or stolen credit card before you report it
    missing to the card issuer, you can only be held responsible for $50 of any
    fraudulent charge. If you report the loss before the card is used, you’re not
    responsible for any charges, nor are you liable if it’s just the card number that’s
    stolen and used.

     Change your online passwords and PINs to prevent fraudsters from doing any
    further damage.
     Closely monitor account activity, and consider contacting Experian to put
    an initial security alert on your credit report. This can be especially helpful if
    you’re not sure how your information was compromised. Whichever credit bureau
    you contact will notify the other two major bureaus of your request.

     Keep an eye on your bank statements, and if you notice signs of fraud, notify
    your bank immediately.

     Request a copy of your credit report. Often, signs of fraud — such as new


    accounts you don’t recognize — will show up on credit card statements first,
    soon to follow on your credit reports. When you request a fraud alert, you will
    also get a copy of your credit report. Did you know you can also get a free copy
    of your Experian credit report at any time, too?

    If you believe you’re a victim of identity theft (e.g., someone opened a credit card in your
    name), follow all the steps above, plus:

     Add a fraud alert to your credit report by visiting our fraud center.

     If you find fraudulent accounts or inquiries on your credit report, contact each
    creditor directly to make them aware of the fraud. If you’re a member of Experian,
    you’ll also have access to a dedicated Fraud Resolution Agent, who will work
    with you to correct fraudulent information with your creditors.

    Consider reporting the theft by filing a police report and document all contacts you make
    with credit bureaus, creditors and authorities regarding the crime. You can also report
    identity theft to the Federal Trade Commission, which separately tracks identity crimes.
    If your wallet or purse is lost or stolen, immediately notify your bank and credit card
    companies. You should never carry your Social Security card with you, but in case it’s
    lost or stolen, contact the Social Security Administration and consider placing a fraud
    alert on your credit report.

    You might also like