Like any other fraud, credit card fraud comes in various forms, but just a few of them are known to the general public as being common. Here are few di Prevention of Credit Card Fraud: The Complete Guide to Manage
What is Credit Fraud?
Discussed below.
ID theft is using another person’s identifying information fraudulently to purchase goods and services on credit.
Fraud via identity theft
Assumption of identifying:
This is regarding the misuse of any and all identifying information that was illegally collected.
Credit card fraud:
This is when you use your credit card to buy a lot of stuff and the bank doesn’t own that.
How the Criminals Steal Your Data
Below are some of the ways criminals use to get your personal data:
Lost or Stolen Cards:
Credit card users lose or forget their card quite often, and then it is easier for anyone else to find and use that credit card.
Theft of Mail Pieces:
Having an illegal mail access of a person mails resulting in loss of personal information.
Riders with a shoulder:
As users enter personal information, someone stay behind you gathering your information.
Garbage digging:
searching through trash for personal information
Scam emails
receiving SPAM emails looking to expose your privacy or collect information about you
Fake Phone Calls:
Fraud or Scam or simply contacting to collect our information (ie: steal our personal details)
Personnel Record Access:
Looking for company’s staff confidential information.
The Signs of Credit Fraud
Look for these signs that may indicate you are a victim of credit card theft:
Mysterious account:
Unauthorized credit inquiries or accounts on your report
Unexpected transactions:
You get transactions that contain items you are not familiar with.
Strange Bills:
You’ll get bills from strangers that you don’t recognize
Debt Collection Calls:
Receiving phone calls from collection agencies or creditors you are not familiar with.
How to deal with a Victim Situation
If you suspect you are the victim of credit fraud, following are the ways you should immediately.
Take Action:
Place a 90-day Fraud Alert on Your Credit File. This serves as a grace, to watch for any fraud act later. If this is true then simply report 7 years of being victimized.
Contact Your Creditors:
If a business or financial institution has created a new account in your name without authorization, you should reach out to the organization directly.
Document Everything:
Detailed documentation of every conversation Include Name, Department name, phone number and date of contact.
Understand the Process
All creditors will handle fraud claims differently. Make sure you know what’s needed and what to expect. After researching, request proof that the debt is not yours.
Follow-up:
Confirm that all requested information has been received. Make sure to follow up with a call or letter to verify.
Review Reports Regularly:
After resolving the issue, check your credit report a few months later. Keep monitoring it every six months and at least once a year.
Keep Records:
Keep all of your letters and notes organized in a readily accessible place.
Consider making an official police report if you have enough information regarding the fraud. If you ever need to file a complaint against someone, this could help you. For further information, contact the police in your area.
Remain Watchful!
Credit fraud is a serious issue, but it can be handled if you take the time to plan and deal with this circumstance in an organized manner. Educate yourself about how to avoid the consequences of credit fraud by carefully monitoring your statements.