What is credit card fraud and how does it affect you?

Credit card fraud touches many people and is a gateway to financial ruin. Credit card fraud occurs when a person makes unauthorized purchases on a credit card that does not belong to them. It is also considered credit card fraud when someone opens a credit card with a name and personal information other than their own.

How do I prevent credit card fraud?

Below you will find a few of the many ways you can prevent yourself from becoming a victim of credit card fraud:

Keep a clean wallet

Never keep more than one credit card and debit card in your wallet at a time. Keep the contents to a bare minimum and do not store items with sensitive information such as your social security card, insurance card, and etc.

Shop securely online

Invest in a pre-paid credit card or virtual credit card when making online purchases. If you information happens to get collected by a criminal, they will not have access to the line of credit provided by your lender.

Be aware of your surroundings

Card skimming is a popular practice that can easily be detected if you pay attention to your surroundings and the places you use your credit card.

Inform your credit card issuer immediately if you think your information has
     been compromised

The minute you think your information may have fallen into untrustworthy hands you should alert your provider. Many will wait to do this and assume their card will reappear. However every second counts and you should immediately freeze your card.

What should victims of credit card fraud do?

1. Contact all 3 credit bureaus as well to inform them of the situation.
2. Close of freeze all accounts that may have been affected.
3. File a report with your local police department.
4. File a complaint with the FTC.
5. Monitor your credit and be aware of all new accounts opened in your name.