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AVOIDING CREDIT AND CHARGE CARD FRAUD
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 this 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 another 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.
Annual Credit Report
Review
The Fair Credit
Reporting Act (FCRA) requires each of the nationwide consumer reporting
companies -- Equifax, Experian, and TransUnion -- to provide you with a
free copy of your credit report, at your request, once every 12 months.
Go to www.annualcreditreport.com or call toll free at 1-877-322-8228 to
request your report by telephone.
Take advantage of this
right by requesting your reports annually and reviewing them carefully
to ensure the records are accurate and there are no unauthorized
transactions.
Reporting Losses and
Fraud
Here are some tips to
help protect yourself from credit and charge card 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. If you suspect
fraud, you may be asked to sign a statement under oath that you did not
make the purchase(s) in question.
- If you believe you are the victim of identity theft, you should
take action immediately:
- Contact the police.
- Contact the fraud departments
of the three major credit bureaus:
- Contact creditors to close any accounts
opened fraudulently or
tampered with.
- Obtain a free copy of your credit report and review it.
- File a complaint with the Federal Trade Commission at
1-877-ID-THEFT or by going to the
FTC's Identity Theft site.
- Keep detailed, dated records
of all conversations, and follow up
each conversation with a letter sent by certified mail with return
receipt requested.
Additional Resources
The resources available
through the Federal Trade Commission's website on credit can help you
become a more savvy consumer. You will also find compliance
requirements for businesses, and information about the FTC's recent law
enforcement actions. Go to
www.ftc.gov/credit// or call 1-877-FTC-HELP (1-877-382-4357) for more
information.
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