It’s like at least every year I receive the email of my bank of choice, advising me that my debit or credit card might or might not be compromised. The message is always: “Don’t do anything. We’ll give you a new card.”
When it comes to instructions, “Don’t do anything” could be my favorite. I appreciate financial institutions being pro-active, and even though changing the information on any linked accounts is a chore, I’m all in favor of the better-safe-than-sorry method.
Yet, I often wonder whether I ought to take action instead of just wait for the new credit card to arrive via mail. In other words, if I’m getting a brand new card, does that not mean someone else has used my credit card details? Is my identity stolen?
Make immediate preventive measures
If your credit card company says that you don’t need take any other action, it’s most likely the situation. Most often, businesses will issue new cards if your account has been threatened.
When Target’s database of customers’ account details was compromised during 2014 the company Chase had to issue over 2 million debit cards. This was done as a precaution. Instead of waiting until the individual accounts of customers were stolen, Chase attempted to circumvent the problem by issuing new cards and then shutting down the accounts compromised as a result of the attack.
If you receive a brand-new card through the mail, it could very be a pre-emptive step. However, you should be sure to monitor the activity of your accounts to ensure that no fraudulent charges are uncovered.
Make contact with creditors in order to open accounts
Financial institutions are very vigilant regarding potential fraud. This is a good thing, but it could be a problem in the event that you don’t take action to an alert for fraud on your account.
If the transactions on your credit card suddenly appear out of line with your usual spending practices, your account could be put on hold until a representative is able to get in touch with you to verify that the charges are genuine. This is especially problematic in the event that you’re travelling to another country (which is an excellent reason to notify your credit card company in advance when you’re planning on doing some travel).
In the event that your bank has to discuss suspicious activity, make certain to notify them promptly. Be wary of providing any details you can be a victim of fraudsters may call you and claim to represent the bank you have been using. Always contact the bank using the information found at the bottom of the debit or credit card.
Do your best to avoid fraudulent use of your credit card
If you have been victimized by fraud and your identity was compromised, follow these steps to safeguard your personal information, your finances and your credit score.
Make contact with the creditor
Contact the creditor that is responsible for the fraud and inform them of the problem. They could give you additional information on what they require from you to erase your record and reverse any charges that are false.
Create an alert about fraud on your credit report
Create a fraud alert through at least one of the major agencies for credit report ( TransUnion, Experian as well as Equifax). If one of them has an alert, they’ll be sharing that alarm with two other. This will make it much more difficult for anyone to open a bank account under your name. The alert runs up to 90 days.
Make a police complaint
The police won’t provide much for you regarding locating the person who stole your money. You’ll need to file a report to be able to dispute any accounts or charges that are fraudulent.
Create an identity theft Affidavit
Make use of your access to the complaints page on the Assistant Website to draft an affidavit of the incident. Similar to the police similarly, the FTC will not likely to offer any help directly, but the affidavit can be an essential part of the process if you’re fighting to have that false information deleted from your file.
Check the accounts of your clients and report any disputes as needed
It is now time to be sure to monitor your credit and accounts reports carefully. If you find an error, make a complaint with the relevant company. This is the place where the police report and affidavit will help.
You must take all alerts and warnings seriously. If your accounts are compromised, take action quickly and be prudent. Be vigilant, but don’t be overwhelmed and let a fraudster profit.
Similar to almost every other illness like any other, identity theft and credit fraud are much easier to prevent than to treat. Do not ignore warning indicators.
