Identity Theft Articles

It may have already happened to you. You go to make a purchase on your credit card to pay for dinner at a nice restaurant and your charge card is denied - embarrassing, right?

You pull out another card and run it through the machine and the same thing happens - uh oh! You got a problem - a big problem.

You keep hoping that your worst thoughts will not come true as you call the credit card company to find out what’s going on. You find out that not only are you over your limit on the credit card, but your 5 other credit cards are over the limit as well.

The fact that you never had 5 cards to begin with is even more troubling. Someone has taken credit out in your name and destroyed your ability to buy anything on credit. Too late for you to be reporting credit card fraud.

It happens daily throughout the world - identity theft, or more likely credit card fraud. And for the unfortunate victim - you - the nightmare is just beginning. The credit card fraud statistics are alarming. Most victims rarely report credit card fraud until it’s too late.

Here are some tips on credit card fraud prevention and how to avoid this life-altering catastrophe.

• Check your credit every six months through one of the credit reporting agencies: Experian, TransUnion, and Equifax.
• Do not give your credit card to anyone to use.
• Do not give your credit card number to anyone over the phone unless you are ordering something in which you originated the call and you are familiar with the vendor.
• Shred old credit card statement and any other statements with you account numbers or social security numbers on them.
• Sign any new or renewal credit cards as soon as you receive them.
• Maintain a separate record of your account numbers, expiration dates and phone numbers for customer service.
• Watch your transaction carefully and make sure you get the card back.
• Never sign a blank receipt and make sure you draw a line through any blanks on the receipt that you sign.
• Compare your receipts with your monthly statement. If there are any discrepancies call the credit card company immediately.
• Check with your credit card company to find out when they mail out new cards and look for them in the mail.
• Notify the credit card companies of any change of address promptly so that you maintain a continuity of your monthly statement.

If you should suspect anything out of the ordinary such as a clerk mishandling your credit card or if you accidentally left it for even a short time, don’t hesitate; get a monitoring service or identity theft protection service to keep track of your credit. They will notify you as soon as anything unusual happens to your credit.

Report Fraud Immediately.

If your credit cards were lost, stolen or misplaced, call the issuing credit card company and report credit card fraud or the event. Any further charges to your account after you report the loss will not be your responsibility. Keep the toll free numbers of all your credit cards in a safe accessible place.

Although the credit card fraud penalties are getting more serious, that doesn’t help you when you are the victim.