Published On: Mon, Mar 15th, 2021

Are You a Victim of Credit Card Fraud? Find Out What to Do

Credit cards are certainly more convenient than walking around with wads of cash or checkbooks. However, with this convenience comes risks. Unfortunately, it is relatively easy for a determined thief or hacker to access credit card information. 

Credit card fraud can happen in low-tech, real-life situations and on the web. Fortunately, services like Trader Defense Advisory can help you get a chargeback if you have fallen victim to credit card fraud. 

Types of Credit Card Fraud

Many people associate credit card fraud with the internet, but real-life thefts occur frequently.  It is relatively simple for an unscrupulous waiter to take a photo of your credit card and use the information online. Some thieves can create a counterfeit physical card. Although the magnetic strip is not likely to work, they will often tell the merchant that there is something wrong with the card and enter numbers manually. 

There are many other types of credit card fraud, including:

  • Identity theft
  • Intercepted physical cards
  • Information taken from data breaches
  • Phishing 

When a thief has taken your personal information, they can pretty much do anything in your name, from applying for new credit cards, making transactions, and accessing your bank account. Identity theft is a difficult situation that requires reporting and help from a third party. 

It is best to pick up a credit or debit card in person, but this is not always possible. In some cases, the card can be intercepted in the mail by a thief who can use the card. 

Credit card information can be stolen when your computer is hacked or a data breach at a merchant website. Sometimes people unwittingly give their information to thieves who pretend to be banks, utility companies, or merchants. These are phishing credit card fraud scams. 

Precautions Against Credit Card Fraud

The Federal Trade Commission provides many valuable tips for avoiding credit card fraud: 

  • Don’t give your credit card information to people on the phone or online unless you have absolute proof from a reputable company. 
  • Keep your cards at home if you don’t need to carry them everywhere. 
  • Check you get your card back while making a transaction. Observe what is being done with it if you can
  • Be careful what merchants you deal with before giving your credit card information. They may be reputable, but if they don’t have excellent security, information can be retrieved and used by hackers. 
  • Check your account statements regularly and question every discrepancy. 
  • Keep your address up to date to prevent sensitive material from being delivered to someone else’s address
  • Report any questionable charges to your card’s issuer. 

What To Do If You Are a Target of Credit Card Fraud

If your credit card information has been stolen and used, it is essential to report it to the credit card company and the authorities. Issuing banks are usually reasonable about providing a chargeback to customers who have been the victim of credit card fraud. A chargeback is a reverse transaction in which the credit from the unauthorized transactions is returned to your card. Also, it is a good idea to immediately cancel your card.

However, once thieves have your credit card information, they tend not to strike only once. They could make multiple charges even before you realize they have stolen your card. They may have more than just your credit card data as well. It is advisable to get a third party involved to help you retrieve your funds. Trader Defense Advisory experts provide guidance and can make it easier to get a chargeback. 

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