There is probably nothing more annoying than to deal with credit card fraud. I am impressed by how these hackers get my card information and purchase groceries from a supermarket nearly 50 miles away from my home. Great, you got me. Now I have to call customer service and deal with this crap.
What gives me comfort is that my credit card company makes the fraud process as easy as possible. For full disclosure, I use American Express as my primary credit cards and Jet Blue’s Barclaycard as my secondary card and I work for American Express. So to remove my bias I’ve attached the 2017 J.D. Power Rankings below so you can see who has got the highest ratings. If I were you, I’d pick the banks that are above industry average to have the full backing you need in times of dealing with credit card fraud.
Tips You Need to Know
Credit card fraud occurs at ATMs, point of sale terminals, gas stations, and online marketplaces/shops, as several examples. While we are not liable for the fraudulent charges the banks or the retailers have the short end of the stick. This gives great comfort, but there are tips and best practices that can prevent more inconveniences:
- Don’t save payment data when shopping online. It’s convenient and I do it all the time, but we are increasing our risk by doing so.
- Check your credit card statements like a hawk! Very often consumers are not even aware that fraud has occurred and they rely on the banks to pick it up. Be proactive and check your credit card statements every month.
- EMV chip card. This is another layer of security that prevents credit card fraud at POS terminals. If you are currently using a card that doesn’t have this chip, contact your banks and credit card providers and request for a new card with it.
- Know what a card skimmer is. Be on the lookout for these suckers. These are especially popular at gas stations and I’ve been a victim of these types of skimmers.
- Report a stolen or lost card right away! Sounds like common sense, but the sooner you report it the better. This can place the bank on alert for any fraudulent actions that may occur while the card is stolen/lost and they can even freeze the account until a new card is issued and activated by you.
Take this extra step…
Since these hackers got a hold of your credit card information, lets play it safe and protect your personal credit info. Who knows what other information they have gotten their hands on, so call the credit bureaus and initiate fraud alerts. Read this post where I cover in full detail how to reduce your risk of fraud. Fraud in general can be very costly and extremely annoying. I recommend that you make this a priority and make some of these tips part of your financial routines.
Suggested article to read: how to reduce your risk of fraud.