Credit card fraud online is on the rise. Years ago, you knew your card had been compromised when it was lost or stolen, but now you may not even know someone has your credit card information until you check your bank statement!
Thankfully, the law here is in your favor – but only if you act quickly.
Before I lay out the steps to take once your card has been compromised, above all you need to start doing this one thing: check your credit card statements regularly! Even better, check your account online.
Since you have to report credit card fraud within a short amount of time to get liability protection under the law, you’ll be able to catch any suspicious activity right away the more often you check up on things. Sounds like common sense but truth is, few people do it. Five minutes a week is a small price to pay to avoid getting taken advantage of.
If you do think your credit card has been compromised, you don’t even need to wait until money has been charged fraudulently to take action. Especially if you’ve lost your card or think it was stolen, you should go ahead and take these steps: