Fraud | Credit Card Topics

All articles tagged Fraud (8)

What Is a Fraud Alert? How to Inform the Credit Bureaus if Your Information is Compromised

By: Eric Bank, 9/11/2024

I was the victim of credit card fraud shortly after graduating college. I made a few modest purchases, only to discover that my credit card was also used to pay for gasoline and groceries I didn’t buy. I immediately replaced the card, and luckily, the damage was minimal — but it could have been a lot worse. At the time, I didn’t know anything about credit bureaus, credit reports, or fraud alerts. A fraud alert is a red flag that you can place on your credit report to warn... read more »

What Is Zero Fraud Liability? How to Protect Yourself From Fraudulent Credit Card Purchases

By: Jon McDonald, 8/29/2024

One of the MAJOR reasons it can be beneficial to you to use a credit card over a debit card (or even cash) is having a credit card with zero fraud liability. This protection is basically the credit card company putting their legal weight behind you to make sure not a dollar of your money is wasted to hackers, identity thieves, or other malicious tricksters. Zero fraud liability, also called fraud liability protection, means a cardholder is not liable for unauthorized... read more »

What is Fraud Protection? A Look at How Credit Card Issuers Keep Cardholders Safe

By: Zina Kumok, 8/6/2024

If you’ve ever experienced credit card fraud, you’re not alone. You are part of the 60% of Americans who have experienced the same thing. Even though fraud is relatively common, it would be even more widespread if it weren’t for the fraud protection tactics that credit card issuers use. Every day, credit card providers work tirelessly to keep your card information safe — and prevent fraud. Keep reading to learn more about what your credit card company is doing to protect you... read more »

21 Startling Credit Card Data Breach Statistics (2024)

By: Erica Sandberg, 10/26/2023

Rolex watches, diamonds, precious art? In aggregate, such items are not nearly as valuable as all the credit card data and individual account information people can steal. When thieves steal personal financial information, they have access to people’s personal details as well as their credit card account numbers. Hackers can either open up new credit accounts, charge with the credit card account numbers that are now in their possession, or even make duplicate cards. It’s a... read more »

How to Get a Virtual Credit Card Number (2024)

By: Brittney Mayer, 8/13/2024

While the implementation of chipped EMV credit cards has eliminated a large portion of card-present (CP) fraud, the amount of card-not-present (CNP) — read: online — credit card fraud has steadily risen over the last few years. In an effort to combat CNP fraud, card issuers and third-party companies have developed what are called virtual credit cards. Designed for use when shopping online, virtual credit cards are randomly generated, single-use credit card numbers that can limit... read more »

15 Disturbing Credit Card Fraud Statistics (2024)

By: Erica Sandberg, 7/31/2023

Credit card fraud is the most common type of identity theft, according to a Federal Trade Commission report. This type of fraud typically entails someone taking over a person's existing credit card accounts and charging without permission or opening new accounts using someone else’s personal financial information. In both cases, the crook escapes with the goods and the consumer is left dealing with the credit, financial, and psychological damage. Protecting your credit card... read more »

What to Do if Your Credit Card is Lost or Stolen

By: John Ulzheimer, 8/3/2020

It has happened to all of us. We use our credit cards and use them often. We do our best to protect not just our physical card and its information, but also the credentials to our bank’s online account access. But regardless of how careful we may be, nobody is immune to either losing their credit card or falling victim to one of the most common identity theft crimes in the country -- credit card fraud -- thanks to a stolen card. A lost or stolen credit card can be a stressful... read more »

My Credit Card Was Used Fraudulently: Here’s What to Do (2024)

By: Eric Bank, 1/26/2024

Even with today's increased security measures, credit cards can still be susceptible to fraud. Just a few months ago, my credit card was used fraudulently. Thankfully, I was able to recover the funds lost through the duplicitous purchases. If you find yourself in a similar situation, and your credit card was used fraudulently, here's what to do. The IRS's advice is to place a “fraud alert” or a “credit freeze” on your credit account. You can also use a credit monitoring or... read more »

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