A credit card could provide excellent convenience, but it can also be a source of aggravation if your personal or account information is lost or stolen. Credit card fraud occurs every day but is highly prevalent during periods of economic hardship.
It is best to take proactive measures to secure your financial reputation and reduce your risk of becoming a victim of fraud.
If you find out that your card has been lost or stolen, you must act quickly to protect your credit card details and warn your card issuer that your account could be compromised. Read on to learn how to cancel your credit card if fraud is suspected.
What Is Credit Card Fraud?
Credit card fraud happens when someone uses your stolen credit card, or the details from that card, to conduct unauthorized transactions on your behalf.
Credit card fraud isn’t rare and it can happen to you. That is why the measures taken to help avoid it are so significant.
When to Cancel a Credit Card
If your information is hacked or breached, the most immediate risk is that the thieves could bill your accounts for unauthorized charges or debits. Keep a close eye on your account behavior, and report promptly to your bank or credit card company any suspicious transactions.
The quicker you tell your provider about any unwanted debits or fees, the better.
Contact Your Credit Card Issuer Right Away
If you believe that your credit card account is compromised, you can immediately contact your card issuer by calling the number at the back of your card.
While you’re waiting to talk to a representative, check if you can lock or freeze access to your credit card online or through your issuer’s mobile app. This prevents anyone from using your card to complete potential purchases.
When speaking with your representative, you can request that they cancel your card.
Steps to Take to Avoid Fraud in the Future
You can do the following actions to prevent your account from being compromised in the future.
Request a Copy of Your Credit Report
Signs of fraud, such as new transactions that you don’t recognize, will always surface first on credit card statements. You’ll also get a copy of your credit report when you file a fraud notice.
Check for Unauthorized Charges or Debits
If you have access to your accounts online or by telephone, review your transactions as often as possible. If you receive paper statements in the mail, be sure to open them up and study them carefully. You may consider signing up for email or text updates if your provider provides this.
Fraudulent charges or debits to your card or bank account could occur several months after data breach theft of your details.
Secure Your Physical Cards
If you have several credit cards or cards you don’t need anymore, make sure they’re in a safe space. And, the cards that you currently use will still stay with you.
Change Your Log-In Information
If you’re a credit card fraud victim — irrespective of whether your actual card has been stolen or only your account number — you can change your username, password, and PIN to prevent further fraud.
This will stop fraudsters from accessing your details and protect your account further. If you know that other online accounts, such as your Amazon account, have been hacked, make sure to update the login details.
Be Mindful of Who You Verify Your Account Information With
There is a growing type of consumer fraud called “phishing” to steal information about your account. This is done by thieves posing as banking personnel and asking you to confirm your personal information with them through email or by phone.
Banks and credit unions will never question your account details when initiating contact through the phone or e-mail.
When you receive this type of call, notify your card provider immediately using their legitimate customer service number found on their official website or on your bank or credit card statements.
Conclusion
Although there is no way to stop credit card fraud completely, it’s essential to be vigilant and act quickly against potential fraud. If you spot a scam early, report it immediately to save time and stress.