The most dreaded thing is to have your credit card stolen. However, if it has happened to you, do not panic. In fact, it is time to take an action and report the theft immediately to your card providers. When thieves steal your card, they normally get your personal details. With these details, they can do a number of fraud tasks such as opening new credit lines, spending your money, and hijacking the accounts associated with the card. For this reason, you must report the loss or theft of your card so that you will not be responsible for any credit card fraud charges.
The federal law that actually covers stolen and lost cards is the Fair Credit Billing Act. This Act demands that you should be charged up to $50 if you do not report your lost or stolen card in two days, after which the charges increase. However, if the thief withdraws money from your account or makes any other changes in your account using your account number and not your card, you will not be liable for any charges.
Since fraud cases regarding cards is on the rise, you should be careful on how your safeguard your information. Whenever a fraud occurs, you might receive a phone call from your provider telling you a fraud has been spotted in your bank account. Make sure you go there in person to confirm this because you might give your personal information to a thief masquerading as your provider.
There are several ways of avoiding scams related to credit cards. It can be difficult to keep the number of your card safe because many thieves normally guess card numbers. So, taking preventive measures early enough is the key.
When you get the billing statements of your card, go through them very closely to identify if there are any unauthorized bills. Moreover, keep track of your account and check it more often; several times in a month. It is easier to follow up on your account online or through phone calls than going to your provider every week. This will help you detect any unauthorized activities in your account early enough and take action.
However, if the unexpected happens and you find that someone stole your card, be calm and take action right away. Start by reporting your lost card to your creditor. This will help in stopping any charges that might be imposed on you because of late reporting. Next, file a report with the police. This is because for many providers to withdraw the fraudulent transaction from your account, they want to see a report from the police.
So, make sure you have your credit report showing the fraudulent transactions and ensure that all your other accounts are free of these transactions. The credit report is free because you are a victim of fraud cases of cards. Cases of stolen cards are becoming very common, so take preventive measures to ensure that your account is safe. However, do not hesitate to report any case of fraudulent transactions in your account.