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Protect Yourself from Credit Card Fraud

Credit card fraud is a significant concern, with the Federal Trade Commission (FTC) reporting it as the most common type of identity theft in 2023. With the increasing amount of information stored and transmitted digitally, your credit card information can be compromised without your card ever leaving your wallet. According to FTC data, fraud on existing credit card accounts increased by 14% last year compared to 2022.

Signs Your Credit Card Has Been Hacked

1. Strange Purchases

One of the first signs of a hacked credit card is noticing strange purchases. Regularly check your online transaction history to catch any unusual activity early. If you see a transaction you don’t recognize, verify it with your receipts and alert your financial institution immediately.

2. Small Charges

Small, unfamiliar transactions can indicate that your credit card information has been hacked. Thieves often make small purchases to test if the account is active before making larger purchases.

3. Payments in Other Locations

If you notice charges in cities, states, or countries you haven’t visited, it may be a sign that someone has your credit card information.

4. Lower Available Credit Limit

Seeing a lower available credit limit than expected could signal unauthorized use of your card. Check your recent purchases and pending transactions for anything unusual.

5. Missing Mail

If your credit card billing statement is missing, a hacker may have changed your mailing address. Confirm your mailing address and check your credit card statement online for signs of fraud.

6. Verification Calls

Be cautious of calls asking you to verify a purchase. These could be phishing attempts from hackers who need more information to use your credit card.

7. Purchase Notifications

Receiving a purchase notification for something you didn’t buy is a strong sign your credit card number is being used by someone else.

8. Declined Card

Banks may freeze a credit card when they detect suspicious activity. Your card can also be declined if a thief has maxed out your credit limit.

9. New Spam Calls or Emails

An increase in spam calls or emails can indicate that your credit card information has been sold following a hacking incident. Check your credit card transactions to ensure you haven’t been hacked.

10. Data Breach Notifications

If a company you’ve used your credit card with suffers a data breach, contact your credit card issuer even if you haven’t spotted any fraudulent charges.

11. Changed Account Information

Changes to your phone number, email address, or mailing address on your account could be a sign of unauthorized access. Check your transaction history for signs of fraud.

What to Do if You’re a Victim of Credit Card Fraud

Here are some best practices to secure your account:

• Freeze your credit card: Pause your card while you verify your purchases.
• Contact your card issuer: Report the fraud immediately to get a new card with an updated account number.
• Dispute unauthorized charges: Inform your card issuer about unauthorized transactions to have them removed from your account.
• Change your passwords: Create new, secure passwords for any compromised accounts.

After reporting fraud, it may take five to seven business days to receive a replacement card. In the meantime, your card issuer may offer a digital card for online purchases or mobile wallets. Update any subscriptions or automatic payments to avoid service interruptions.

The Bottom Line

Many credit card issuers offer security features like instant purchase notifications, fraud alerts, card lock, and paperless statements. Additionally, you can enroll in free credit monitoring to receive alerts about changes in your credit information, helping you respond quickly to potential fraud.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to assist you with the best mortgage solutions.

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