If your credit card is lost or stolen, report it immediately! Most credit card companies have toll free numbers and 24 hour service to report lost or stolen credit cards. Once you report the loss you have no further liability for unauthorized charges. Your maximum liability by law is $50.00 per card.
You should also call the credit bureaus and have them place a fraud alert on your credit report. This will help to protect you if someone is applying for new credit in your name.
Most of the liability for charges made with a stolen card are with the merchant. This is why they may ask for your identification when you use your card at a store. Online stores may call to verify your order before shipping. The merchants get stuck paying for the majority of fraudulent charges.
To report a lost or stolen credit card call:
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Lost MasterCard - 1-800-MC-ASSIST
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Lost Visa Card - 1-800-847-2911
Avoid Credit Card Fraud
Sign your card as soon as you receive it.
Keep a list of your credit card names, account numbers and contact phone numbers.
Save your credit card receipts.
Never give your credit card number over the phone to someone that has called you.
Shred old statements and card offers you receive in the mail. These days most people have paper shredders, you don't want to be one of the few people that doesn't
Check your statements as soon as they arrive for unauthorized charges. Many credit card companies now allow you to view your statement online at any time
The pre-approved credit card offers you receive in the mail are sometimes recovered from the trash and used to apply for credit in your name. Be sure to shred these offers before you dispose of them. Tearing them up may not be enough. Someone decided to try an experiment and tore up his credit card application into little pieces. He then taped it back together and filled it out complete with a change of address and used his cell phone number for verification. The credit card company actually sent him a card.
To be removed from credit card mailing lists and stop receiving offers in the mail call 1-888-5 OPTOUT or send your request by mail. You don't need offers in your mailbox. You can safely apply for a credit card online.
One of the new Internet Scams is for someone to send you an email that looks like it is from your bank. They ask you to click a link and go fill out a form to update your information. DON'T DO IT! It has been very common to receive these type of emails asking you to update your paypal or ebay information and now they are appearing asking for credit card and bank info. Do not respond to emails asking you for personal information. If you have some type of online account you can login the usual way to update your information. Never go through a link sent to you in the email and give out your personal information.
Never let your credit card out of sight. Often when you go out to eat a waitress or waiter may take your card and then return with your slip to sign. This gives them a chance to copy your number as well as the security code on the back. Tell them you want to pay at the register or use cash.
