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credit card fraud

Make your credit cards less vulnerable to fraud

February 20, 2023 By Liz Weston

Last year, one of my family’s credit cards was used to rack up hundreds of dollars in bogus charges at Apple.com. Another card was compromised four times in a row, as thieves repeatedly charged merchandise and Uber rides.

We ultimately got our money back, but repeated credit card fraud can be frustrating and disheartening. Dealing with the aftermath taught me to prize security over convenience, and to change some bad habits that made me an easier target.

In my latest for the Associated Press, learn how to make your credit cards less vulnerable to fraud.

Filed Under: Liz's Blog Tagged With: credit card fraud

Thursday’s need-to-know money news

December 14, 2017 By Liz Weston

Today’s top story: What to do about the Fed rate hike. Also in the news: How to deal with credit card fraud, driverless cars, and how your credit card debt is costing you nearly $1000 a year.

Fed Rate Hike: Here’s What to Do
Don’t panic.

First Time Dealing With Credit Card Fraud? You Got This
Important steps to take.

Are Fully Self-Driving Cars Just Around the Corner?
Should we fear the driverless car?

Credit card debt is costing you nearly $1,000 per year
Interest piles up.

Filed Under: Liz's Blog Tagged With: credit card debt, credit card fraud, debt, driverless cars, fed rate hike, fraud, interest rates, rate hike

Monday’s need-to-know money news

January 25, 2016 By Liz Weston

60710Today’s top story: The important reason you should check your credit card bills right now. Also in the news: What you need to know about charitable giving, how to avoid IRS scams, and what to consider before signing a VA loan.

The Reason You Should Check Your Credit Card Bills Right Now
Detecting fraudulent holiday purchases.

6 Things To Know About Charitable Giving This Tax Season
Getting the most from your tax deductions.

IRS calling about money? Most likely a scam
Protecting your personal information.

3 Important Considerations for VA Loans
What to consider before signing on the dotted line.

Create a Shopping Ban Savings Account to Collect Your Impulse Spending
Curbing impulse spending without denying yourself.

Filed Under: Liz's Blog Tagged With: credit card bills, credit card fraud, Credit Cards, impulse buying, IRS, savings account, tax deductions, tax scams, VA loans

Fraud and more fraud

March 31, 2015 By Liz Weston

Identity theft conceptA few days ago I called American Express because I wanted them to send us a new Bluebird card, since we hadn’t been able to find the prepaid card we used in Europe.

It turns out someone else used a fraudulent card with our number at an ATM last month, twice, each time withdrawing 50 euros.

We’d used the card since getting back, so we know it hadn’t been left behind. The thief had not only the card number but the PIN, so we suspect a skimmer was used to capture the information while we were abroad and the bad guys only recently decided to use it.

I’m delighted to say that, after a few false starts, I finally found an Amex employee who knew what she was doing, and the purloined amount was restored to a freshly-issued card.

Today, I got a letter that one of our credit card accounts had been frozen because of suspicious activity. It turns out someone impersonating me had called in to change our address to one in Winnetka, a nearby neighborhood in Los Angeles. Fortunately, Capital One froze the account before she could misuse it. We’ll have to be without a card for a few days while a new one is sent to us, but that’s the extent of our inconvenience.

These incidents underscored for me why it’s so much better to use credit cards (and the right prepaid card) in a world full of identity theft. If these thieves had gotten hold of my debit card, they could have drained our bank account and we’d be waiting to get the money back while transactions bounced right and left. That wait could be protracted if your financial institution questions whether fraud really occurred. With credit cards, you aren’t required to pay the disputed amount until the issuer completes its investigation.

Our recent brushes with fraud also underscore how important it is that Americans get the chip-and-PIN technology used in Europe and much of the rest of the world. Credit card issuers and retailers are in the process of transitioning slowly to this much more secure standard, starting with cards that have both a computer chip and the old-fashioned magnetic stripe. But the sooner we get to cards that must be used with a PIN for purchases, the better.

Some issuers publicly worry that we Americans will have a hard adapting to the new technology, which is absurd. It’s no harder to use a chip-and-PIN machine at a checkout register than it is to use an ATM. You stick your card in the little slot at the bottom of the checkout terminal, punch in your four-digit number and you’re done. And you’re also done with the vast majority of account takeover fraud.

Filed Under: Liz's Blog Tagged With: account takeover, chip and PIN, credit card fraud, Credit Cards, debit cards, Identity Theft, prepaid cards

Q&A: Credit card fraud and automatic payments

December 1, 2014 By Liz Weston

Dear Liz: We’ve had three cases of credit card fraud. Each time, the credit card company issued new cards with new numbers and canceled the old ones (along with the fraudulent charges). We had nine monthly auto-payment authorizations set up, and we seethed at the fact that the card company would not offer to authorize our auto-payments via the new numbers. We eventually received late-payment notices and charges, since the old numbers were still on the record with payees. Are there companies that offer updates to payees when cards are canceled, and new ones issued, in such fraud situations?

Answer: Given all the database breaches lately, automatic updates to auto-payments might come in handy.

But it seems you’re on your own. Your agreements with your billers typically state that you’re required to update them whenever a card expires or its number changes. Many billers will alert you when an expiration date is near or if a charge doesn’t go through, but ultimately it’s your responsibility to keep track.

It’s a good idea to keep a list of your auto-payments so you don’t forget to update them all when this happens again. If you don’t have a list, simply checking your past statements should remind you which accounts are on auto-pay.

Filed Under: Credit Cards, Identity Theft, Q&A Tagged With: credit card fraud, Credit Cards, Identity Theft, q&a

Monday’s need-to-know money news

November 10, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: A surprising way identity theft can hurt your credit.
Also in the news: Tips on how to manage major bills, rethinking retirement for Millennials, and financial tips for veterans from military experts.

The Surprising Way an Identity Thief Can Hurt Your Credit
Pay close attention to hard inquiries.

Utilize the Half Payment Method to Budget Around Major Bills
Don’t pay all at once.

3 Ways to Rethink Retirement for Millennials
A different look at the bigger picture.

Veterans Day: 6 Financial Tips From Military Experts to Service Members
Welcome home.

Filed Under: Liz's Blog Tagged With: credit card fraud, Identity Theft, millennials, Retirement, tips, veterans

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