Reporting Credit Card Fraud
Credit card fraud costs corporations and credit card companies hundreds of millions of dollars each year and also costs cardholders time, money, and stress. If you suspect fraudulent credit charges, or have lost or had your credit card(s) stolen, take action immediately. Call your credit card issuers to report the credit fraud and prevent it from happening again.
According to Federal Trade Commission (FTC) anyone can fall victim to credit card fraud because scammers don’t care who you are, they just want your money. Research shows that fraud victims are often well educated, active in their communities, and somewhat affluent.
So, the best step you can take when you recognize or experience credit card fraud is to report it! Once you report a lost or stolen credit card you can’t be held liable for the fraudulent transactions made with your credit card. So be proactive. Take action. Call to report.
Reporting a Lost or Stolen Credit Card
Contact the issuer(s) of the card credit if your card if lost or stolen. Most credit card companies provide a toll free number and a 24 hr service to their customers to deal with such emergencies.
In accordance to the law, once you report a lost or stolen card, you can’t be held responsible to pay for the fraudulent charges. However, you can be held liable for a maximum of $50 per credit card (US). Some credit card companies may even waive this fee for their loyal customers.
Reporting Bogus Charges on Your Credit Card Bill
If you find a bogus charge made to your credit card bill, and haven’t lost your credit card, it could mean someone else may be using your credit card number without your consent. This ‘no-card’ type of credit card fraud can occur when someone jots down your card number when you use your card at a restaurant or store.
So when you spot any bogus charges on your credit card bill call your credit card issuer. Also, contact your local authorities if you suspect someone you know is using your credit card number. Authorities may ask you to sign a statement under oath to indicate that you didn’t make the purchase(s) in question before investigating.
The Federal Trade Commission (FTC)
In the US, cardholders can report credit card fraud to the FTC and to regional and local law enforcements. The FTC works to stop fraudulent and unethical business practices and provides customers with information on how to recognize, report, and protect themselves from such fraudulent behaviors.
Although, FTC as a policy doesn’t investigate reports of fraud under $2000, local law enforcements may do. However, this depends on the amount, type of fraud, and the location of the fraud.