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What To Do When Your Credit Card Has Been Compromised

June 18, 2012

Most of us don’t  carry around large amounts of cash. We use credit cards for just about anything. Food, prescriptions, clothing, gas, entertainment, you name it, we charge it.

Are you checking your credit card statement (and all other bank statements for that matter) on a regular basis? You should!

A close relative of mine did just that, checked his credit card statement on line and noticed a large payment charged by a cell phone company that he does not use and never had an account with. However, he remembered that his son does indeed use that cell phone provider and his immediate action was to verify that he did not use his dad’s credit card for a payment of $599. 23.

It quickly became obvious, that the charge was not legitimate and my relative called the credit card company to report the incident. They removed the fraudulent charge from the account and cancelled the credit card. A new card with a new account number was shipped immediately.

If you discover that your credit card has been compromised, Do Not Panic. All major credit card companies (eg. Amex, MC, Visa) have a “Zero” liability clause. That means if your credit card has been used fraudulently, you have no liability for the transactions.

The first action you need to take is call the credit card company (the phone number is listed on the back of your card) and report the fraudulent transaction. They will reverse the charge, cancel the card and reissue a new one. Make sure to update any automatic recurring charges linked to that credit card.

Make it a habit to closely monitor all your accounts on a regular basis. If you notice that your credit card number was hacked, report the fraudulent activity to your credit card company immediately.

If you don’t have a security system or don’t have it monitored, call me for a free, no-obligation consultation. You will be glad you did!

Ulli Robson, Security Specialist, (780) 288-2986.

www.SafewithUlli.com

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2 Comments
  1. Great information Ulli.
    Yinka

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