The early detection of credit card fraud is the key to minimizing the damage a thief can do to your account. If your credit card is lost or stolen, your missing credit card will let you know that you need to contact your credit card company. Your creditors can cancel your account and issue a new credit card with a new account number to prevent fraudulent charges from being made to your account.
These days, thieves can steal your credit card information without ever touching your physical credit card, and even fraudulent charges to your account. These fees are more difficult to identify because your credit card is never lost. Real-time fraud alerts from your credit card company would alert you to suspicious activity on your account and give you the ability to contact your credit card company and stop further unauthorized charges.
Why plain credit monitoring is not enough?
You have already signed up for credit monitoring service that says when information to your credit report has changed. However, this type of monitoring does not allow you to respond quickly enough to credit card fraud. This is because credit monitoring only alarms when suspicious account activity shows up on your credit report that cannot last for a few days or even weeks. This delay in notification makes it difficult for the scam to catch before it gets out of hand.
Plus, credit monitoring only warns you of changes in your credit report on how to increase a credit card balance. This high level reporting cannot be enough to let you know when your credit card account has been compromised.
How do I report credit card fraud alerts
Credit card fraud hurts credit card issuers as much – maybe even more – than consumers do. It only makes sense that credit card companies would offer more services to identify and report cardholders to help credit card fraud.
To find out if the issuer of your credit card fraud offers alert notifications, log into your online credit card account or call your credit card customer service (the number on the back of your credit card). You will follow these steps with each of your credit card companies.
Each credit card issuer’s website is different. Once you’ve logged into your account, look in the menu for a place to edit your profile or account settings. Then see the fraud reports your credit card issuer offers.
You may be able to receive notifications by email, text message, or a push notification at the top of your phone through the card issuer’s smartphone app.
Your credit card issuer will likely give you a few options for receiving the notification. You may be able to receive suspicious transaction warnings from credit card companies. Or you can get notifications for transactions over a certain amount you choose yourself, for example $ 10. Opting to receive notifications on a minimum transaction amount basis may cause your credit card issuer to catch fraudulent transactions. Your credit card issuer can only uncover fraud based on your typical spending habits. You know for sure if a transaction is fraudulent because you are the one with your credit card.
What to do if you receive a Fraud Alert notification?
If you receive a fraud alert from your credit card company, log in to your online account or call the number on your credit card bank to contact a customer service representative to confirm or to refuse the fees. Do not use personal or credit card information via SMS. Do not click on links within the text message. And don’t call your customer service card about any number shown in the text message. This is important in the event the text message is a phishing scammer trying to get your personal information or credit card information.
Credit card fraud warnings are a free service offered by your credit card company. You will not be charged extra for the warnings. However, you are subject to any SMS charges or costs from your wireless service provider.
In addition to fraud alerts, your credit card issuer can send you alerts for other types of account activity, including: balance notifications, due dates, credit available, or missed payments. These messages can help you manage your credit card account more efficiently.
Of course, you should continue to monitor your credit card activity in your account regularly between billings and transaction review. You can never be too careful.