Like most individuals, you probably use your credit card for various purchases. You may use it to buy groceries, pay your bills, or go on vacation. It’s a convenient way to make payments and keep track of your spending. But did you know that credit card fraud is a significant problem in the United States? According to recent studies, more than $16 billion is lost every year due to credit card fraud.
In this blog post, Trifecta Credit Solutions will discuss some of the most common signs of being a victim of credit card crime or credit card fraud. Keep a close watch for these red flags, and if you see any of them, don’t hesitate to take action!
You notice unusual purchases:
Finding unusual transactions on your credit card statement is the most significant red flag for credit card fraud. Since this form of fraud can occur at any moment, it is important to remain careful and review your statements frequently.
Several minor charges on your account:
When a data thief has access to a stolen card, they will make little adjustments that will not raise any suspicions. This might include a few dollars in convenience store expenses. If the card works, the thief will make increasingly higher transactions as quickly as possible.
Signing up for alerts and notifications of all your charges through text and email is the most efficient approach to detecting fraud in real-time. Otherwise, if you’re not paying close attention to your expenses in real-time, you’ll likely pay for an identity thief’s lifestyle at the end of the month.
Your statement contains unfamiliar company names:
When you use your credit card to make a payment, the name of the business’s parent firm will display on your credit card statement.
If you see unusual names on your statement, contact your credit card provider immediately to reject the transactions. Before phoning to report fraud, you may also Google odd names to make sure they aren’t anything you charged.
Payments in another location:
As you most likely live in a particular region, most of your payments will be from the exact location unless you have to make a payment to an organization that is registered elsewhere. Check every purchase that appears in another location when you haven’t been there since it might indicate a fake transaction.
A Lower credit available balance:
The sight of a lower credit limit due to unexplained outstanding charges should raise a red signal for most customers. For example, if your credit line is $5,500 and you suddenly notice that just $3,500 is accessible, you should look into what caused the change in your available credit line.
Many card issuers now offer vital information to their cardholders through online banking and account activity notifications to help detect suspicious activities. Transactions can frequently take a few days to settle into the real account, so keeping an eye on credit limits, balances, and outstanding transactions is always a good idea to remain one step ahead of scammers.
And if you need any guidance, contact Trifecta Credit Solutions in Philadelphia, PA, which provides free consultations and personalized packages designed to our client’s needs when they seek our services to monitor and enhance their credit scores.