Learn to protect yourself from credit card fraud in 3 min 🔐

Did you know that 47% of Americans have reported being a victim of credit card fraud in the last five years?

Nilson Report estimated that losses due to credit card fraud in 2016 totaled over $22.8 billion!

Do you want to avoid being one of these statistics?

Taking steps to prevent credit card fraud can save you money and frustration.

Credit card fraud is a form of identity theft.

• It involves taking another's credit card information without permission for the purpose of charging purchases to the account or removing funds.

• US Federal law limits personal liability to $50. However, many banks will waive this entirely if you sign a form explaining the theft.

Two main types of credit card fraud:

1. Application fraud: unauthorized opening of credit card accounts in another person's name

2. Account takeovers: hijacking an existing credit card account

You can't always prevent credit card fraud, but the good news is that you can definitely take steps to make it harder on would-be thieves.

Here are some everyday practices recommended by the Federal Trade Commission (FTC):

• In a secure place, keep a record of your account numbers, expiration dates, and phone numbers for each card and company in case you need to report fraud.

• Don’t lend your card to anyone.

• Don’t leave your cards, receipts, or statements around your home or office.

• When you no longer need a card, shred it before throwing it away.

1. Call your credit card company immediately.

2. Check your bank accounts, and change your passwords.

3. Notify your local credit bureau, and contact the police, if necessary.

4. Continue to monitor your statements and credit reports.

5. Check your online shopping accounts, and consider changing your passwords there, too .

To protect yourself from credit card fraud: