Buzz from Toy Story telling Woody,

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.

A woman holding up a

What Is Credit Card Fraud?

A woman saying,

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

Quiz

You check your credit card statement and notice that over $500 were charged to your card at a hotel over the weekend. You never went to a hotel! What type of credit card fraud are you a victim of?

Application fraud

Account takeover

Protect Yourself From Credit Card Fraud

Bernie Sanders saying,

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.

Quiz

Sandy just got a new credit card. What should she do to protect herself from fraud?

Keep her records password protected

Keep her PIN number in her wallet

Store any statements in a lock box

Keep her old card as a souvenir

What To Do If You See Unauthorized Charges On Your Statement

  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 .

David from Schitt's Creek saying,

Quiz

Sandy is sure her credit card has been hijacked. What should she do first?

Call her bank and cancel her card

Change her bank account passwords

Change her online shopping account pass

Monitor her bank statements

Take Action

A woman holding up a credit card at a store

To protect yourself from credit card fraud:

License:

Your feedback matters to us.

This Byte helped me better understand the topic.

I feel confident that I can apply what I learned.

I would recommend this Byte.

Connect with Rumie learners

Browse more content and join a supportive community!


- Discord Member

This Byte has been authored by

AG

Anthony Grimaldi

PwC Partner - Consulting Solutions

EC

Erin Carcel

Senior Associate - FP&A

AP

Ash Patel

Forensics Senior Associate

BC

Brigitte Cohen

Investigations & Forensics Associate

KK

Kim Klein

Forensic Consulting Associate