Credit Card Fraud

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Dealing with the hassles of credit card fraud or identity theft can be frustrating and time consuming. This training will provide tips on how to protect yourself, your clients and your loved ones.

Dealing with the hassles of credit card fraud or identity theft can be frustrating and time consuming. This training will provide tips on how to protect yourself, your clients and your loved ones.

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  • 1. Credit Card Fraud Ways to Protect Yourself
  • 2. Credit Card Fraud• Unauthorized charges to your credit card• Counterfeit cards
  • 3. Credit card fraud can occur when• cards are lost or stolen• mail is diverted by criminals• employees of a business steal customer information
  • 4. ID Theft• Identity theft is the use of someone’s personal information, such as their Social Security number or date of birth, to commit financial fraudCONSUMER ACTION - Credit Card FraudTraining
  • 5. ID thieves harm victims by:• using their names and other personal information to open new credit accounts• accessing existing credit and bank accounts to make unauthorized purchases• Victims of ID theft are not held liable for losses, but it takes time and effort for victims to prove fraud and clean up the chaos CONSUMER ACTION - Credit Card Fraud Training
  • 6. Forms of Fraud• Dumpster Diving – Stealing credit card information from discarded receipts or account statements in people’s trash – Shred unwanted documents that contain Social Security numbers, bank and credit card information and other sensitive financial information
  • 7. Skimming• When dishonest employees make illegal copies of credit or debit cards using a “skimmer” device that captures credit card numbers and other account information – The stolen credit information is used to make purchases by phone and internet, or to make counterfeit cards
  • 8. Phishing• Phishing is a financial crime that starts with massive numbers of deceptive spam e- mails – These e-mails look like they come from your bank – But they are just a trick to get account numbers and passwords
  • 9. Security Codes• Credit card companies use security codes to help prevent unauthorized or fraudulent use by phone and online – These numbers help ensure that the you have the card — not just the account number• Merchants are prohibited from keeping or storing any security codes after transactions are completed
  • 10. Security Codes• Security codes for Visa, Master, and Discover cards are the 3 digits located on the back of the card in the signature box.• Security codes for American Express are 4- digits long, printed on the front of the card above the right side of the main credit card number.
  • 11. New Cards• For added protection, credit card issuers ask you to call from home to activate new credit cards• As soon as you receive your new card, sign the back of it with a permanent black ink pen
  • 12. Should you write “Ask for ID”?• Writing “Ask for ID” in the signature space may not be a good idea as your transactions might not go through if the card isn’t signed• Consider signing your card and also writing “Ask for ID”
  • 13. Liability• Fraud victims are not generally required to pay for unauthorized charges• Victims may be liable for up to $50 of the loss, depending on the circumstancesCONSUMER ACTION - Credit Card FraudTraining
  • 14. Watch your credit card• Watch closely when store or restaurant employees handles handle your card to make sure they are not copying or “Skimming” your credit card number• After you make a purchase and your card is handed back to you, make sure the card is yours.
  • 15. Take precautions• Notify your credit card company if you are going to be traveling away from home to prevent any inconvenience if your issuer should block your account for being used in a new location• Notify your credit card company if you are going to make any unusually large purchases so that your account is not flagged for possible fraud
  • 16. Safeguard your mail• Notify the post office and your credit card company immediately if you change your address• Lock your mailbox. Never leave mail in an unlocked mail box or apartment building lobby• Put your return address on out-going mail• Shred unwanted credit card solicitations before discarding
  • 17. Free Credit Reports• Online: www.annualcreditreport.com• Phone: 1-877-322-8228• By mail: Annual Credit Report P.O. Box 105281 Atlanta, GA 30348-5281