Fraudulent charges on your credit card can be a painful experience to have. However, if you spot them early on and report them as soon as possible, you will be able to avoid paying for them.
To spot fraudulent charges, you need attention to detail and a memory that can remember the things you have spent your money on. Keep in mind that early detection is always the key to avoiding this financial problem.
What details and charges should you look for when checking your bill?
If you do not have the habit of using your credit card much and only use it on important things, seeing an unauthorized charge can be easy. However, if you use it on your day-to-day spending, you need a keen eye to spot credit card fraud.
You know what you buy and use every day. So if you see a refrigerator purchase on your bill or spot a charge for a PlayStation 4 game when you do not even own one, that is a sign that someone is using your card information.
However, if you are unsure if you did buy those things, a quick phone call to the vendor to ask questions can always do the trick. You can also ask your family (if they have access to your card) if they are responsible for the purchase.
Now that you have seen these charges, what should you do?
As much as the world wants to say that fraudulent charges are a rare occurrence, they happen quite a lot, but there are always people who can help you with this problem. Banks always advise that you need to report the error within 60 days of the statement to avoid drafting of the fraudulent charges.
If you have confirmed the credit card hijacking incident and have nothing to do with the purchase, call the customer service number of your credit card provider. They can guide you on the steps to follow to avoid penalties for invalid activity.
Usually, a bank representative will route your call to the fraud department so you can be helped efficiently. Provide them with the right information, and they can lay out the options on what you need to do next.
They can cancel the transaction if it still can be withdrawn from the statement. Your card can also be canceled and replaced to make sure all the charges (even maybe some that you did not notice) would be called off. In most instances, you won’t be responsible for paying these charges. So you won’t have to worry about anything.
What can I do to avoid credit card hijacking in the future?
Protecting your privacy at all costs is one crucial step to avoiding such instances. Always keep in mind never to share information about your cards and payment details whenever someone calls or emails you about these things.
Phishing is a common scam to defraud people and obtain sensitive financial information. Always be alert and keen on noticing patterns of questions that seem suspicious. If people randomly ask for your three-digit security code, consider it as a red flag.
By being vigilant about these things and aware of your spending habits, you can avoid facing situations like this in the future.
