NerdWallet: Three habits that can help protect your credit cards from fraud

by | Mar 2, 2023 | Stock Market

This article is reprinted by permission from NerdWallet.  Last year, one of my family’s credit cards was used to rack up hundreds of dollars in bogus charges at
Another card was compromised four times in a row, as thieves repeatedly charged merchandise and Uber

We ultimately got our money back, but repeated credit card fraud can be frustrating and disheartening. Dealing with the aftermath taught me to prize security over convenience, and to change some bad habits that made me an easier target.The clock is ticking on credit card fraud Under the Fair Credit Billing Act, consumers have 60 days after bogus charges show up on a statement to report them to the credit card issuer to avoid most liability, says attorney Amy Loftsgordon, legal editor at Nolo, a self-help legal site. (The law limits a consumer’s liability to $50 per series of unauthorized uses, but most issuers waive that, Loftsgordon says.) So my heart sank when I realized that the fraud on our account had started at least six months earlier. I’d noticed that the charges had been ticking up, but assumed my husband was buying more audiobooks and my daughter was downloading more games. I’d grouse at them occasionally, they would proclaim innocence and the charges would continue. Finally, the thief went too far and charged over $300 in a single month. I contacted Apple and discovered our card had been used to purchase dating apps and virtual phone numbers, which were likely being used to scam other people. The electronic receipts for these purchases were sent to an email address I didn’t recognize. Also read: These new credit cards promise no credit checks, fees, deposits or even interest rates. What’s the catch?A new card didn’t stop the fraud The kicker: The thief was using a credit card number that had already been reported as compromised. Normally, credit card issuers will deny new charges on a compromised number. But according to the card issuer, the thief started their crime spree during the few days that my replacement card was in the mail. Since we a …

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