Wednesday, January 04, 2017

Credit Card Used Fraudulently

On New Year's Day, I happened to check my e-mail and found a fraud alert notice from my credit card company.  Although the e-mail looked legitimate, I decided to first check my card account online.  Sure enough, there were a dozen fraudulent charges the previous 2 days amounting to $17,000.  So I called the number on the back of my card to report the issue.

After answering numerous identity questions, I provided the fraudulent charges to the representative.   He agreed that the charges were fraudulent and told me the charges would  be removed in 2-3 business days.   In addition, my card was cancelled and a new card was to be issued.

I checked the next day and 2/3 of the charges had been removed.  One day later all the fraudulent charges had been removed

First, it was fortunate that I checked my e-mail and read the fraud alert notice.  Second, it was good that I addressed the issue so quickly.  I'm guessing it would have taken more effort and time to correct the charges if I had identified them when I received my statement.

At this time, I'm going to check my online account a bit more frequently.   In addition, I will check with the credit card provider on more strict fraud checking criteria.   The fraudulent charges were not normal for the account, and most of them should have been denied,

For more on The Practice of Personal Finance, check back every Wednesday for a new segment.

This is not financial advice. Please consult a professional advisor.

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