Everyday in the news it seems that we are hearing about credit card being stolen. While most credit card companies will protect their
customers from fraud, it can be a cumbersome problem and can wreak havoc on your credit score. Additionally, if it is a business credit card that is subject to theft, it can impact your ability to operate your company.
Here are a few tips that can help in an age of credit card theft:
- Check your online transactions weekly, if not daily. Services like Chase’s mobile application, Jot notify you every time a purchase is made to your business card. If you see a transaction that you don’t recognize, report it immediately.
- Review your credit report at least once a year. Federal law allows for you to receive a free credit report every 12 months. This can be obtained at www.annualcreditreport.com. Keep in mind that it will cost extra to get your credit score, but the full report will show you all of the accounts that are open in your name.
- Never give out credit card information over the phone, text or email.
- Talk to your homeowners insurance carrier about adding identity theft protection to your policy. Many plans offer this added protection at a very affordable rate.
- Practice common sense and awareness. If shopping online and a site seems fishy, trust your gut. When handing your credit card to someone in a retail location, keep an eye on it as much as possible.
- Whenever possible, do not use a debit card except at your bank. While you may recover a loss, the money may come out of your account and could cause serious financial issues. When using an ATM, make sure it is from a reputable company.
If you find yourself the victim of fraud, make sure to contact the appropriate financial institutions. If you run into any issues, let us know how we can help.