HOW TO RESPOND TO A FRAUD ALERT ON YOUR CREDIT.
It seems like at least once year I get an email from my financial institution of choice, telling that my credit or debit card may or may not have been compromised. The instruction is always this; “Don’t do anything . We’II send you a new card.
Still I wonder sometimes if I actually should be doing something, instead of just sitting around and waiting for my new card ,doesn’t that mean someone else use my credit card information? Has my identity card stolen?
TAKE IMMEDIATE PRECAUTIONARY MEASURES
When Target’s database of customer account information was hacked back in 2014, Chase alone had to re-issue over 2 million cards. The move was a precaution. Rather than wait until individual customer accounts were accessed fraudulently, Chase attempted to circumvent the issue by issuing new cards and shutting down the accounts that had been compromised in the hack.
TAKE STEPS TO PREVENT CREDIT CARD FRAUD
If fraud has occurred and your identity has been compromised, take the following steps to protect your identity, your finances, and your credit history.
CONTACT YOUR CREDITOR
Get in touch with the creditor who is showing the fraudulent activity and advise them of the situation. They may provide additional instructions on what they need from you in order to clear your record and reverse any false charges.
PLACE A FRAUD ALERT ON YOUR CREDIT
Place a fraud alert with one of the three major credit reporting agencies (TransUnion, Experian, and Equifax). Once one has an alert they’ll share that alert with the other two. This should make it significantly more difficult for someone else to open a credit account in your name. The alert lasts for 90 days.
MONITOR YOUR ACCOUNTS AND FILE DISPUTES WHEN NECESSARY
Now you just have to watch your accounts and credit reports closely. If you see incorrect information, dispute it with the applicable entity. This is where the police report and affidavit should help you.
You should take all fraud warnings and alerts seriously. When your accounts have been compromised, act quickly, but also act wisely. Be proactive, but don’t panic and accidentally let a scammer take advantage.
Like almost any illness, identity theft and credit fraud is much easier to prevent than it is to cure. Don’t ignore the warning signs.
Blog By :-
Ms. Punam Mittal
Department of Commerce & Management
Biyani Group of Colleges