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Preventing Identity Theft and Credit Card Fraud?
carefulCredit asks: "I just checked my AMEX balance, and found around $13k in fraudulent charges. Fortunately, AMEX makes it relatively easy to get a new card and the charges revoked, but this is the second time I've had this type of problem. It's clear to me that the steps I've taken to prevent fraud are inadaquate. (reduced number of cards, restricted availability of some funds, increased vigilence in not allowing CC slips to display the full card #, etc). What measures have any of you taken, or can you suggest, to help put a lid on this problem and to help prevent repeats?"
- check your credit report 1x per year. This may be free in the state you live in. This is vital, and the most worthwhile thing you can do.
- keep control of all credit card receipts
- shred any promotional mailings you get for credit cards, or, better
- call the relevant credit agencies and have a lifetime "promotional block" put on your file so you won't be sent them
- keep control of your SSN. Don't give it to anyone who doesn't need it for employment or credit purposes. If someone is being a jackass, simply use "078-05-1120", which was a sample number printed on cards throughout the 40s. If you're in school, ensure they don't print it all over creation. - If you're really paranoid, you can tell the credit agencies to put your file on a "fraud watch". This will tell any lender who pulls your flie to verify your identity much more closely. Unfortunately, this burdens you.
Experian: 1-866-200-6020 http://www.experian.com
Equifax: 1-800-685-1111 http://www.equifax.com
Transunion: 1-800-888-4213 http://www.transunion.com
Global opt-out (promotional block): 1-888-5OPTOUT (888-567-8688)
Please, do a little research before you use a debit card or check card, for any purchases! While federal U.S. law limits your liability for fraudulent credit card purchases to $50, there is no legal limit for fraudulent use of your debit/check card. If you keep more than $50 in your checking account, you stand to lose a lot more than with a credit card. Also, if you have overdraft protection for your debit/check card, the perpetrator can not only wipe out your account but also put you into deep debt. Check with your bank about exactly what your liability is before using a debit/check card for any purchases.
And since I'm posting anonymously only because I'm too lazy to create an account: linux1@williamrice.com
Please, do a little research before you use a debit card or check card, for any purchases! While federal U.S. law limits your liability for fraudulent credit card purchases to $50, there is no legal limit for fraudulent use of your debit/check card.
Please do a little research of your own--the Electronic Funds Transfer Act limits consumer liability for ATM, debit, or check cards to 1) $50 if the card is lost or stolen and reported as such within 2 days; 2) $500 if the card is lost or stolen and reported as such within 60 days; 3) $500 for fraudulent purchases if they are reported within 60 days.
Moreover, Mastercard and Visa both limit check-card losses to the same $50 max as credit cards as a matter of corporate policy.
HR 445 is a bill in congress to limit liability to $50 in all cases of fraud; it's been tabled since 1999 as far as I know.
Sumner
rage, rage against the dying of the light