| Preventing Fraud
Credit and ATM cards can bring you freedom, security, a way to handle
economic emergencies and much more. But with these advantages come some
responsibilities including the prevention of fraud and theft. The best
way to fight fraud is to prevent it in the first place. That means knowing
where your cards are and keeping them in a safe place. Importantly, you
must never keep you personal identification number (PIN) on or near the
card. In a third of all ATM frauds, the PIN was on the card or in the
wallet.
Keeping Credit and ATM Cards Safe
•Don’t give your account number over the phone unless
you’ve made the call.
•Get a card that has added security features, like photos.
•Never put your account number or PIN on the outside of an envelope
or a postcard.
•Draw a line through blank spaces on charge slips above the
total to prevent any changes.
•Don’t sign a blank charge slip unless absolutely necessary.
•Tear up carbons from slips and save receipts.
•Always check receipts against your monthly statements. Report
any errors within 60 days of the statement mailing date.
•Make a record of card numbers, expiration dates and phone numbers.
Keep this record in a safe place, separate from where you keep you
cards. Use this information when you report your cards lost or stolen.
•Carry only the cards you need, especially when traveling.
•Choose a PIN that’s different form other obvious numbers,
like you phone or Social Security Number or your birthday.
•Memorize you PIN and don’t write it on anything in your
wallet.
Lost/Stolen Credit Cards
•Most stolen cards are used within 48 hours, so it is important
to report your missing card immediately.
•Call your card company immediately to report the loss.
•Follow up your call with a letter, giving your account number,
the date you noticed the card was missing and when you called in the
report. If you call the company before the card is used, the Fair
Credit Billing Act says you’re not responsible for charges made.
If a thief uses your card before you report it, the most you’ll
have to pay is $50.
Missing ATM Cards
•Most stolen cards are used within 48 hours, so it is important
to report your missing card immediately.
•If someone steals your ATM card and uses it, you could be responsible
for up to $500 or more. The Electronic Fund Transfer Act (EFTA) states
the amount you’re responsible for depends on when you report
the loss.
•You report the ATM card missing before it is used. The law
says you’re not responsible for any unauthorized withdrawals.
•Someone uses your ATM card before you report it. If you make
the call within 2 business days of unauthorized us, you won’t
have to pay more than $50. But you could owe up to $500, if you don’t
report it within that time.
Always Check you Statements
Even after you reported your ATM and credit card missing, check you
statements. If you find any suspicious charges, notify your bank immediately.
Then send a letter listing each charge. Include your account number, date
stolen and date reported. It’s very important that you document
the incident and send it to the bank as soon as possible.
Remember
•Never lend an ATM card or a credit card to anyone.
•Never give your ATM/Debit pin to anyone or any website.
•Never leave cards or receipts lying around your room, no matter
where you live.
•Report a lost or stolen ATM card or credit card immediately. |
