What To Do In Case Of Credit Card Fraud

[terry1156]

Here is some good advice I received by email about identity theft and credit card fraud:

"We've all heard horror stories about fraud that's committed using your name, address, SSN, credit, etc. Unfortunately I (the author of this piece who happens to be an attorney) have firsthand knowledge, because my wallet was stolen last month and within a week the thieve(s) ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record information online, and more.

But here's some critical information to limit the damage in case this happens to you or someone you know. As everyone always advises, cancel your credit cards immediately, but the key is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them easily. File a police report immediately in the jurisdiction where it was stolen, this proves to credit providers you were diligent, and is a first step toward an investigation (if there ever is one).

But here's what is perhaps most important: (I never ever thought to do this). Call the three national credit-reporting organizations immediately, place a fraud alert on your name and SSN. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over the Internet in my name. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit.

By the time I was advised to do this, almost 2 weeks after the theft, all the damage had been done.

There are records of all the credit checks initiated by the thieves' purchases, none of which I knew about before placing the alert. Since then, no additional damage has been done, and the thieves threw my wallet away this weekend (someone turned it in). It seems to have stopped them in their tracks.

The numbers are:

Equifax: 1-800-525-6285

Experian (formerly TRW): 1-888-397-3742

Trans Union: 1-800-680-7289

Social Security Administration (fraud line): 1-800-269-0271

[~bs]

placing a fraud alert isn't really a secret. YOu can file an initial fraud alert good for several months or an extended fraud alert that lasts for years. Unfortunately, I do believe you need to be a victim of identity theft or other type of fraud before you can place this alert on your account. To me, it would prevent almost all credit card identity theft if they treated all requests for new credit or changes to your account as they do if a fraud alert is on the account.

Of course, running all of these checks on all consumers is going to cost them a lot of time and money, and they rather have the consumer deal with the identity theft than spend more money to protect them.

[Copper]

This kinda cheating is happening frequently now a days. Hence if it happens, gather all your transaction coupons together and submit it to your bank. Call for the security camera footage if there is any, try to remember all the expenditure you made through your credit cards recent days and contact with the them the bills of whom you paid. And make a police report.

[Wino]

Since the original post was in August of 2004, I guess this tells me that one should wait 8.5 years before doing anything at all.

[marco_salinas]

Here's additional tips to get rid of credit card Fraud:

Always keep a record of your account numbers, their expiration dates and the phone number to report fraud for each company in a secure place. Don’t lend your card to anyone — even your kids or roommates — and don’t leave your cards, receipts, or statements around your home or office. When you no longer need them, shred them before throwing them away.