Credit Card Fraud Protections

Using a credit card can be an easy way to make purchases without having to carry cash. While credit cards are convenient, they can also be used by identity thieves to take advantage of consumers. When using credit cards, it is important to understand what types of fraud prevention tools are available.

Limited LiabilityOne of the nice things about using credit cards is that consumers are only responsible for a limited amount of money when a fraudulent purchase takes place. 50 in fraudulent charges on a card. If the card is reported as lost or stolen before you charges take place, the card issuer cannot hold a consumer responsible for any charges. Some card issuers take this protection up a notch and decrease the maximum amount of money that cardholders can be responsible for.

For example, some card companies make it so that consumers are not responsible for any fraudulent expenses on their cards. When using a card for an online purchase, there are a number of safeguards that can be utilized. Many card issuers have created online pin numbers for consumers. Before the card can be used at an online merchant, a pin number must be entered.

Once a pin number is entered, then the purchase can be facilitated as normal.Many websites that accept card payments also use encryption and secure servers to make sure that card information is not compromised. When making a purchase online, it is important to check to make sure that the site starts with “https” so that the consumer knows the site is on a secure server.

Otherwise, someone could intercept the card information while it is being transferred to the merchant.Reporting the Card StolenIf a card is lost or stolen, it is important to make sure that the card is reported as such to the issuer. All of the major card companies have toll free phone numbers that can be called when a card is lost. Once a card has been reported as lost or stolen, the card company and issue a new card to the consumer and cancel the original card.

This way, a thief will not be able to make any additional purchases on the card at that time. Credit MonitoringIn addition to reporting a card as lost or stolen, using a credit monitoring service may provide additional protection for the cardholder. A credit monitoring service is an entity that constantly watches the credit reports of its customers.

Anytime a new account or a big purchase is made, the credit monitoring service contacts the consumer to make sure that it is legitimate. This type of service typically comes with a monthly charge, but it does provide peace of mind for the consumer. It helps ensure that new card accounts are not opened and that existing accounts are not compromised in any way. When using a credit card, it is important to make sure that the account information is always kept private and safe. By taking these steps, problem purchases can be eliminated or minimized.

Some people review all their reports at once. Others choose to space them out, checking one every four months, so they can monitor their credit more frequently. No matter what you choose, remember that you are only eligible to receive a free report from each credit reporting bureau once every 12 months.

I have my credit report. Once you’ve received a copy of your credit report, do a thorough review of the contents. Make sure everything on the report is accurate - including your personal information, trade lines, and public records. Review all the account information to make sure it’s correct and that it doesn’t show any false payment or balance information. Pay close attention to each of the accounts - make sure there aren’t any that have been opened fraudulently in your name.

If you find errors on your credit report, you’ll need to contact the credit reporting bureau directly to get it corrected. You can learn more about disputing errors on credit reports on the Federal Trade Commission’s website. My credit score dropped significantly and I don’t know why. What should I do, If your credit score changes significantly and you can’t pinpoint why (an example could be taking out a new loan or missing a payment), it may be a good time to check your credit report.

Reviewing your credit report can help you figure out why your score changed and gives you an opportunity to check for fraudulent activity. If you find errors on your credit report, you’ll need to contact the credit reporting bureau directly to get it corrected. You can learn more about disputing errors on credit reports on the Federal Trade Commission’s website. What does PSECU do to help me protect my credit, PSECU offers many services that help protect your credit and finances.

Members can sign up for free e-Alerts so that they receive an email or text message when activity occurs on their account, such as a debit card being used, card limit being increased, or contact information being changed. This allows members to monitor their credit monthly at no charge. PSECU’s information security staff constantly monitors the latest threats and how to prevent them.

We share information with members on our Security page so you can take action to protect your computer and your account. We want to help you understand the ins and outs of credit and credit reporting so you’re in the best position to protect your identity and your credit. Ultimately, both can have a significant impact on your overall financial well-being. For more information on how to make the most of your money and protect it, visit our WalletWorks page. PSECU is not a credit reporting agency. Members must have PSECU checking or a PSECU loan to be eligible for this service. Joint Owners are not eligible.

Michigan Attorney General Bill Schuette is reminding Michigan residents that the deadline is approaching to enroll in Equifax’s free one-year TrustedID Premiere program that offers credit file monitoring and identity theft protection. The program was created in response to the 2017 Equifax security breach. The deadline for residents who want to enroll in the program is January 31, 2018. This program is free and available to anyone with a valid U.S.

“The aftermath of this security breach is still affecting Michigan residents, which is why my Consumer Protection Division has been working to educate the public on protective prevention measures,” Schuette said. In early October, Equifax announced that 2.5 million more consumers were impacted by the breach than originally thought, including almost 80,000 additional Michigan residents.