Hackers are busy at work trying to get into your personal financial accounts so that they can make a quick buck. According to the Federal Trade Commission, credit card fraud and theft increased by about 21 percent in 2008 and holding steady ever since. In 2006, fraud accounted for seven cents of each 100 dollar transaction. Topping the list of 15 biggest credit card frauds is the March 2008 installation of spyware in the Heartland Payment Systems to steal information on more than 134 million accounts. The mastermind of the scheme was caught in 2009 and now serving a 20 year prison sentence.
Credit and debit card holders should review their card statements regularly and if they suspect any unauthorized transactions, here’s what they should do.
- Contact your financial institution immediately.
- Know your rights. You are not responsible for more than $50 in fraudulent charges under the Federal law.
- Place a fraud alert in your credit files. This will obligate any credit agency to contact you before issuing any new credit.
- Get free copies of your credit reports annually and review for any inconsistencies.
You can also contact the retailer who charged your card. It could be a simple mistake.