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July 16, 2022

How to Recover from Credit Card Fraud

Keep these steps in mind if you experience credit card fraud.

Finding fraudulent activity on your credit card account is a common yet frustrating experience. Here are four steps to take if you learn of fraudulent credit card transactions on your account.

Note the fraudulent charges on your statement

Spotting suspicious charges on a credit card statement is a common way to identify fraudulent activity. It is advised to create a habit of closely checking each statement for potential fraudulent charges. The first step after noticing fraudulent charges is to contact your credit card company. Be ready to specify which transactions you believe to be fraudulent.

Call and inform your credit card company

After picking out the fraudulent charges on your account, immediately call your credit card company. If you still have your physical credit card, the number is often found on the back of the card. If you’ve lost your card and can’t find the number, most institutions have a number located on their website. It’s crucial to notify your company early: the sooner you call, the sooner you’ll get ahead of future fraudulent charges.

Change your login information and passwords

After you’ve reported the fraud to your credit card company, take time to change and reset your account passwords, pin, and login information. This information should be changed whether it is the physical credit card or just credit card information that has been stolen. Create a strong password for your account by using unique word choice, making your password longer than six characters, and using separate passwords for each of your accounts.

Keep an eye on your reports and statements

Finally, make sure to monitor your credit card statements extra closely the few months after any suspicious activity. Fraudulent charges can continue to appear on your account, reports, and statements even after your initial issue has been resolved.

Here at Citizens First Bank, we are dedicated to protecting our account holders. If you ever find yourself to be a victim of credit card fraud, call or visit your local branch.

Any questions about securing your bank accounts? Click here to learn more.