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CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Credit Card Fraud An Educational Partnership of Consumer Action and Chase ©2009.

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Presentation on theme: "CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Credit Card Fraud An Educational Partnership of Consumer Action and Chase ©2009."— Presentation transcript:

1 CONSUMER ACTION - Credit Card Fraud Training Credit Card Fraud An Educational Partnership of Consumer Action and Chase ©2009

2 CONSUMER ACTION - Credit Card Fraud Training Overview of Topics Recognizing types of Credit Card Fraud Protecting yourself from fraud Steps to take when fraud strikes Resources & referrals

3 CONSUMER ACTION - Credit Card Fraud Training Credit Card Fraud Unauthorized charges to your credit card Counterfeit cards

4 CONSUMER ACTION - Credit Card Fraud Training Credit card fraud can occur when cards are lost or stolen mail is diverted by criminals employees of a business steal customer information

5 CONSUMER ACTION - Credit Card Fraud Training Why does credit card fraud matter? The Federal Trade Commission estimates that 10 million people are victimized by credit card theft each year Credit card companies lose close to $50 billion dollars per year because of fraud These costs trickle down in higher interest rates and fees for all consumers

6 CONSUMER ACTION - Credit Card Fraud Training The bottom line... All cardholders pay for credit card fraud losses –Victims spend time and money to repair the damage –Credit card issuers charge higher fees and interest rates to cover their losses

7 CONSUMER ACTION - Credit Card Fraud Training ID Theft Identity theft is the use of someones personal information, such as their Social Security number or date of birth, to commit financial fraud

8 CONSUMER ACTION - Credit Card Fraud Training ID thieves harm victims by: using their names and other personal information to open new credit accounts accessing existing credit and bank accounts to make unauthorized purchases Victims of ID theft are not held liable for losses, but it takes time and effort for victims to prove fraud and clean up the chaos

9 CONSUMER ACTION - Credit Card Fraud Training Forms of Fraud Dumpster Diving –Stealing credit card information from discarded receipts or account statements in peoples trash –Shred unwanted documents that contain Social Security numbers, bank and credit card information and other sensitive financial information

10 CONSUMER ACTION - Credit Card Fraud Training Skimming When dishonest employees make illegal copies of credit or debit cards using a skimmer device that captures credit card numbers and other account information –The stolen credit information is used to make purchases by phone and internet, or to make counterfeit cards

11 CONSUMER ACTION - Credit Card Fraud Training Phishing Phishing is a financial crime that starts with massive numbers of deceptive spam e- mails –These s look like they come from your bank –But they are just a trick to get account numbers and passwords

12 CONSUMER ACTION - Credit Card Fraud Training Security Codes Credit card companies use security codes to help prevent unauthorized or fraudulent use by phone and online –These numbers help ensure that you have the card not just the account number Merchants are prohibited from keeping or storing any security codes after transactions are completed

13 CONSUMER ACTION - Credit Card Fraud Training Security Codes Security codes for Visa, MasterCard and Discover cards are the 3 digits located on the back of the card in the signature box. Security codes for American Express are 4 digits long, printed on the front of the card above the right side of the main credit card number.

14 CONSUMER ACTION - Credit Card Fraud Training New Cards For added protection, credit card issuers ask you to call from home to activate new credit cards As soon as you receive your new card, sign the back of it with a permanent black ink pen

15 CONSUMER ACTION - Credit Card Fraud Training Should you write Ask for ID? Writing Ask for ID in the signature space may not be a good idea as your transactions might not go through if the card isnt signed Consider signing your card and also writing Ask for ID

16 CONSUMER ACTION - Credit Card Fraud Training In case your card is lost or stolen Record all your account numbers and company contact information and keep the record in a secure place That way you can easily find whom to call to report the loss

17 CONSUMER ACTION - Credit Card Fraud Training Protect your PIN Never write down your personal identification number (PIN) Never give your PIN to anyone

18 CONSUMER ACTION - Credit Card Fraud Training Protect your account numbers Never write your credit card number on post cards or on the outside of envelopes Never provide your card number on the phone, unless you know its a legitimate, reputable business Never give your account number to anyone who calls you on the phone or sends you an e- mail If you let others use your card, you are responsible for charges

19 CONSUMER ACTION - Credit Card Fraud Training Billing Statements Review credit card statements closely on the day they arrive –Report any questionable charges to your card issuer immediately A missing credit card statement may indicate stolen mail –Contact your card issuer right away if your bill doesnt arrive around the usual date

20 CONSUMER ACTION - Credit Card Fraud Training Online account access If you have a computer, consider signing up for online account access This way you can track your account activity between statements

21 CONSUMER ACTION - Credit Card Fraud Training Liability Fraud victims are not generally required to pay for unauthorized charges Victims may be liable for up to $50 of the loss, depending on the circumstances

22 CONSUMER ACTION - Credit Card Fraud Training Protect your wallet or purse Keep a close eye on your belongings Never carry all your credit cards Bring only the 1 or 2 cards you might need Carry your credit cards separate from your wallet If your wallet or purse is lost or stolen, call your credit card issuers immediately

23 CONSUMER ACTION - Credit Card Fraud Training Watch your credit card Watch closely when store or restaurant employees handle your card to make sure they are not copying or Skimming your credit card number After you make a purchase and your card is handed back to you, make sure the card is yours.

24 CONSUMER ACTION - Credit Card Fraud Training Take precautions Notify your credit card company if you are going to be traveling away from home to prevent any inconvenience if your issuer should block your account from being used in a different city Notify your credit card company if you are going to make any unusually large purchases so that your account is not flagged for possible fraud

25 CONSUMER ACTION - Credit Card Fraud Training Safeguard your mail Notify the post office and your credit card company immediately if you change your address Lock your mailbox. Never leave mail in an unlocked mail box or apartment building lobby Put your return address on out-going mail Shred unwanted credit card solicitations before discarding

26 CONSUMER ACTION - Credit Card Fraud Training Internet Safeguards If you bank online, dont use automatic sign on for bank or credit card sites Avoid providing your credit card number to websites offering free access Install a firewall in your computer to prevent unauthorized access from hackers

27 CONSUMER ACTION - Credit Card Fraud Training Reporting credit card fraud To report credit card fraud –Call your card company immediately about Lost or stolen cards or PIN numbers Unauthorized charges on your statement –Request a fraud affidavit –Get a police report if necessary

28 CONSUMER ACTION - Credit Card Fraud Training The Fair Credit Billing Act is a federal law that gives you the right to resolve billing errors, including unauthorized charges –If something goes wrong, you have the right to dispute the charge –To dispute billing errors on your statement, contact your card issuer within 60 days from the statement date or you lose your right to file a dispute Note: There is no time limit for reporting fraudulent charges.

29 CONSUMER ACTION - Credit Card Fraud Training Disputing charges Always dispute billing errors in writing. You can call your card company and follow up with a letter. –Describe the dispute in a few sentences –Send it to the correct address for billing disputes –Do not include your dispute letter with your bill payment

30 CONSUMER ACTION - Credit Card Fraud Training Helpful resources to know about

31 CONSUMER ACTION - Credit Card Fraud Training Free Credit Reports Online: Phone: By mail: Annual Credit Report P.O. Box Atlanta, GA

32 CONSUMER ACTION - Credit Card Fraud Training Federal Trade Commission (FTC) The FTC offers free publications on credit cards, billing rights and how to avoid credit card fraud

33 CONSUMER ACTION - Credit Card Fraud Training The National Fraud Information Center The National Fraud Information Center, a project of the National Consumers League, offers advice and prevention tips

34 CONSUMER ACTION - Credit Card Fraud Training Your State Attorney Generals Office The National Association of Attorney General web site Check the phone directory to find your state office

35 CONSUMER ACTION - Credit Card Fraud Training Questions and Answers

36 CONSUMER ACTION - Credit Card Fraud Training Consumer Action Visit our web site: Call: This presentation was created by Consumer Action in partnership with Chase. © Consumer Action 2009


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