When was the last time that you shopped on the Internet? When was the last time that you scanned your credit card at a store or gas station? We are living in dynamic times, particularly in how we process payments and acquire goods and services. From cryptocurrencies to digital card readers, there are new ways to pay for things every single day.
Mark Hauser of Hauser Private Equity has been in the financial field since 1995, purchasing the company that would become The Hauser Group. With decades of experience in the industry, Hauser has taken it upon himself to share critical insights about digital payments and card security.
Dealing With Card Fraud
One of the most problematic and enduring issues facing shoppers in today’s digital world is card fraud. Whether you’ve lost your physical card or had it cloned by a digital skimmer, it can be hard to pick the pieces back up again.
Card fraud can manifest in several different ways, and it doesn’t always mean we’ll know how our information got stolen. A data breach online could leak your account details to a waiting fraudster. A misplaced card could end up in the hands of an opportunistic scammer.
Ultimately, dealing with card fraud is about combining preventative measures with proactive outreach if something goes wrong.
What Fraud Solutions Should I Be Aware Of?
Despite our best efforts, we can sometimes find ourselves becoming the victim of credit card fraud. Mark Hauser understands that these situations can be as intimidating as they are confusing, and that’s why he advocates for strict and quick responses to potential fraud.
- Contact Bank – First and foremost, Mark suggests reaching out to the issuing bank of the lost or stolen credit card. This allows the bank to shut the account down if not temporarily suspend it. During this conversation, the cardholder should also request that their PIN and account password be reset.
- Contact the FTC – Next, potential victims of credit card fraud need to reach out to the Federal Trade Commission to report Identity Theft. Bring along any completed police reports to aid in the report.
- Add Fraud Alert Protections – Finally, Hauser suggests signing up for credit report protection and monitoring services from one of the major credit bureaus in the industry. This free fraud alert can get added to your credit report, remaining active over the following year.
Reporting and acting upon a lost or stolen credit card can reduce the exposure of your liability. Mark Hauser suggests prompt action to reduce potential adverse outcomes.