Signs of credit card fraud
Recognizing the signs of fraud early could save you time and stress. Signs of fraud can include:
- Charges or merchants you don’t recognize on your credit card statement
- A lower amount of available credit, despite maintaining your spending habits
- Messages or calls from your issuer to verify purchases you aren’t trying to make
- Notifications from your bank or issuer about unauthorized activity on your account
If you notice any of these issues, it’s generally a good idea to take steps to report fraud.
Steps for reporting credit card fraud
Here’s what you can do if you suspect credit card fraud:
Lock your card: If your card issuer offers the option, locking your card can stop new charges from posting to your account while you verify if any questionable charges are truly fraudulent.
Contact your credit card issuer immediately: If your card is in your possession, call your issuer’s customer service number (which you can find either online or on one of your statements) and let them know you suspect fraud. If the fraud relates to an account you don’t recognize, it’s a good idea to look up the customer service number online — unknown statements may be part of a scam to get your information.
Provide details of the unauthorized transaction(s): Be prepared to share information like the transaction date, amount and merchant.
Monitor your account activity: Keep an eye on your account after reporting fraud to ensure no additional unauthorized transactions occur.
Notify the credit bureaus
After reporting credit card fraud to your issuer, you may set up a fraud alert by contacting any of the 3 major credit bureaus. Fraud alerts require creditors to contact you before approving new accounts and can last 1 to 5 years, depending on the type of alert.
If you set up an alert with a single credit bureau, they’ll automatically notify the others.
Reporting fraud to the authorities
In addition to notifying your credit card issuer and the credit bureaus, consider reporting the fraud to the relevant authorities. Credit card fraud is a form of identity theft, which is a crime you can report to the police.
You may also file an online report with the Federal Trade Commission (FTC), which collects fraud reports to help identify trends and take action against scammers.
What happens after you report credit card fraud?
After reporting credit card fraud, your issuer will typically send you a new card with a new number, security code and expiration date. If you still have your old card, you won’t be able to use it anymore.
At the same time, your card issuer will investigate the transactions to determine if they qualify as fraud. In the meantime, you can continue monitoring your accounts and be prepared to answer follow-up questions from your card provider.
Am I responsible for fraudulent credit card charges?
If the issuer determines the charges are fraudulent, legally, you’re only responsible for up to $50 in unauthorized charges. Many card issuers, including Citi, have $0 liability on unauthorized charges.
Preventing future credit card fraud
While no one is immune to fraud, taking these proactive steps may reduce your risk:
- Regularly monitor your credit card account for unusual activity
- Don’t reuse passwords and store them securely
- Avoid entering sensitive details over public Wi-Fi
- Enable security features, like multifactor authentication
- Report and replace missing cards immediately
Credit card fraud can be alarming. Once you’ve reported it and dealt with the immediate consequences, you can focus on securing your accounts and protecting future you.
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
