Credit card fraud occurs when someone uses your card account without your permission. There are several different forms of credit card fraud, including using lost or stolen cards, using counterfeit cards, taking over a credit card account and unauthorized use of a credit card number. If you spot credit card fraud, contact your card issuer immediately.
Here are some ways to recognize credit card fraud and what to do.
Signs of credit card fraud
Recognizing the signs of fraud early and knowing how to report it could save you time and stress. Signs of fraud can include:
- Charges or merchants you don’t recognize
- Payments made from locations you haven’t visited or that don’t match where you typically make purchases
- You notice a lower amount of available credit, but your spending habits haven’t changed
- Messages or calls from your issuer to verify purchases you aren’t trying to make
If you notice any of these issues, it may be time to act.
Steps for reporting credit card fraud
Here's what you can do if you suspect credit card fraud:
- Contact your credit card issuer immediately: If your card is in your possession, call the customer service number on the back of your card and let them know you suspect fraud. You may also be able to report fraud online.
- 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
You can set up a fraud alert by contacting any of the 3 major credit bureaus. 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, consider reporting the fraud to relevant authorities.
Consider filing an online report with the Federal Trade Commission (FTC), which collects fraud reports to help identify trends and take action against scammers.
Credit card fraud is a criminal offense, regardless of whether your card was stolen or not, so reporting fraud to the police should be considered in all cases.
What happens after your report fraud?
Once you report 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.
During this time, they’ll 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.
You typically won’t be responsible for paying any charges that have been flagged as fraudulent. If the issuer determines the charges are fraudulent, legally, you’re only responsible for up to $50 in unauthorized charges, so long as you report the unauthorized activity within 60 days of receiving the credit card statement. Many card issuers, including Citi, have $0 liability on unauthorized charges.
Preventing future 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
- Use password best practices
- Avoid entering sensitive details over public Wi-Fi
- Don't store card numbers online
- Enable security features like 2-factor authentication
- Report and replace missing cards immediately
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.
