Do You Have Credit Card Fraud Protection?

A friend of mine just told me her credit card number was stolen (although the card never left her wallet), and $15,000 worth of fraudulent transactions were made within 36 hours.

She downloads her transactions regularly and was able to catch it fairly quickly.

My friend contacted her credit card company, who had already noticed the fraudulent activity, shut down her card, and taken steps to reach her (albeit by snail mail).

They assured her she wouldn't be liable for the purchases. All she'd have to do is fill out an affidavit stating the charges were fradulent.

My friend is still puzzled, as she and her spouse rarely use this particular card for any kind of online shopping. The only time it leaves their sight is when they use it in a restaurant.

All this leads to a bunch of questions YOU need to be asking about your credit card companies. (Hopefully, you don't have that many.)

What's their policy if your card card or card number is stolen? How much are you liable for?

If you're using a debit card and someone gets hold of that card number, how much are you liable for? Can they clean out your bank account?

(My friend and her husband were switching to debit card use exclusively...now they're re-thinking that, depending on what their bank's policy is regarding debit card fraud).

Some steps you can take to protect yourself:

1. Make sure you know how much you're liable for should your card or card number get stolen.
2. Regularly (if not daily) check your credit card online for strange transactions, and contact your card company immediately if you notice anything funky.
3. Never let anyone walk away with your credit card. Pay for restaurant meals with cash.
4. Check to see if your card company has special software that will generate a unique one-time-only card number for online purchases. Use these religiously!

Finally...who do you think is eventually going to pay for that $15,000 my friend's unknown thief racked up?

YOU and ME, my friend.

So do your part...protect yourself...and put these really, really evil guys (or gals) out of business.