If you’re interested in protecting your credit card from theft then there are ways to do so; however, if you do find yourself a victim of this expensive crime, you may be able to avoid fraud charges. By adding a feature to your insurance, you may be able to recover from an incidence of credit card theft relatively quickly.
What to Do if You’re the Victim of Credit Card Theft
The first step after realizing that you are the victim of credit card theft is reporting it to your credit card company. After you’ve provided your information over the phone, you’ll want to send the company a written copy of your report. Next, you’ll want to contact one of the three major credit bureaus to have a fraud alert to be placed on your file. By contacting one, by law it must contact the others. Then, you’ll want to call the police to file an official report. And finally, it’s important to file a complaint with the Federal Trade Commission.
If you have already been the victim of credit card theft then you know how expensive the recovery process can be. Some insurance companies have tried to reduce fraud charges by incorporating identity theft provisions into coverage options. These provisions can pay you back for expenses lost during the process such as phone bills, legal fees, and lost wages. The cost for this coverage runs in the ballpark of $25 to $50 annually.
Avoiding Credit Card Theft
Of course, the best way to avoid this issue is by protecting your credit card from theft. Here are a few ways to get this done:
- Keep track of your credit cards. Always knowing where your cards are is a sure-fire way to ensure they’re not stolen.
- Only carry your credit cards when necessary. If you know that your short trip to the convenience store doesn’t require your cards, it’s a good idea to leave them at home.
- Submit credit card information with caution. When submitting your information online, always make sure it’s a secure site. Also, try to avoid giving it out over the phone unless absolutely necessary.
With credit card theft on the rise, it’s good to know that your fraud charges can be reimbursed. But the best route you can take in this situation is simply preventing your credit card from theft.