September 29, 2010
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Ohio Warns Of Resurfacing Credit Card Scammers, Pt.3
Someone's going to pay the price.Previous...
Protecting yourself from credit card and identity fraud has become a full time job now a days. All too often cardholders get complacent in believing that they are removed from the dangers of becoming a victim of fraud. Although paying a monthly fee to your lender to monitor your credit files is a very good way of helping to reduce the chances of becoming a victim, it is not enough. Saying that you have a zero liability is not enough either. If fraud does occur, someone has to pay the price. Trust me; your credit card company has other ways of getting their money back from fraud recovery. As fraud continues to grow, interest rates and fees will also continue to grow. These earnings are used to cover fraud. Therefore, all credit cardholders end up paying the price.
So what should you do if you should receive such a call? Begin by hanging up. Do not give the caller an opportunity to slither their way into your good graces. As I mentioned earlier, call the credit card company on your own behalf. Many consumers do not realize that they have an open line to their lender and that calling to ask for an interest rate reduction is one of the services provided through the customer service line. Before calling your credit card company, be sure to have all your ducks in a row. Payment history records are valuable in pleading your case. Also of value is any offer which you have received from another lender with a lower interest rate.
Protect yourself and take the necessary precautions to avoid becoming a victim of credit card and identity fraud. You can do so by remembering that you should never give out any card data or personal information to any individual over the phone unless you have solicited the call yourself. Furthermore, check your bank statements and card account statements regular to make sure there is no suspicious activity. Call your lender immediately if you notice any suspicious activity on your statement. Lastly, shred any papers that have personal information on them.