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Avoiding Fraud
By On Your Way Staff
Five tips to avoid credit fraud.
If you've been a victim of identity theft, check fraud or debit scams, you know how irritating it is when people try to steal your money. You start by freezing your account, then you cancel your debit/credit cards, next call your credit union to determine which purchases were yours and which weren't, then you have to file claims, and to top it all off, you have to wait until your next card arrives in your mail box before you have easy access to your money again.
Luckily, most credit unions offer full protection for their members who may be victims of identity theft. As technology advances, it seems like thieves find more and more ways to steal your personal information. They can be telemarketers who ask for your account information, tech savvy store clerks who have machines that will store the info on your card with a simple swipe, and even unwary businesses who throw out documents containing your private information for any willing dumpster diver.
As a consumer in the technological era, it's difficult to know how to protect your identity. Check out the list below for some sure fire tips for keeping your money where it belongs, in your account.
1. Don't give your personal information out over the phone or in an email. Unless you have explicitly agreed to make a payment over the phone, no one has the right to your financial information. If you get a call from a telemarketer asking you for your account information, don't give it to them.
2. Shred your important documents. There are people who are actually willing to jump in a dumpster to look for paperwork with your account information on it. This can be anything from a bank statement to a credit card offer. If you aren't sure whether a document should be shredded, go ahead and shred it anyway. Better safe than sorry.
3. Keep your PIN private. Some thieves will call claiming that you've won a cash prize give away. They will follow this by asking you for your account number and your PIN. And at that point, you should be hanging up the phone because there is no way you should give your PIN or your account number to a complete stranger.
4. Keep your receipts. Yes, it's boring, but keep your receipts and compare them to your statement every month. It could mean the difference between who gets to spend your hard earned cash...you or a perfect stranger.
5. Make sure your online transactions go through a secure site. This means that the address will begin as https:// or you'll see a little lock icon near the address bar.
While everyone tries to be safe, sometimes bad things happen even to the most prepared people. The question is how do you handle this kind of theft? And what can you be held liable for if someone does manage to get access to your account? The very first thing you should do is report your lost or stolen card to your credit union as quickly as possible. Most credit unions have 24 hour lines for these kinds of emergencies. If you make your report before your card is used, then by law, you cannot be held responsible for any of the purchases made with your card. If your card is used before you report it, then you can only be held responsible for the first $50 spent.
While $50 isn't cheap, it's certainly a step up from the thousands you could owe. With that in mind, be smart about what you do with your account information and save yourself a major headache.
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Filed Under:
scam |
checking |
debit |
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