Credit_Card_Fraud

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Welcome:

Topic Name-Plastic Card Fraud Welcome Abhishek tiwari

Overview of Topics:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Overview of Topics Recognizing types of Credit Card Fraud Protecting yourself from fraud Steps to take when fraud strikes Resources & referrals

Credit Card Fraud:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Credit Card Fraud Unauthorized charges to your credit card Counterfeit cards

Credit card fraud can occur when:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Credit card fraud can occur when cards are lost or stolen mail is diverted by criminals employees of a business steal customer information

Why does credit card fraud matter?:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Why does credit card fraud matter? The Federal Trade Commission estimates that 10 million people are victimized by credit card theft each year Credit card companies lose close to $50 billion dollars per year because of fraud These costs “trickle down” in higher interest rates and fees for all consumers

The bottom line...:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org The bottom line... All cardholders pay for credit card fraud losses Victims spend time and money to repair the damage Credit card issuers charge higher fees and interest rates to cover their losses

ID Theft:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org ID Theft Identity theft is the use of someone’s personal information, such as their Social Security number or date of birth, to commit financial fraud

ID thieves harm victims by: :

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org ID thieves harm victims by: using their names and other personal information to open new credit accounts accessing existing credit and bank accounts to make unauthorized purchases Victims of ID theft are not held liable for losses, but it takes time and effort for victims to prove fraud and clean up the chaos

Forms of Fraud:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Forms of Fraud Dumpster Diving Stealing credit card information from discarded receipts or account statements in people’s trash Shred unwanted documents that contain Social Security numbers, bank and credit card information and other sensitive financial information

Skimming:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Skimming When dishonest employees make illegal copies of credit or debit cards using a “skimmer” device that captures credit card numbers and other account information The stolen credit information is used to make purchases by phone and internet, or to make counterfeit cards

Phishing:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Phishing Phishing is a financial crime that starts with massive numbers of deceptive spam e-mails These e-mails look like they come from your bank But they are just a trick to get account numbers and passwords

Security Codes:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Security Codes Credit card companies use security codes to help prevent unauthorized or fraudulent use by phone and online These numbers help ensure that you have the card — not just the account number Merchants are prohibited from keeping or storing any security codes after transactions are completed

Security Codes:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Security Codes Security codes for Visa, MasterCard and Discover cards are the 3 digits located on the back of the card in the signature box. Security codes for American Express are 4 digits long, printed on the front of the card above the right side of the main credit card number.

New Cards:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org New Cards For added protection, credit card issuers ask you to call from home to activate new credit cards As soon as you receive your new card, sign the back of it with a permanent black ink pen

Should you write “Ask for ID”?:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Should you write “Ask for ID”? Writing “Ask for ID” in the signature space may not be a good idea as your transactions might not go through if the card isn’t signed Consider signing your card and also writing “Ask for ID”

In case your card is lost or stolen:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org In case your card is lost or stolen Record all your account numbers and company contact information and keep the record in a secure place That way you can easily find whom to call to report the loss

Protect your PIN:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Protect your PIN Never write down your personal identification number (PIN) Never give your PIN to anyone

Protect your account numbers:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Protect your account numbers Never write your credit card number on post cards or on the outside of envelopes Never provide your card number on the phone, unless you know it’s a legitimate, reputable business Never give your account number to anyone who calls you on the phone or sends you an e-mail If you let others use your card, you are responsible for charges

Billing Statements:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Billing Statements Review credit card statements closely on the day they arrive Report any questionable charges to your card issuer immediately A missing credit card statement may indicate stolen mail Contact your card issuer right away if your bill doesn’t arrive around the usual date

Online account access:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Online account access If you have a computer, consider signing up for online account access This way you can track your account activity between statements

Liability:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Liability Fraud victims are not generally required to pay for unauthorized charges Victims may be liable for up to $50 of the loss, depending on the circumstances

Protect your wallet or purse:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Protect your wallet or purse Keep a close eye on your belongings Never carry all your credit cards Bring only the 1 or 2 cards you might need Carry your credit cards separate from your wallet If your wallet or purse is lost or stolen, call your credit card issuers immediately

Watch your credit card:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Watch your credit card Watch closely when store or restaurant employees handle your card to make sure they are not copying or “Skimming” your credit card number After you make a purchase and your card is handed back to you, make sure the card is yours.

Take precautions:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Take precautions Notify your credit card company if you are going to be traveling away from home to prevent any inconvenience if your issuer should block your account from being used in a different city Notify your credit card company if you are going to make any unusually large purchases so that your account is not flagged for possible fraud

Safeguard your mail:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Safeguard your mail Notify the post office and your credit card company immediately if you change your address Lock your mailbox. Never leave mail in an unlocked mail box or apartment building lobby Put your return address on out-going mail Shred unwanted credit card solicitations before discarding

Internet Safeguards:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Internet Safeguards If you bank online, don’t use “automatic sign on” for bank or credit card sites Avoid providing your credit card number to websites offering “free access” Install a firewall in your computer to prevent unauthorized access from hackers

Reporting credit card fraud:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Reporting credit card fraud To report credit card fraud Call your card company immediately about Lost or stolen cards or PIN numbers Unauthorized charges on your statement Request a fraud affidavit Get a police report if necessary

The Fair Credit Billing Act :

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org The Fair Credit Billing Act is a federal law that gives you the right to resolve billing errors, including unauthorized charges If something goes wrong, you have the right to dispute the charge To dispute billing errors on your statement, contact your card issuer within 60 days from the statement date or you lose your right to file a dispute Note: There is no time limit for reporting fraudulent charges.

Disputing charges:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Disputing charges Always dispute billing errors in writing. You can call your card company and follow up with a letter. Describe the dispute in a few sentences Send it to the correct address for billing disputes Do not include your dispute letter with your bill payment

Helpful resources to know about:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Helpful resources to know about

Federal Trade Commission (FTC) :

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Federal Trade Commission (FTC) The FTC offers free publications on credit cards, billing rights and how to avoid credit card fraud www.ftc.gov/consumer

The National Fraud Information Center:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org The National Fraud Information Center The National Fraud Information Center, a project of the National Consumers League, offers advice and prevention tips www.fraud.org 1-800-867-7060

Your State Attorney General’s Office:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Your State Attorney General’s Office The National Association of Attorney General web site www.naag.org Check the phone directory to find your state office

Questions and Answers:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Questions and Answers

Consumer Action:

CONSUMER ACTION - Credit Card Fraud Training www.consumer-action.org Consumer Action Visit our web site: www.consumer-action.org E-mail: info@consumer-action.org Call: 415-777-9635 This presentation was created by Consumer Action in partnership with Chase. © Consumer Action 2009

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