What to do after credit card theft?

What to do after credit card theft?



Credit card theft statistics


The reason for theft may be to get merchandise with no payment, or to get unapproved funds from an account. Credit card theft is also a crime that is mostly linked to credit card identity theft which as per the United States Federal Trade Commission, the degree of identity theft had been constantin the mid 2000s, had gone up by 21 percent in 2008.


Whereas some identity thieve semphasize on credit card number theft and using them to the limit before you realize they're misplaced, agrowing number are utilizing other portions of information about you, like an internet shopping account or email login details, to be able to inappropriate your complete identity through online credit card theft. A February 2014 study established that 13.1 million identity-theft cases were reported in 2013, causing $18 billion in losses. A more common method of identity theft is account takeover fraud, which was just about 28 percent of fraud cases in 2013.

How to report credit card theft?


how to catch a credit card theft


Rather than just using a card for unapproved transactions, impostors plunge further and hack into accounts, alter settings and make acquisitions in your name. For instance it accounted for $5 billion in fraud losses in 2013. In case you become a victim, below is how to report credit card theft and what to do after credit card theft:


  • Communicate with credit bureaus. Put a "fraud alert" on your credit reports by calling one of the three national credit bureaus.
  • File a police report.
  • Communicate to your card issuer.
  • Lodge a complaint with the Federal Trade Commission (FTC)


Card fraternities like Visa, MasterCard, etc. are aware when aconsumer is jeopardized in advance to the banks or the trader, information that is rarely shared with banks. In cases of a violation, the card fraternities will send each affected bank a list of card numbers that were jeopardized. The bank may possibly be able to track from that list the violated consumers if they are not one that bulks of their cardholders shop at in a specified month. Nevertheless, in the instances that banks are aware which trader instigated a card to be jeopardized and/or exchanged, the banks hardly ever share that evidence with their customers.

Credit card theft laws


what to do after credit card theft


Credit card theft laws and credit card theft penalty vary from state to state. Mostly, the statutes managing credit card theft are regulated by individual states. Generally, both grand theft and forgery are felonies, imperiling the culprit to 16 months or two or three years in a state prison and a maximum $10,000 fine, or as a petty larceny to up to one year in a county jail and a maximum $1,000 fine. The federal violations under Title 18 USC 1029 states that, if a thief commits the crime on government property across state lines, or against a government institution, federal charges may apply with up to 10 to 20 years in prison.

How to prevent credit card theft?


ways to prevent card theft


Below are a number of things that can be done to reduce the risk of credit card theft and ways to prevent it.


  • Ensure that you completely destroy personal documents or opt for email communication instead of paper.
  • Make use of your chip card for necessary transactions.
  • Be sure to avoid providing personal information to unknown sources, clicking on suspicious links and downloading software from untrustworthy sites.
  • If you are in possession of your card when duplicitous transactions are made, you won’t be accountable for any of the charges.


Frequent monitoring of your accounts, identifies activity you don't recognize, immediately reporting to police to connect you to a professional fraud investigator and professional tracking. The most important thing is for cardholders to monitor their statements for unapproved charges, and to report promptly.