Question 1

What is credit card fraud?

Brex · Accepted Answer

Credit card fraud is the unauthorized use of a credit account. Criminals use several different techniques to fraudulently obtain the account holder's card details and personal information. They then use this information to obtain goods via unauthorized transactions or to steal funds directly from the victim's account.

Question 2

How does credit card fraud happen?

Brex · Accepted Answer

Criminals can use several different techniques to commit credit card fraud. One of the most common is card-not-present fraud. This involves stealing credit card information from unsuspecting victims, typically through the use of malware or phishing scams.

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Fraudsters can also create counterfeit cards through skimming fraud. This technique involves using a skimmer device on ATMs or merchant terminals to steal details from the card's magnetic stripe. Other forms of credit card fraud include lost or stolen cards, false applications for credit under another person's identity, and card-never-arrived fraud when mail is stolen or intercepted to obtain credit cards.

Question 3

Who is liable for unauthorized credit card charges?

Brex · Accepted Answer

Account-holders are only liable for $50 of unauthorized credit card charges, regardless of the amount that has been fraudulently spent, according to the Fair Credit Billing Act.

If you report the card as lost or stolen to the issuer before any unauthorized transactions are made, you are not liable for the charges. Additionally, if only your credit card number is stolen, you will not be responsible for fraudulent transactions under federal law. Many credit card issuers adopt a zero-liability policy, meaning customers are not responsible for any fraudulent charges on their account.

Question 4

Are credit card purchases protected?

Brex · Accepted Answer

Credit card protection is a form of coverage on items purchased with your credit card. It helps to cover costs of faulty or damaged items if you're unable to seek a refund or replacement through the merchant. Credit card protection also helps cover orders that do not match their description, as well as lost or missing items.

Usually, there is a set dollar limit on claims with credit card protection, which can range between $500 to $10,000. There can also be limits on the amount you can claim under a policy per year. Refer to your cardholder agreement to check your issuer's limitations and claim process.

Question 5

How can I report credit card fraud?

Brex · Accepted Answer

Immediately contact your issuer to report a lost or stolen card. They will cancel your card, issue a new credit card number, and launch an investigation. Also contact one of the three major credit bureaus - Experian, Equifax, or TransUnion - to set up a fraud alert. This will notify you of any account changes or credit application attempts in your name. You only need to contact one, as they will send your request onto the other bureaus within 24 hours.

File a local police report and retain a copy for your files, as well as submitting a complaint to the Federal Trade Commission. Update any compromised security details and regularly review your account statements to identify any unauthorized activity.

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