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What should I know about credit card fraud?
Credit card fraud is serious. It can cost you money and damage your credit rating. It is important to protect yourself against it.
Credit card fraud is when someone uses your credit card information to make purchases that you don't know about. In cases of identity theft, people may apply for new credit cards in your name without your knowledge.
If you are a victim of these crimes, it may cost you money and your credit rating can be damaged. Repairing the damage can be a long and tiring process.
It is not only a good idea to protect yourself against credit card fraud, you have a responsibility to protect your card against misuse.
Possible Signs of Credit Card Fraud
- A bank or credit card company contacts you about suspicious transactions.
- Bills and bank or credit card statements have purchases you don't recognize.
- A creditor or collection agency contacts you about unknown debts.
- Your credit report shows loans or purchases that you didn't request.
How to Protect Yourself
- Sign your credit card as soon as you receive it.
- Never lend your credit card to anyone.
- Carefully review your credit card statement every month.
- Check your credit report once a year.
- Report lost or stolen cards immediately.
- Destroy credit card receipts and statements.
- Shop online safely.
If it Happens to You
If you think you might be a victim of credit card fraud, you need to report it immediately to your bank and credit card companies.
For More Information
- Credit Card Fraud - How to prevent credit card fraud and what to do if you are a victim of it. From Canada's Office of Consumer Affairs.
- Identity Theft and Identity Fraud - Explains the types of credit card fraud and helpful tips and links. From the Royal Canadian Mounted Police.
- Debit Card Fraud - Learn more about this type of fraud and your responsibilities as a consumer. From Innovation, Science and Economic Development Canada.
This article contains information from the Canadian Anti-Fraud Centre and the RCMP.
November 10, 2021