Friendly reminder about credit card fraud
 

I recently had a stolen credit card fraud problem, that I think is related to a hobby source (I'm not naming, as I am not certain of those source at this point). I'm just posting to remind people to regularly, if not daily, check their credit card/bank/etc accounts purchases to identify and nefarious or suspicious purchases. It's best to identify and rectify problems sooner rather than later. The information was most probably stolen online and was used for online purchases-- a physical card wasn't lost, the purchases weren't local and the specific information of the card and one purchase narrowed down the breach.

Also happily note that phone calls to the bank cleared things up-- the bad purchases were negated, credit card cancelled and no money is lost. I'm just reminding of proper personal finance practices, not trying to unduly scare people.

In short and in summary, it's a good thing to check your bank/credit/paypal accounts regularly.

Good reminder and advice for everyone...thanks for posting this.

I don't think some people realize how much fraud takes place out there and how vulnerable our information is. Fraudsters have multiple ways of stealing info and I'm thankful that most of us have protection from banks and such that can help stop a lot of this before it gets legs. I've had this exact thing happen to me a few times over the past ten years or so...luckily it cost me nothing but maybe some patience waiting for a new card to be created.

Follow suit and check your financial transactions often...it's only a click away! :)




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lol

Reg ZZ
 

As another reninder Regulation ZZ on open ended credit says that the maximum that a seller can be liable for is $50 as long as they report the fraud to the credit card company ina timely manner. Almost every bank and credit card company has chosen to waive the $50, but as long as you report it as soon as you find out ... then $50 is the most you can every be out.

Cheers,
Patrick