Simplest Way To Resolve Credit Card Identity Theft

Identity theft is one of the issues confronting the United States law enforcement agencies today

. As reported, about 9 million Americans are being victimized yearly. This is very disturbing considering the fact that anyone can be a victim at almost anytime.

In case you will be one of the victims of identity theft, what is the best thing to do to solve this situation? Here is a simple, some may say old school, but effective way to follow in case credit card information is stolen.

First, double check your monthly statement or monthly bill. Mark all suspicious transactions and try to get contact numbers of the merchant who billed your account. Verify the transactions carefully. In case you are not sure of the transactions, call the merchant.

In case fraudulent transactions are identified, notify the credit card company immediately. They will then process lost or stolen card using fraudulent transaction as the reason. Don't forget to inform them of the case of identity theft that happened to you. First step in stopping further charges is taken care off since they will cancel the card number and issue a new one for you. Shred your old credit card and wait for the new one to arrive.

The credit card companies will then notify merchants regarding the incident. It is now on their end whether it will be reimbursed or not. Usually, in cases of theft, the fraud department of the bank will then conduct investigation since you are not financially liable for transaction you did not make. They will try to recover from their loss as well. Most often than not, it will be credited back to your account.

Since financial institutions are also aware of the rising numbers of identity theft, they will try to contact law enforcement agencies. This is to protect their business interest as well as the welfare of their cardholders. It is then on their part to do the investigation. You just need to follow up your complaint, and in case they need supporting documents, cooperate with them.

It may be difficult or frustrating especially if you frequently use your credit card for transactions. You have to wait for your new card and unfortunately you can't use the old one. This is just one of the bad experiences that you will encounter in case you are a victim of credit card theft. Just try to recover from the financial losses and next time, try to exert more effort to safeguard your credit card identity. Remember, it pays to be vigilant.

by: Leo Chu

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