Stolen Debit or Credit Card Numbers

When you realize your credit or debit card number has been stolen, it can be a source of significant stress. Sometimes, you find out proactively from your bank that there may have been a security breach. Your old card is frozen, your new card is sent, and the whole thing is just a little bit annoying. 

However, if you find out that you see fraudulent charges or other activity on your account that you didn’t make, you may need the help of a Florida credit card fraud lawyer. Sharmin and Sharmin, Attorneys at Law, have years of experience in financial law. Working with us can help mitigate current damage and take steps to protect yourself in the future. 

How Does Your Debit or Credit Card Get Stolen?

Scams to steal or illegally purchase credit and debit card numbers constantly evolve. While it may feel vulnerable to think of the many ways it could be stolen, identifying the reason allows you to take precautions. Some of the common ways this information is stolen include:

• Finding lost cards 
• Stealing information from the mail
• Phishing scams
• Physically stealing your card

This is not an exhaustive list, but it presents circumstances you can control more easily and prevent. General best practices to protect your information include shredding junk mail that may include your information, keeping track of your physical card, and being cautious of how and to whom you provide your information. Additionally, credit cards are often considered a safer payment option because of the additional federal protections offered. 

What to do if Your Credit or Debit Card Number is Stolen

If your information has been stolen, there are clear steps to rectify the situation, including reporting the theft. The Federal Trade Commission outlines some necessary and possible steps to correct the situation. 

Report the Fraud

The FTC recommends immediately reporting the fraud to places where the card information was used. You should notify the financial institution that supplied the card to set up a fraud alert. This step can also protect you from any further charges on that account. Following the financial institution, you may report fraud or identity theft to the FTC or your local police department. In some situations, you may need a record of these reports to recover losses. 

Follow-Up

Once you have reported the fraud, you can focus on damage control and follow-ups. This may include placing additional fraud alerts or credit freezes on your accounts or checking your credit reports to confirm you don’t have any other fraudulent activity. You can request a free credit report from each of the three major credit reporting bureaus once a year. The FTC partners with a credit report reviewing site that is authorized to issue these free annual reports. 

Minimizing Your Loss

The first step to minimizing your loss is to report the issue as soon as you see it. Many institutions will not hold you responsible for any attempts of fraudulent charges once you have reported your information stolen or fraudulently used. The FTC reports that your losses can vary depending on how quickly they are reported. 

If you report the problem before charges are made, you will not be held responsible for any charges made. Reports within two business days of learning about the problem may give you a maximum loss of $50. However, if you report the problem between 2 and 60 business days after discovering it, you may lose up to $500. Reports beyond 60 calendar days may mean you are responsible for all charges.