Billions of dollars are lost each year due to credit card fraud. Credit card fraud occurs when someone who is unauthorized uses a credit card to make a purchase on an account. Unfortunately, credit card fraud happens frequently, so if you fall victim here are some steps that you should take to clear up the situation.

Contact your credit card company immediately

Call your credit card company and make them aware of the fraudulent charge on your account. Most credit card companies follow the zero liability policy and will reimburse you for the charge made on your account. If your credit card company does not use this policy, don’t worry! The federal law protects you. If you lose your credit card and report it missing before a fraudulent charge is made, you are not held liable. However, if a fraudulent charge is made before the card is reported as missing, the most you can be charged is $50.00.

Change your passwords and pins.

Changing your passwords and pins is extremely important. This needs to be done after fraud is committed, but you should actually change your password on a regular basis to prevent fraud from occurring. IT security experts recommend changing your password every three months.

Monitor your account and review your bank statements.

After fraud occurs and you change your passwords, it is important to keep an eye on your account and bank statements to ensure that nothing suspicious is going on. If you notice anything unusual, you should contact your credit card company immediately.

It is important to catch credit card fraud so that your score is not affected. Your credit score is one of the most important factors when it comes to applying for a mortgage. If you are searching for a mortgage lender or looking to refinance your current home, contact the Housing Buzz Team today!