If you think that a stolen credit card could never happen to you, you might want to reconsider whether or not this is true. After all, there were 650,572 cases of identity theft in 2019 alone!
No matter how careful you are with your information, there still is the potential for a breach to take place. This is by no fault of your own, but it can cause major issues for you in the future. Here, we’re going to talk about how credit card theft happens, your rights in the event that it happens to you, and how you can cope. Read on to be as prepared as possible.
When learning your rights, there are some important acronyms that you need to know. Remembering these acronyms can help you understand and conceptualize the concepts behind them.
You’ll want to know some concepts related to your bank account. This will help you to understand what happens when a card is used and billed.
When equipped with this knowledge, you will be able to identify when things aren’t working the way that they’re supposed to. You also will be able to communicate more efficiently with your bank.
Credit card theft happens in many ways. Card skimmers, or devices that let thieves capture digital information in credit cards, are pretty common. This can happen when you insert your card into an automated device. Data breaches via public WiFi or large institutions such as workplaces also can give cyber-criminals access to financial information.
If this happened to you, there are a couple of ways that you might find out about it. The first is that your bank may contact you to report strange charges. This will take place if your card is used many times consecutively or if there is card activity in a region that you don’t usually make changes in.
However, if the bank does not contact you, you will still eventually find out about fraudulent charges. This is inevitable when you get your statement and see charges on it that you did not make.
The first thing that you’ll need to do when dealing with a stolen card is to report fraud. Contact your card issuer and change your login information on any devices that you use for online banking. After that, you should monitor your credit card statement for inconsistencies. You can then report any fraud on your statement or on your credit report.
You also can dispute fraudulent credit card charges. This will let you not pay the charges that you did not make. Here are some of the concepts that you’ll need to know when understanding how to do this:
In the meantime, you will need money to pay for an attorney. You will also potentially need to pay off the stolen credit card charges before suing to get your money back. A car title loan can help you get fast cash so that you can stay on your feet during this trying time.
You likely thought you were done learning acronyms, so we hope you’ll forgive us for telling you some more that you need to know. However, it’s important that you understand these key concepts when learning your rights regarding credit card theft.
All of these legal acronyms spell out the rights that you have after your credit card is compromised. Make sure that you write them down somewhere safe. If a lawyer needs to get involved so that your rights can be exercised and your money can be returned to you, it’s critical that you understand this legislation.
While an attorney will already know about these concepts, being equipped with a thorough understanding of them ensures that you know what is going to happen and that you get the best possible recompense.
Now that you know your rights when contending with a stolen credit card, it’s time to get more information on next steps. Contact our financial experts with any lingering questions that you may have. Our professionals are also happy to help you look for a title loan that will help you cover expenses in the interim between learning your rights and exercising them.
We look forward to ensuring that you don’t take monetary a hit because of a stolen credit card!