Is the Massachusetts consumer concerned about credit card use? The recent Target revelation that approximately 40 million credit and debit card accounts may have been accessed by hackers begs the question: How can one remain vigilant and still use their credit card?
The following tips were compiled by IRMI, the Insurance Risk Management Institute. Here are some tips from them that we would like to pass on.
Periodically check your credit card statement online to verify that the charges are correct. If you believe a hacker has gained unauthorized access to your credit card, or if you are unsure about a charge, contact your credit card company immediately.
Federal law stipulates that a consumer can order a free copy of his or her credit report every 12 months from each of the three nationwide credit-reporting agencies (Equifax, Experian, and TransUnion). If you discover information on your credit report arising from a fraudulent transaction, you should request that the credit-reporting agency immediately delete that information from your credit report file.
You can add a fraud alert to your credit report from any of the three credit reporting agencies to help protect your credit information. A fraud alert can make it more difficult for a criminal to get credit in your name since it instructs creditors to follow certain protocols to protect you. Note that you need to contact only one of the three agencies. As soon as that agency processes your fraud alert, it will notify the other two agencies, which will then place the same alert into your file.
To take it a step further, you can also contact one of the credit reporting agencies about placing a security freeze on your credit report to prevent a credit-reporting agency from releasing credit information without your explicit authorization.
Creditors should be contacted if various bills do not arrive in time. A missing credit card bill could mean an identity thief has taken over the credit card account and changed the billing address to cover his or her tracks.
All old financial documents, including bank statements and credit card bills, should be shredded to reduce the exposure to what is called "dumpster diving."
International Risk Management Institute, Inc.
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