Credit Card Fraud Can Happen To Even The Most Prepared

Written by Austen Smith 

A United Services Automobile Association member of almost 40 years, retired teacher Ann Weber always paid her credit card bills on time.

After being with the credit company for decades, it was not until recently she experienced a financial scare.

“My first question was why?” Weber said. “How did this happen to me?”

Weber was going about her day when she discovered, after attempting to purchase an item at a local store, her credit card information had been stolen.

“At the same time I was trying to use my card,” Weber said, “someone in this world was trying to charge $11,986.”

As out of the ordinary as fraud of this magnitude might sound, Weber, according to Daily Finance, is not alone when it comes to this type of thing.

According to the article, the net financial losses experienced by Americans as a result of some form of identity theft almost doubled that of any other type of theft. Who is the major demographic at risk, according to the article, constitutes anyone over the age of 16.

Picture by Alicia Keene.

Harold Meyer, a business owner from Corpus Christi, Texas, said card fraud is something he sees all too frequently in his line of work.

“We auto bill at least 80 cards a month,” Meyer said, “and there are at least three to five that are no longer available due to fraud.”

Even though he does not directly incur a financial loss, Meyer said fraudulent card holders force him to track the owner down in order to receive payment, unless they contact him first.

Meyer went on to say many of his customers are not even aware of the situation until he notifies them.

According to the article, lack of knowledge is commonplace in the world of credit card fraud. Almost 45 percent of the victims, according to the article, discover an instance of fraud only after being notified by their bank.

Weber, when confronted with these statistics, said she agreed with the article – the best thing a person can do is check their monthly statements. Weber, laughing, said she trusted the association to do the right thing.

“It is happening so often these days, and there are so many ways to get it that I don’t worry too much about it,” Weber said. “The fraud teams are smart and efficient in dealing with this type of thing and I just hope it never happens again.”

Carol Bebinger, a self-employed mother of five from Austin, Texas, said she also experienced a form of card fraud recently. She said not only was she unaware it had happened, she also could never pinpoint the cause.

“I did not know about my situation until it had already happened,” Bebinger said, “and that is not a place you want to be.”

According to Daily Finance, most people really do not know how their card information was stolen. In fact, according to the article, only 32 percent of victims do.

So how can an individual do anything to prevent fraud from happening to them?

When asked this question, Weber said to first and foremost protect the physical aspects of the information, be it the card, a printed routing number, or any bank information.

“I am personally very cautious about this,” Weber said, “not everyone is as cautious.”

Weber said the first thing she does before she goes into any store is to place any cash and cards she has on her person or in her pocket. She said purses are easy to set down and easy for someone to steal. Weber said she started doing this after one of her friends had her cards stolen at a restaurant in Mexico. Weber said the cards were in her purse, which was hanging on her chair.

Once the physical documents are obtained, Weber said, the likelihood of financial losses are almost certain.

“It is extremely easy for someone to use your card if they have the physical card,” Weber said. “Most cashiers do not ask for any form of identification.”

Weber said it is also important to stay calm if you suspect you are a victim of fraud or if you have been notified of a fraudulent purchase.

Most people cancel all of their cards, Weber said, once one card has been compromised. Weber said this measure, although seemingly logical, is not necessary.

Meyer, when asked about his plan of action should card fraud happen to him, said he too would simply cancel the card and continue to monitor for anything that looked suspicious, a practice he already does regularly.

In conclusion, Weber said the number one line of defense a person can have when it comes to fraud is a card company or bank you can trust. She said since most of the time the victim can only react once it has happened, it is best to let the banks do the legwork.

Thankfully, Weber said, she was able to get back every penny stolen from her. On top of this, Weber said she was even given a new card within 24 hours of the incident.

Weber said she admits she came out of her credit-card fraud experience better than most.

“Fortunately, USAA is just the greatest,” Weber said. “Had they not contacted me when they did, who knows what could have happened.”