There are those people that check their credit card statement every month, and there are those that check only here and there, or do not even bother at all.  Why is it worth checking your credit card report?  Identity theft is on the rise in the US, checking your credit card report is a very quick and simple way to prevent suspicious activities.  You may think it won’t happen to you, but the increase in identity theft is increasing by the minute.  In recent years, credit card identity theft has taken over 10 million victims in a single year alone.

Identity theft can take a criminal only a few minutes to achieve, in contrast, it can take months to settle a credit card fraud dispute, so it pays to check your own credit card report for a few minutes or to get a professional service to do it for you, especially if you use credit cards often.  Credit card reports can be accessed free of charge from banking institutions at least once a year.  The things to look out for are any charges on your credit card that you did not incur, or any odd locations or companies you usually do not purchase from.  Most times you may not be liable for the losses, however, debit card accounts generally have less protection against identity fraud, and may be liable for any losses.

There are two types of identity theft, account takeover and application fraud, in which criminals access your account and information and use it to their monetary benefit.  Victims usually learn of the credit card fraud upon checking their credit card report.  Therefore, checking your credit card statement for credit protection can be a great strategy to ensure you and your loved ones are limited to victimization by criminals and paying their bills for them.  You need to catch the criminal’s identity theft early.

If you have online debit card or credit card accounts, it is wise to check them regularly.  Monitor your transactions and activities, and keep a document of your receipts for at least a few months.  This way you can have proof of your purchase and any overlapping dates wherein you did not make the fraudulent transactions.  Keep copies of your account statements, and shred all account details well.  Receipts should never be thrown away; they should be taken with you, as a growing number of untrustworthy employees from companies that you may have shopped with have been found to use customer receipts to access customer’s credit card or debit card account details.

By reducing the amount of credit cards you own and keep on you, can reduce the risks.  The more accounts you have, and the more careless you are with your credit cards, the more potential there is for identity theft.  It pays to be conscientious with money at all times, especially when shopping online.  Do not use debit cards online, as you are less protected by law. And, remember always observe measures in practicing Identity theft protection.

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