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Have You Ever Been a Victim of Credit Card Fraud?
If so, you’re not alone. Credit card fraud can be a stressful and frustrating experience, but it’s relatively easy to recover from. In this article, we’ll discuss the differences between credit card fraud and identity theft, how to monitor your personal information, and some identity theft protection services you may want to consider.
Credit Card Fraud vs. Identity Theft
Credit card fraud occurs when unauthorized charges are made using your credit card information. Thieves can obtain your card number through data breaches or by stealing your physical card and skimming your information. Credit card fraud is a type of identity theft, but it only targets your credit card number. With identity theft, someone assumes your identity by stealing your personal information, such as your name, address, date of birth, and Social Security number, to fraudulently open accounts in your name.
Recovering from identity theft can be a more difficult and time-consuming process than changing your credit card number. You may need to constantly monitor your credit report, close new fraudulent accounts, and deal with debt collectors.
Protecting Your Identity
To protect your identity, you can use identity theft protection services, which can help monitor your personal information and alert you to potential issues. Some services offer identity theft insurance, which can help you recoup out-of-pocket expenses related to restoring your identity.
CNBC Select recommends Aura as an all-in-one identity theft protection service. It protects against financial fraud, identity theft, spam calls, online theft, phishing, and scam websites, as well as offering security tailored to kids and financial alerts like credit score monitoring. Individual, couple, and family plans are available.
If you’re looking for a combination of credit monitoring and identity protection, consider PrivacyGuard. Its combined plan offers a free VantageScore, credit monitoring of all three bureaus, alerts, and reports, dark web scanning, public records, and bank account monitoring, as well as $1 million in identity theft insurance. Separate plans for identity or credit protection are also available.
Finally, if you’re on a budget, Experian’s free credit monitoring service is a great option. It provides real-time alerts for your credit report, a one-time dark web surveillance report upon sign-up, and covers all three credit bureaus.
Conclusion
While credit card fraud and identity theft are similar, identity theft has more severe consequences. With the right protection, you can reduce the risk of identity theft and financial fraud. By being proactive and monitoring your personal information, you can avoid becoming a victim of credit card fraud and identity theft.
