How to detect fraudulent credit card transactions

Information verified correct on October 27th, 2016

Fraudulent credit card transactions are not something to be scared of these days.

Visa, MasterCard and American Express all offer a zero-liability guarantee, meaning you won’t be responsible for a single cent should any fraudulent activity take place on your credit card.

However, it is not the ideal situation, and every step should be taken to keep the threat of it happening, and the damage caused once it starts taking place, to a minimum. Your credit card provider will not appreciate you informing them that strange transactions have been taking place on your account for two months.

Although credit card fraud can be a sophisticated crime, the measures to prevent it are fairly simple, and detecting it happening are even more straightforward.

  1. Don’t wait for your credit card statement to check if fraudulent credit card transactions have been made. You can access your account online whenever you want. Apart from fraud-monitoring, this is a good account-management tool so you can keep an eye on your spending. You should be able to account for all activity on your credit card. If you can’t, contact your provider and query it.
  2. Keep your receipts. These will date your purchases and show the amounts. Sometimes, the payee name on your statement might not match the name you expected. A retail purchase may be processed by the head office of a parent company whose name is not familiar to you. Without a receipt, you may assume this is not your purchase, but a receipt would easily verify the date and amount at least.
  3. If you spot anything amiss and suspect this to be a fraudulent credit card transaction, make your concerns known to your provider ASAP. You should also put this in writing, detailing all the relevant dates, names and amounts.
  4. Don’t assume that just because your credit card is in your possession, nothing is wrong. Credit card details can be skimmed and duplicate cards made up. Or your details may simply have been misappropriated by someone and used for fraudulent credit card transactions online.
  5. As a general rule, check your credit history once a year, even if you think everything is running smoothly. You may discover that there are items in your report that are not related to you, or that should have been updated but haven’t been. You can check these via Veda Advantage and My Credit File.
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2 Responses to How to detect fraudulent credit card transactions

  1. Default Gravatar
    Jacinta | April 30, 2013

    I have already contacted my bank but was trying to find out about two transactions on my visa/debit card that have been found; AU AU and
    Surfstich Mona Vale AU
    was hoping you might have some information on these?
    Thanks for your help

    • Staff
      Jacob | April 30, 2013

      Hi Jacinta. Thanks for your question. We are unable to provide information on credit card transactions as we do not have access to your account information. What did you bank say? Let us know how it goes and what information we can provide on the page to help with your situation. Jacob.

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