It was flagged as potential fraud, my credit card company texted me right away, and the transaction was spiked.
I knew I wouldn’t be responsible for bogus purchases, but the experience was still a hassle and stressful. And we all pay the price for fraud. The cost on businesses for unauthorized purchases or for falsely flagging legitimate ones makes everything you buy more expensive.
Financial experts told me that it is impossible for Americans to completely prevent unwanted payments. It’s not your fault. Crooks are savvy, and our financial system puts you at risk by being too complicated in some ways and too simplistic in others.
But these six steps can lower your risk of bogus charges or put you in control when fraudsters come for you:
1. Sign up for alerts. They’re a pain. Do it anyway. Financial specialists say vigilance is your best protection. Sign up for notifications by email or phone when your card is used — ideally for every transaction or for purchases like e-commerce orders that skip a physical card swipe.
The notifications don’t prevent bogus purchases, but at least you’ll know something is wrong right away and can take action. (Signing up for notifications…
