A lot of the times people do not know they have been the victims of credit card fraud until it is either too late or it has some impact on their day to day lives. Most people do not pay attention to the charges on their cards. Either they use the card for everything, and as a result cannot tell most charges from the other, or they don’t use any of the notification features a lot of banks provide. The fact of the matter is that you will always find out about the fraud after it has happened. The sooner you find out and inform the bank, the less hassle and the less effort you will have to go through to resolve the issue. A lot of issues in the recent past have involved accounts opened by fraudsters in the name of other people. Here are some examples of how it can impact you directly:
Your credit card account statement has unusual charges posted. This is when they get your existing card details.
You get a notice that says you have been denied or approved credit even though you haven’t applied. This is a red flag for someone trying to get a credit extension on your behalf.
You get a call from a bill collector on an account you never opened.
You see an account you don’t recognize on your credit report. This and the one above mean that there could be a lot of trouble to undo this damage.
Even worse, you are denied credit because the credit bureaus reported a collection account or past due account you never opened.