Credit Card Theft

Physician's Money DigestNovember30 2003
Volume 10
Issue 22

If your credit card is stolen, you'reonly on the hook for the first $50 worthof charges the thief racks up. But you cankeep from losing even that amount if youreport the theft before the thief has achance to use the card. Typically, creditcard crooks will start out with small purchasesand graduate to the big-ticketstuff only if the little transactions gothrough and they're confident that thecard isn't on any "stolen" list. Anotherploy is to start a shopping spree onFriday night, knowing that no action ona stolen-card report will probably betaken until the following Monday. Inaddition to reporting a lost card immediately,you can protect yourself by double-checkingyour statements for unauthorizedactivity. If you find any, notify yourcard issuer right away.

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