Credit Card theft happens every day, costing millions of dollars every year. A thief can find your receipt in the garbage or a clerk may copy your credit card to make personal charges and you are left reeling. Follow these tips if you are a victim of credit card theft.

Preventative Measures – Sign the back of your cards and carry your credit cards separately from your wallet, if possible. You should also keep a record of your account numbers (or a copy of the front at back of each card) and the phone number of the credit card company in case of an emergency. Pay attention when purchasing anything and get the card back as quickly as possible. Review your billing statements carefully to identify questionable charges.

Report it – Report the theft of your credit card as soon as possible. Contact the toll free number on the back of your card (this is why you need a list of all of your cards and contact numbers) to report the incident. and follow up with a letter.

Insurance – Look at your homeowner’s insurance policy to view the terms of credit card theft. Many providers include will cover your losses for stolen cards

What’s the Law? – Under federal law, your maximum liability in case your credit card is stolen is $50. And, if you report the card lost before it is used, your card issuer cannot hold your responsible for any charged. You are also protected if the thief just uses the number instead of the physical card.

Protecting Your Cards – By knowing where your cards are at all times and keeping them secure, you are proactively prevent your card against theft. Be cautious about disclosing your number online or over the phone unless you know you’re dealing with a reputable company. Make sure you shred or cut up all old cards and credit card statements that you receive in the mail.

This was a guest post by GoBankingRates.com, a site that provides daily updates on the latest CD rates, finance information and more.

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Categories : Credit Card