Protection Article | Transamerica

Protecting Your Financial Wellbeing—Tips for Avoiding Credit Card Fraud.

No matter where you are on your path to retirement, it’s important to do everything you can to protect your financial wellbeing. One place to start is to monitor your credit on a consistent basis to help detect fraudulent activities. Here are some ways to detect or avoid fraudulent credit card activities: Protection

  • Know where you credit card(s) are at all times. Carry your money in one place (or pocket) and your credit cards in another, so a person cannot steal both at once. Keep your eye on your cards during transactions, and be sure the clerk returns it at the end of the transaction. Don't loan your cards to anyone or reveal your PIN. Don't leave cards or receipts lying around and never write the number on envelopes or postcards.
  • Make sure you review your credit card statements closely. The key to preventing fraud is catching it early to help ensure that you won't be responsible for fraudulent charges. Review your statements very carefully. Question every charge that isn't immediately obvious to you. If possible, review statements online before they arrive in the mail.
  • Be cautious with cyber shopping. If you make purchases online make sure that your browser invites you to download a secure program, such as Secured Hypertext Transfer Protocol (SHTP) or a Secure Sockets Layer (SSL), for transmitting credit information.
  • If your card is missing or you discover unauthorized charges contact the issuer immediately. Most card companies provide 24-hour customer service lines for such emergencies. You may also have to send a letter with your information and any information regarding the loss or unauthorized charges.
  • Consider using a credit card protection service. You have the option to pay a small fee for a protection service that could help alleviate some of the burden if your wallet or purse is stolen. They generally notify all credit card companies for you—saving you multiple phone calls—and some will pay any liability you incur after you notify them.  

It’s never too early to embark on a strategy to protect all aspects of your retirement plan, including your financial wellbeing and credit score.