Credit card fraud rates rise in C-U

Champaign-Urbana saw credit fraud increase 63% in the last year and 170% in the past three years, says the Federal Trade Commission.

Based on security.orgthis phenomenon is part of a larger national trend, as “65% of credit and credit card holders have been victims of fraud at some point in their lives, up from 58% last year.”

This is Jan. 26, report to CU officers that three people spent a total of over $7,000 on stolen credit and debit cards. During their shopping, they buy electronics, clothing, and gift cards.

On campus, the University’s Public Security Division reported eight cases of credit card fraud since the new year.

Brian Yau, an ACES alumni, said that self-awareness is the most important practice to avoid becoming a victim of credit card fraud.

“(The only) way (for) you as an individual to move forward is to be proactive,” said Yau. “Always check your bank account every few days on activity and do your due diligence for any transactions you don’t recognize.”

He also said that advances in technology have reduced the chances of catching fraudsters.

“I believe fraudsters will eventually be caught as technology continues to evolve; it’s getting harder for both sides,” Yau said.

The Champaign Police Department too offer The following suggestions for protecting credit card information:

  • Write down the account number, expiration date, telephone number and address of each company in a safe place
  • Never lend a credit card to anyone
  • Don’t let credit cards just lie around
  • Keep an eye on credit cards during transactions and cancel unused credit card accounts

They also provide information for victims of credit card fraud:

  1. Contact each credit company. Ask to speak to a security or fraud representative.
  2. Follow up with a letter.
  3. Complete the “Fraud Affidavit” form.
  4. Close all compromised accounts immediately. Have each one processed as “account closed at consumer request” to maintain your previous good credit rating.
  5. Use a new PIN and password for the new account.
  6. Monitor mailings and invoices for evidence.

[email protected]

Check Also

Here’s What Happens When You Earn a Credit Card Sign-Up Bonus

Key point In order to get the bonus, you must first meet the spending requirements. …

Leave a Reply

Your email address will not be published. Required fields are marked *