Bo here from AllClear ID.  In light of the recent security incident at a large payment processor for several major credit card brands, here are our best tips to protect your credit card.

  1. Check your statements frequently. Luckily,for credit cards after fraud has occurred, there is no time limit to report fraud. Your maximum liability will remain $50, or $0 if the fraud involves your credit card number, but not the card itself.  Check the FTC website for more details.
  2. Set up transaction alerts. Almost all banks offer the ability to receive customized email or text message notifications for a number of things including when:
    • Your credit card account exceeds an activity limit that you choose.
    • Your available credit card balance drops below a certain amount.
    • A purchase is made over a limit that you chose.

    We recommend receiving an alert any time a purchase is made on your account.  To sign yourself up for alerts, sign into your account online and look for an “alerts” link or page. The location varies depending on the company, but here are the information pages for some of the major banks and credit card companies.

  3. Download the free AllClear ID iPhone App: Our Fraud Detection alerts you when your personal information is reported stolen including credit card numbers.  Download it today, and share it with your friends and family so they can also sign up to receive alerts.