How Often Should You Check Credit Card Statements for Fraud?

[jymbee]

Credit card companies are pretty good these days at detecting fraud, but they're not perfect.

I use Quicken's Starter app on the PC to occasionally download and check transactions from multiple cards. Couple of clicks and I can look through a half dozen or so statements.

Last time I checked I spotted a charge for a Costco transaction on one of the cards for something like $160. Huh? Never been to a Costco (no stores near us at home) and surely never purchased anything on their site.

Called CC company and after some conversation they put the card on hold while I called Costco. Spoke to Costco's support and they were able to discover that it was a fee for a Costco membership. They turned it over to their fraud checkers and the credit card company locked the account and sent us new cards.

Had I not checked, doubtful I would have just been out the $$$ and perhaps much more.

 

[zulutron]

As someone who has been a victim of identity theft, I check every day.

 

[Boat Bum]

I can't buy a pack of gum with my card w/o getting a text almost immediately from my wife asking if I bought that; kinda.

 

[winona1]

My Visa got hacked — likewise a CostCo charge. Middle of the night. On line. And I’m not a sleepwalker. Chase locked my account and sent a new card. I get alerts for any activity on my cards which is well worth it.

 

[rtrainer]

Turn on text notifications and you will get a message almost instantly when there is a new transaction.

 

[John From Detroit]

Turn on text notifications and you will get a message almost instantly when there is a new transaction.

I have 2 credit and 2 debit cards.
I frequently check all 4 but one one the Credit cards... Well first it's a cash back card.
So when I went to DMV (Secretary of state here) and renewed She told me 2.5% surcharge for credit (I Get more than that cash back so ok) and the phone went "DING" and I said "Transaction approved" and she said Yes it was.

I've had a few Ding in that were... not supposed to do that. (Not legit)

I now have two cards on that same account one physical I used at SOS and one "Virtual" I can cancel and re-make with a new number in mere seconds on line.

 

[triplethreat]

It really bugs me that places like Lowes, Home Depot, Amazon, Paypal.....even CVS pharmacy already have in place the use of Passkeys instead of having to use the traditional user ID and then your password, YET many/most Banks and Credit Card companies do not yet have their systems set up for Passkey usage! Really???? These are the places where we have our Credit Cards, home loans, Saving and Checking accts that can just ruin you if they get hacked, but heaven forbid that your Home Depot acct is well protected from hacking/access. There is something seriously wrong with that situation.

 

[UTTransplant]

It really bugs me that places like Lowes, Home Depot, Amazon, Paypal.....even CVS pharmacy already have in place the use of Passkeys instead of having to use the traditional user ID and then your password, YET many/most Banks and Credit Card companies do not yet have their systems set up for Passkey usage! Really???? These are the places where we have our Credit Cards, home loans, Saving and Checking accts that can just ruin you if they get hacked, but heaven forbid that your Home Depot acct is well protected from hacking/access. There is something seriously wrong with that situation.

Our “banking” is with a moderately sized regional credit union, <40 branches, assets of ~$7.5B. They have been using passkeys for a number of years, and if not a pass key, then you need two factor identification. My son works for them, and I heard from him that security is absolutely a key component of their business. And since passkeys and 2FA make accounts more secure, they started using them as soon as they could. I guess I didn’t know there was any financial institution that didn’t use them!

 

[DonTom]

Credit card companies are pretty good these days at detecting fraud, but they're not perfect.

They are a little too good, in many cases. I have had several legit transactions denied. It has happened to me more times than I can count.

But I have also had several fraudulent transactions denied and a few that were not detected and I had to call in myself. IOW, I have seen it all.

-Don- Why, AZ

 

[Lou Schneider]

I check my statements monthly and have never found anything questionable except an auto renewal for a service I thought was a one time charge. It was quickly reversed.

If I use the card while traveling out of my usual area the card company will sometimes decline a charge and immediately text me for approval. This can be annoying when I'm actively driving long distances and I have lunch in one state, then buy gas and eat dinner in the next one. I can stop it by calling the company in advance of the trip and pre-approving the card for use in those areas.

 

[Alaskansnowbirds]

It really bugs me that places like Lowes, Home Depot, Amazon, Paypal.....even CVS pharmacy already have in place the use of Passkeys instead of having to use the traditional user ID and then your password, YET many/most Banks and Credit Card companies do not yet have their systems set up for Passkey usage! Really???? These are the places where we have our Credit Cards, home loans, Saving and Checking accts that can just ruin you if they get hacked, but heaven forbid that your Home Depot acct is well protected from hacking/access. There is something seriously wrong with that situation.

How does the Passkey work? I use a password manager and none of my accounts have the same password. They all have a different 20 digit password. Would a Passkey be more secure?

 

[jymbee]

Turn on text notifications and you will get a message almost instantly when there is a new transaction.

Been meaning to do that, thanks for the reminder.

 

[triplethreat]

How does the Passkey work? I use a password manager and none of my accounts have the same password. They all have a different 20 digit password. Would a Passkey be more secure?

First, not all sites have the Passkey option. It is making headway, but important, especially Banks, Credit Unions, and Credit Card institutions Should already have it, but many don't.....so Passkeys are available on some sites, like I mentioned above and more. I use a password manager also and I'm setup like you...no two passwords are alike. Most password managers now have the ability to store Passkeys, check to see if yours does.

There are websites out there that can explain how they work much, much better than I, so if you are interested, I would do some digging and check out a couple of the many explanations that are out there. Passkeys are the most secure way of accessing a website, even way above using a user ID and password and then some type of two factor authentication

Here is a website that gives a current list of places that use Passkeys.....and more are being added all the time

 

[triplethreat]

Our “banking” is with a moderately sized regional credit union, <40 branches, assets of ~$7.5B. They have been using passkeys for a number of years, and if not a pass key, then you need two factor identification. My son works for them, and I heard from him that security is absolutely a key component of their business. And since passkeys and 2FA make accounts more secure, they started using them as soon as they could. I guess I didn’t know there was any financial institution that didn’t use them!

A LOT of the major banks in the US do not have them implemented yet. There a few that do, but they are in the minority. The bank I use is in development with their passkey system, but who knows when it will happen....same with my Credit Union......no Passkeys. Trust me, there are way more that don't use them yet than do.

 

[Chef Duane]

I've never been a CC fraud victim but my wife once had $700 of concert tickets show up on her card once. Called the CC company and was refunded the $$, also had to get a new card. They said to call the police so I did. The cops said as long as we were reimbursed they weren't going to do anything about it. I inquired as to why they don't investigate and they said it wasn't a big enough crime.

 

[DonTom]

I've never been a CC fraud victim but my wife once had $700 of concert tickets show up on her card once. Called the CC company and was refunded the $$, also had to get a new card.

I have had credit card fraud on my cards more times than I can count. Also, many rejections for legit purposes. Credit cards are very unreliable, IMO. It is best to have many credit cards when travelling as any can get rejected at any time with no advance notice and for ridiculous reasons.

I inquired as to why they don't investigate and they said it wasn't a big enough crime.

That's why such crime is so common today. Nobody seems to care when you're ripped off $700.00. It is the bank that eats it and nobody cares.

-Don- Why, AZ

 

[Derby6]

For those that don’t watch/check you cards billing. Recommend you send me your card#, exp date, and 3 digit security code and I will monitor it for you. LMFAO

In the case someone thinks I’m serious. I AM KIDDING.

 

[DutchmenSport]

We don't have any credit cards ... none - nada - zip - zilch!

35 years ago we sold our house, used the equity to pay off all our debt, and left us with zero balances on everything we owned, and owed and never used Credit Cards again. Without all those monthly payments and money lost in the amount we were paying in interest provided the opportunity to begin saving, instead of throwing money away!

Today, we have ATM bank cards / debit cards with the VISA / MasterCard logos and that works very well for absolutely everything. If we don't have the money in the account.... we don't buy it. It's just that simple now.

I'm retired now ... living quite well. Wonder how I did it? Tip: It did not happen by paying interest on Credit Cards! Selling that house was the best INVESTMENT I ever made.

 

[DonTom]

: It did not happen by paying interest on Credit Cards!

I do not pay a penny interest on any credit cards and I use CCs more often than anything else. I try to avoid using debit cards and cash.

All the credit cards I use pay me to use them. To use anything else is just throwing money away, in most cases.

-Don- Why, AZ

 

[rtrainer]

Debit cards don't have the same level of security. Leaving you open to someone draining your bank account. Not sure why you wouldn't use a no fee credit card and pay the balance off monthly. Basically, free money. Plus, many CC offer cash back, Costco or points to be used elsewhere like airline tickets.