How Often Should You Check Credit Card Statements for Fraud?

[DonTom]

I don’t use any of the big national banks.

I use both and have had my share of problems with each.

It was a small credit union credit card that was ripped off at my Auburn mailbox, Altura Credit Union, along with other stuff. Formally Riverside Bank. It was a replacement for a card that was near the exp. date.

It was used for more than a hundred bucks on Thanksgiving Day in Grass Valley, CA at a gas station. I have never been to that gas station. I was out on an RV trip in AZ when this happened. The part I do NOT understand is that card was NOT activated yet was accepted anyway. Not even the CU could explain that one to me. Also, more than a hundred bucks worth of gasoline? An RV??? More than one vehicle filled up? Don't know.

Auburn changed all the mailboxes shortly after that. They are the locking type at a central location. No mailboxes at the houses in that area.

Altura sent me a new CC and reversed the fraudulent charge. It took around a month to get the new CC. Reasons like this is why I have several CCs from different banks. I consider CCs to be unreliable for many reasons.

-Don- Reno, NV

 

[jymbee]

It is a lot easier to remember what the charges were for and also to check for fraudulent use more often.

I think a better question would be "why not?"

-Don- Reno, NV

Of course everyone has their own strategy that works for them.

Myself, every repeating expense, credit card balance, car insurance, utilities, etc. etc. is set up for auto pay. Credit cards always full balance to be paid automatically on the date due. I want to hang on to my $$$ as long as possible before handing it over.

By doing this monthly thing, not paying weekly as you do, I've probably saved at least fifteen cents each month given what the bank pays by way of interest. Yeah, I know...

But as I've posted here previously, I regularly review all my credit card & banking transactions using Quicken where with one push of a button I can view all activity.

 

[DonTom]

Myself, every repeating expense, credit card balance, car insurance, utilities, etc. etc. is set up for auto pay.

I also have a few CCs on auto-pay. But I pay those weekly also so the autopay never happens. The only reason I have autopay on those accounts is because they are a few bucks cheaper every month, such as my Verizon CC which is ONLY used for Verizon bills and nothing else. Same deal with my cable companies. Some things are paid by my checking account number for another small discount.

My insurance for my 17 motor vehicles are all on autopay too.

I have most of my utility bills on autopay and I do NOT pay any of those in advance. I don't even look at those until I get an email that gives me all the details.

-Don- Reno, NV

 

[Tulecreeper]

Yes, I realize that. Still doesn't work, but it doesn't make any difference as WalMart is very easy to log into without the 2FA anyway. Perhaps that is why. I will later try to log in from a different computer ands see what happens.

-Don- Auburn, CA

I have an online acct with WM. Every time I log in with my email address (my User Name) the next page gives me 3 options - using my password, or having a code sent to either my email or a text to my phone. I always choose to use my password and hit Enter, but about every other time it takes me to another page saying I now only have the option of getting the code by email or text.

I always wondered why it would give me 3 options to begin with, then take the password option away again.

 

[Tulecreeper]

My local bank has done that a couple times due to fraud. I called and they said I had not told them I would be out of state. No I call with a travel path and have not had the issue since. I have a lock on all my credit reports so no one can open credit. I just bought a new 5W and was called to the fiance office and wife and I both had to answer personal question to verify ID. Questions like last address, state of issue on SS# etc., happy to answer and the report came back as expected.

I believe it's none of the bank's business where and when I vacation. I have never had an issue using a CC in another state or another country (which I have done several times) and the bank or CC company didn't even blink.

 

[John From Detroit]

I believe it's none of the bank's business where and when I vacation. I have never had an issue using a CC in another state or another country (which I have done several times) and the bank or CC company didn't even blink.

I have had a few times my CC was used w/o authorization. Currently I use a card where every transaction even if it's like a cup of coffee at Speedway my phone goes DING and I am notified.

A couple of times it went DING and,,, Nope not mine. I now use a "Virtual" card on line
Takes just a couple minutes to close it out and get a new one .
The real card is in an RFID blocking sleeve hidden. All my cards are in RFID blockers (Well the card wallet is a faraday cage)

On the other side. I've had cards 'Suspended pending Two Factor Auth" when I migrated twice a year. Bank finally figured it out but then I parked full time.. Oh well.

I actually appreciate that If the bank knows where I am.. they also know where I'm not.

 

[jymbee]

I now use a "Virtual" card on line
Takes just a couple minutes to close it out and get a new one .

What'sa "Virtual" CC? You still have to wait to get a physical card sent to you, yes?

I actually appreciate that If the bank knows where I am.. they also know where I'm not.

Even though I decline invitations to "Show location" dozens of times for various apps, I expect there's still quite a few that I can't hide from. My bank would be near the bottom of my list of concerns.

At least now most apps give you the option to "Show only while using this app" and often that's quite useful when looking for something.

 

[RayIN]

Most bank cards state you have 30 days from the last statement to challenge a charge. I read mine weekly on the card website.

 

[John From Detroit]

Even though I decline invitations to "Show location" dozens of times for various apps, I expect there's still quite a few that I can't hide from. My bank would be near the bottom of my list of concerns.

When you sticik your card into a fuel pump the Bank knows precisely where you are.
That was when the bank sent me a whole bunch of "Is this you" messages.

 

[TheBar]

I now use a "Virtual" card on line

Me too. But when websites have PayPal or Apple Pay I use them because they add an extra layer of security between my bank/credit card and a hacker. I use Apple Pay at physical locations also.

If a credit card is required online I use a virtual card. Each time you use it it creates a new fake credit card tied to your real credit card. If the website or hacker steals those credit card numbers it doesn't affect your real card.

It is an extension you add to your internet browser on your PC or phone. When a credit card is required you just click the icon on the browser toolbar. On most websites it automatically fills in all the CC info or you press a button to copy the info.

 

[TheBar]

Gas pumps, convivence stores, and restaurants are the most prone to theft.. I haven't figured out how to shield my credit card from them. Swiping/inserting the card is prone to theft because of the inserts thieves can put in the card slots. But almost all credit cards today have a chip. If the terminal has a chip reader always use it.

 

[Edd505]

I believe it's none of the bank's business where and when I vacation. I have never had an issue using a CC in another state or another country (which I have done several times) and the bank or CC company didn't even blink.

They do need to know it is me using it, way too many fraud with stolen numbers via skimmers, reading cards in your pocket, dishonest employees that get the number(on line shopping? Discarded receipt, the crooks find ways.

 

[UTTransplant]

They do need to know it is me using it, way too many fraud with stolen numbers via skimmers, reading cards in your pocket, dishonest employees that get the number(on line shopping? Discarded receipt, the crooks find ways.

I can’t tell you how many times the fraud check on my credit card has noted fraudulent charges from a location that I am not in. I get phone calls “Did you make this charge in Turkey? Did you buy something in NYC?” I answer “No” and we both go about our day. When I get home, I request a new credit card number. Note when I had business in Turkey, I DID call and let the credit union know ahead of time.

 

[jymbee]

Interesting how all this front breaks down:
++++++++++++
Credit card companies face significant losses due to fraud, but they are not the primary financial burden. While the total global credit and debit card fraud losses reached $34.36 billion in 2022, and $33.83 billion in 2023, the financial responsibility is distributed across the ecosystem.

• Card issuers (banks and credit card companies) bear the cost of reimbursing cardholders for unauthorized transactions, especially in card-not-present fraud cases where the card is used online without physical presence.
• However, merchants absorb the largest share of the true cost. For every $1 lost to fraud, merchants typically lose up to $3.75, factoring in chargebacks, lost merchandise, processing fees, and administrative overhead.
• In 2024, $13.73 billion in losses were projected across consumers, businesses, and banks, with $89 billion of the $100 billion in annual fraud losses attributed to friendly fraud (disputes of legitimate charges), primarily impacting merchants.

Thus, while credit card companies incur direct losses, the true financial burden falls heavily on merchants, not the card issuers themselves.