When you have a credit or debit card, you face the risk that your card or information may be stolen. “Credit card fraud” is the unauthorized and illegal use of a credit card. Avoid fraud by checking your accounts frequently. “Online fraud” occurs when your card information is stolen while making an online transaction. Someone else could use your information to make purchases or assume your identity. If you receive a request to share private financial information, don’t respond without verifying the source. Fortunately, there are three protections available for credit card transactions. The first protects you against unauthorized use of your credit and debit cards. If someone steals your card or card number and you report it before the card is used, you do not have to pay for it. The second involves disputes about your credit card bill in the case that you were overcharged for something or were charged for a good or service you didn’t receive. You can dispute this charge with your financial institution, as long as you do so within 60 days. The third protection is the right to stop payment if you are not satisfied with the quality of the good or service you paid for using your credit card.
Since the beginning of time, older generations have been claiming that “kids these days” are somehow in worse shape than their elders ever were — don’t let your credit union fall into that same dismissive mindset.