In the first quarter of 2019, the FTC received 45,139 reports of credit card fraud, a figure that surged to 115,879 by Q1 2023, making it the most common form of identity theft. This alarming rise highlights how critical it is for individuals to remain vigilant with their personal financial practices.
Monitoring your credit card statements regularly is essential for spotting fraud early. I refer to this practice as 'financial flossing'; it's tedious but can prevent you from being financially harmed by unauthorized charges.
According to the Fair Credit Billing Act, consumers have at least 60 days to dispute unauthorized charges. If you miss that window, banks may rightfully demand payment for charges that you did not authorize.
Security.org estimates that about 65% of U.S. adults have fallen victim to credit card fraud. This staggering statistic underscores the importance of adopting preventative measures to safeguard your financial information.
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