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Checking bank account statements regularly better protects consumers against fraudulent spending

Being aware of even small charges can help save a person from credit card fraud. A local news Channel 8 article published on October 22, 2012 reported that keeping track of small purchases helps protect a credit card consumer from major credit damages.

Statistics show that roughly 10% of Americans are affected by credit card theft but catching the problem sooner rather than later can make a world of difference.  Reports show that a lot of credit card thieves get away with their crimes because people go a long time without noticing the purchases. Although many credit card companies have protection programs unless a person has opted in and the purchase fits within the protected characteristics the fraud will go unnoticed.  It is especially important for those consumers who shop online, since many thieves gain information through hacking into online shopping sites.

One action thing that a credit card thief will take is buying a small item on a popular site such as Amazon or Ebay. These small purchases on commonly shopped sites generally go unnoticed by the card owner. Then the thief will turn around will make a larger purchase after a few purchases go unnoticed. Generally, a consumer does not check their statements or watch the activity unless looking for something. However, it is better to always check than wait to have a reason.

Experts recommend that consumers who shop online should not use their debt cards. The funds come directly for the consumer’s bank account making it harder to contest fraudulent charges unlike credit card charges. On average a victim of credit card fraud will not notice the theft until around $400 has been spent.

If you are facing financial hardship or you are considering bankruptcy, it is important to seek out a qualified attorney. Jayson Lutzky has over 29 years of experience practicing bankruptcy law. To set up a free consultation, call (800) 660-5299, or visit us online at now.

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