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No. of Recommendations: 4

You wrote, Keep monitoring your accounts religiously and immediately report suspicious activity. That is the single most important thing a person can do to protect themselves from permanent monetary loss after an account of theirs has been compromised.


For credit cards, fraud is largely just an inconvenience. Especially these days. I see all of the transaction activity on my accounts shortly after the authorizations go through. Worse case, it's a day or two later - well within the Fair Credit Billing Act requirement to avoid liability.

I have had my cards compromised on several occasions over the decades. I've never had any real difficulty getting the charges removed and the card replaced. It seems to me that for credit cards, fraud is primarily a concern for the issuer and the merchant. That's the reason laws like the FCBA were enacted in the '70s - to encourage credit card use and to standardize consumer protections.

Debit cards and business charge accounts are a different matter. They can be much more inconvenient and you even risk loosing assets when fraud strikes. But that's why I don't use them.

So credit card fraud is primarily an issue for merchants and issuers. If they don't work together to solve this problem, should I care?

Now if you were talking about identity theft ... that's a serious problem that impacts consumers and still needs a better solution.

As for gas stations, I'll still just swipe my card, pump my gas and move on. If my card was skimmed, I'll likely never know it. But I'm not going to worry about it either...

- Joel
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