For all you know there's a maxed
out fraudulent credit card on there that you didn't know you had.
Not exact matches
With
credit cards, one
out of every 167 transactions turns
out to be
fraudulent for domestic orders, and for international orders the rate is one
out of every 50 transactions (source: Cybersource 2012 Online Fraud Report).
Probability calculations are at the heart of the software most of us rely on daily, whether it is Amazon.com or iTunes recommending new products based on previous purchases, a spam filter weeding
out junk e-mail or a
credit card processing program searching for potentially
fraudulent transactions.
They got
fraudulent medical bills and a
credit card someone took
out in my name off of my
credit report!
When
fraudulent charges appear on a
credit card, you simply dispute them and your bank reverses them; the money never comes
out of your pocket.
And, when asked if that purchase turned
out to be
fraudulent, 62 % of respondents said the purchase was not
fraudulent, but they were happy the
credit card company had called to ask.
2) You are protected with Zero Liability protection, which means you are not liable for
fraudulent charges provided you have taken reasonable precautions to protect your PIN and your
card, as set out in your RBC Royal Bank Credit Card Agreem
card, as set
out in your RBC Royal Bank
Credit Card Agreem
Card Agreement.
Essentially what they will do is if you lose your wallet, they will help you
out by notifying your
credit card companies about the situation (which will help protect you from
fraudulent charges), and they will also provide you with cash from your account, if needed.
Phony debt collectors can use your information to commit identity theft by charging your existing
credit cards, or opening new
credit card, checking, or savings accounts, writing
fraudulent checks, or taking
out loans in your name.
If I get one of my
credit cards tangled up with a scammer or
fraudulent charges, and the problem gets
out of control, I can easily cancel one
card without hurting my normal spending pattern nor
credit score.
My sneaky sis used my
credit card, damaged my
credit — When family is involved in
fraudulent card use, the choice is tough: Silently suffer the
credit consequences or rat
out a relative... (See Fraud)
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Criminals can do plenty with all that: Take
out loans, run up
credit card bills, file
fraudulent tax returns, create synthetic IDs.