Do Police Investigate Credit Card Theft?
If you have a credit card, you can be the victim of a credit card theft at some point in your life. From massive data breaches to wallet thefts, theft and fraud are common. Millions of Americans fall victim to scams that cost the economy billions of dollars year after year. If you have been a victim of this situation, you know that it can have quite obvious effects on your finances. However, there are several measures taken by financial institutions to minimize the impact of this situation. But, are the Police investigating the credit card theft? To limit the possibility of this happening to you, you must take the necessary steps.
Do Police interrogate credit card theft?
Police rarely investigate credit card theft. One reason is that most credit card theft victims are reluctant to report the crime to the Police. I mean, what’s the point of calling the Police if your credit card company or bank gives you your money back? Most people don’t bother reporting it, but others immediately void the card to prevent money theft. So they need to get another card. Another reason the Police rarely investigate credit card theft is because this type of crime is nonviolent, unlike other serious and extremely violent crimes that must be investigated with limited resources.
What’s more, credit card fraud, a nonviolent crime, is not a priority for police officers, who already have limited resources. And even if a fraud investigation is required, it will be difficult for the Police to proceed with the case, as most large-scale fraud occurs outside their jurisdiction.
However, we recommend that you report your credit card to the Police even if it is stolen. If someone has tried to deceive you, you have likely deceived many people. Police usually don’t do much for small, one-off incidents, so ask your credit card issuer for help.
About Credit Card Theft
Credit card fraud occurs when you use someone else’s credit card without permission. This theft can happen in several ways. First, if you lose your credit card, you can use it to shop online or in person. Scammers can also steal your credit card PIN to make unauthorized transactions.
Types of credit card frauds
It is not uncommon to accidentally lose a credit card. But the risk is that someone who finds it might want to use it. That’s why you should always report your lost credit card to your card issuer to reduce the risk that the card issuer could harm you.
● Takeover of account
Scammers can sometimes use personal information, such as a mother’s maiden name, home address, and other information. They often contact the bank or credit card company to claim that they have lost the card. You can also say that you have changed your address to get a new card. However, some issuers have systems for entering verbal passwords to prevent this kind of scam.
● Stolen Credit Card
There are situations when a person tries to pay for something, but someone picks up a wallet before they know it. It becomes quite difficult to let go of a hand that should have been lost in such a situation. Notify the card issuer immediately upon discovery of a stolen card.
Tips to prevent credit card thefts
There are many ways scammers can try to trick you or steal your information. The number of fraud reports in 2020 is higher than the previous year, which is not surprising given the pandemic. In times of crisis, morale tends to increase. The perpetrator hopes to catch you at a moment of vulnerability. Sometimes, keeping yourself conscious can help you make better decisions and avoid credit card fraud. Let’s look at some simple ways to prevent fraud.
1. Immediate reporting in case of theft
We recommend that you report lost or stolen cards to your service provider as soon as possible. Customers should remember that they can discover their lost or stolen cards sooner or later. By immediate reporting they can prevent credit card frauds. Always keep your credit card company’s support number in your phone book to avoid delays in notifying your service provider if your credit card is lost or stolen. Timely reporting in these cases is the only way to avoid credit card fraud.
2. Suggesting strong passwords
Credit card numbers are usually stored online for easy one-click access and shopping in this digital age. A rule of thumb for creating strong passwords on the most secure websites is to use a combination of letters and numbers in both uppercase and lowercase letters. We also recommend that you remember your password and not write it down on paper for future reference.
3. Use RFID blocking Wallets
Contactless credit cards typically have an RFID chip embedded in them, which allows for smoother operation when the user does not need to swipe the card. Credit card scammers can stand next to people and scan RFID card data. Investing in an RFID-blocked wallet can be important in preventing credit card fraud.
4. Set fraud alerts or credit freezes
If you notice that your credit card has disappeared, notify your credit card issuer immediately so they can block your account. If you don’t know how long you haven’t had a card, your safest bet is to set a fraud alert or a credit freeze. When a thief tries to open an account with a fraud alert, the lender will usually call you to verify your identity and verify that you applied. With a loan freeze, lenders won’t even access your credit report, so scammers can’t approve your loan application.
Will the Police investigate credit card theft? Although not often, you should still report it to the Police as you may be one of many other victims of large-scale fraud. Reporting such frauds may help catch the perpetrator. If you have a credit card, you are likely to have your credit card stolen at least once in your lifetime. It would be best to try to protect yourself from becoming a victim.