According to the Federal Trade Commission (FTC) in 2022, identity theft was most frequently carried out through stolen government documents or benefits (432,957 people reported it). In 2019, the FTC handled 271,823 reports from individuals who had their credit card accounts compromised or had new credit lines established in their name, compared with 393,207 reports in 2018. This year, consumers reported 45 percent more cases of identity theft. Victims of credit card fraud might be comforted to know that Visa, Mastercard, American Express, and Discover offer $0 liability coverage. Therefore, you will not be on the hook for purchases you didn’t make if you suffer credit card fraud. Credit card networks work to combat fraud and protect consumers, and you can assist with the effort by checking out these credit cards.
List of the Best Credit Cards for Fraud Protection
- Wells Fargo Cash Wise Visa Credit Card
- Capital One Visa Credit Card
- Citi Premier Mastercard Credit Card
Wells Fargo Cash Wise Visa Credit Card
- Pros: Wonderful benefits (ie. up to $600 cell phone protection), cash reward bonuses, 24/7 fraud monitoring, great financing options, zero liability, purchase security
- Cons: Foreign transactions are costly, easy to miss out on bonus rewards.
There is no annual fee, and the Wells Fargo Cash Wise Visa® card offers 1.5% cash back on all purchases, a 0% Intro APR on purchases and balance transfers (fees apply), and a 13.99%-25.99% variable APR on purchases and balance transfers (fees apply) (Wells Fargo, 2019). It is a good all-around credit card that includes a $150 cash rewards bonus for spending $500 in the first three months from account opening (Wells Fargo, 2019).
Within the first ninety (90) days of purchase, your covered account and/or rewards programs associated with Your covered Account can protect your new retail purchases. You must purchase either a portion or the whole item using your account in order to be eligible for this coverage. It’s a great option for unauthorized purchases that may have been made on the card.
The Wells Fargo Cash Wise Visa® card gives you 1.5% cashback on all purchases. This card is competitive in terms of cashback rates, but it’s not particularly noteworthy. You can find a lot of no annual fee cards that offer 1.5% cashback, but the Wells Fargo card has a few other perks.
And let’s not forget the 24/7 fraud monitoring, a zero liability policy, and rapid alerts to track purchases, which are just a few of the main advantages you will receive. Unlawful charges will be safeguarded by the zero liability policy. You will also receive notifications of suspicious or unusual activity.
Capital One Visa Credit Card
- Pros: Card freeze feature, instant notifications, paperless statements, virtual assistant option
- Cons: Penalty fees, fees on certain transactions.
Capital One credit cards have several security functions that can help you avoid being scammed. Even if the world is in turmoil or you’re excessively busy, you can keep tabs on your account with a number of accessible tools. You can activate and utilize these features by adding the Capital One Mobile app to your phone or by logging in to your account online.
It’s easy to prevent fraudulent activity by taking a few steps. You can prevent fraudulent activity by adding your mobile phone number to your account and having Capital One automatically notify you if they see a suspicious charge. You will know that Capital One has sent you a text message if you don’t recognize it because it will come from the same number every time. Capital One will alert you if they see a suspicious charge on your account by texting you. You can also request a replacement card with a new number by contacting customer service after you’ve blocked your card via Capital One.
The Capital One Mobile application allows you to instantly track your spending by setting up instant purchase notifications. You will receive a notification any time your card is used and instantly see the amount of the purchase and the name of the merchant. You may choose to receive notifications that include the quantity of the purchase and the identity of the merchant. This gives you more confidence, as you will know when purchases are posted to your account. You may also receive alerts to let you know about your balance and recurring payments.
It’s terribly upsetting to lose or misplace a credit card—let alone have it stolen. Fortunately, you can immediately lock your credit card to prevent it from being used. You can unlock it just as easily should you find it and use it as normal again.
Eno – Your Virtual Assistant
Capital One’s Eno assistant is here to watch over your money and keep you informed 24/7. Eno is on the watch for suspicious activity on your accounts, such as duplicate charges, unusually large tips, or unusually large recurring charges. You can get notifications from Eno through text messages, emails, mobile app alerts, and online or anywhere you are. To receive email and mobile app notifications from Eno, update your contact information in the Capital One Mobile app or online. To receive text notifications from Eno, log in to your Capital One account, verify your consent, and send a text message to 227-663. Eno even helps you set up virtual throw-away card numbers when shopping online.
Citi Premier Mastercard Credit Card
- Pros: Bonus rewards, rewards never expire, 24/7 fraud protection, zero fraud liability, early fraud detection
- Cons: Annual Fee, great credit required to qualify
The Citi Premier® Card is a decent everyday credit card if you frequently travel internationally, so having fraud protection with this one is a no-brainer. The $95-annual-fee Citi Premier® Card offers bonuses across popular spending categories, so it might make for a good everyday credit card if you travel frequently. The Chase Sapphire Preferred® Card, for example, costs the same amount but provides a 1.25 cent per point redemption value. You’ll get 1 cent per point when you redeem your ThankYou points. Because of some drawbacks in key areas, such as point values and transfer partners, the Citi Premier® Card is more like a middle-of-the-road card than a “premier” one. It offers a decent welcome bonus and a yearly hotel credit, but it falls short of the competition in general.
This Citi credit card protects you against unauthorized charges on your consumer credit card account. With Citi, you will not be responsible for unauthorized charges (charges that were not made by you, or anyone else using the account). Citi Online and Citi Alerts are two examples of the tools they provide to ensure that you receive account activity information quickly and frequently to help you reduce credit card fraud risk.
Early Fraud Detection
With Citi, you can rest assured that they are always striving to maintain the security of your account. They usually detect fraud before you do. If they see something out of the ordinary, they will contact you by text, email, phone, or regular mail to verify the activity on your account.
Citi is there for you when you travel as they constantly monitor your account for suspicious activity in order. They provide you with a hassle-free experience when using your card while traveling.
Credit Card Fraud Protection FAQs
What is credit card fraud?
Credit card fraud is a type of identity theft that involves the unauthorized use of a credit card. Typically, credit card data is stolen or acquired illegally in order to make purchases or transactions.
How do you report credit card fraud?
Credit card fraud can be reported to the local authorities and can also be reported to the bank associated with the credit card. You can also report credit card fraud to the FTC by calling 1-877-438-4338.
How do you prevent credit card fraud?
You can prevent credit card fraud by using cyber security best practices and by employing the help of protective services. Best practices include avoiding public Wi-Fi, creating strong passwords, avoiding making transactions in public areas, and never sharing login credentials to name a few. Some protective services include using password managers, enrolling in identity theft protection services, and installing antivirus software to name a few.
Who pays for credit card fraud?
Credit card fraud is typically paid by the bank associated with the credit card. In some cases, you may run into issues depending on the extent and type of credit card fraud.