What to do if you don’t recognise a transaction on your Credit Card

Coles Financial Services 7th Nov 2016 in Credit cards

Credit card providers have many ways to keep your details safe so you can relax and pay for things with peace of mind. For instance, fraud management systems are often used to identify any unusual spending on your account. If spending is detected outside of what’s normal for you, the provider will contact you to see if the activity is fraudulent, and help put a stop to it. So make sure you let your provider know if you’re heading overseas anytime soon.

Despite these added security measures, credit card details sometimes end up in the wrong hands. At the very least, fraudsters can use the details to buy things over the phone or internet. At worst, they could use them to steal your identity.

So when your credit card bill comes in and you see a transaction you don’t recognise, what should you do? First of all, don’t panic! It’s not pleasant seeing an unknown transaction on your card, so here’s a quick guide to help you through the process. 

Double check

Are you sure the transaction is fraudulent? Did you forget about a payment you made, one that you scheduled to be made, or that you bought something from a shop you don’t usually go to? It’s a good idea to keep your credit card receipts as well as print out receipts for goods bought online. This will help confirm any transactions you’ve made, and also help come tax time!

Contact your provider

Definitely didn’t make the transaction? Contact your credit card provider immediately and they can help you through the process. Inform them of the transactions that don’t look right and they’ll investigate for you. Resolutions can take up to 40 days.

What happens then?

Your provider will block your card to stop any more fraudulent transactions and organise for a replacement card to be sent. Your provider may also contact you to ask for further information to help with the investigations.
Once the transaction is found to be fraudulent, and you didn’t contribute to the loss, many providers will refund the money. However you will need to check with your provider to see what their policy is.

What else should I do?

Once your card has been blocked, it can’t be used by you, the fraudsters, or anyone else. So if you have regular payments coming out of your credit card account, such as insurance or car payment instalments, you’ll need to contact these providers with your new card details. By doing this you’ll avoid late or cancelled payments.

Protect yourself

By keeping receipts and checking your credit card statement regularly, it’ll be easier to see if there is any suspicious activity on the account. It’ll also help you keep better track of where your money is going.

The basics 

  • Always keep your card on you and don’t lend it to others
  • Keep your PIN or passwords top secret and don’t write them down
  • Cover your pin when entering it at the ATM or at a shop

Feel safe with the Coles Shield

Coles Credit Cards are protected with three layers of advanced defence for extra peace of mind: Technology, Action and Reliability.

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Tags: credit cards credit card tips unknown transaction avoid fraud