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Most banks tell me I’m only liable for the first $50 of fraudulent charges to my credit card if my identity is stolen. Is that true?
Every day, your personal information is used by someone, somewhere, for something. Most of these uses are perfectly legitimate and legal.
Most companies vow to keep your personal information safe and secure. But what happens when a company you’ve done “business” with, such as a retailer, a grocery store, a magazine publisher, your Internet, phone, or cable service provider, (oops!) loses your personal information?
What is a Fraud Alert?
A fraud alert is a notification, or a “flag,” used by the major credit bureaus (Equifax, Trans Union and Experian) to call attention to potentially suspicious activity on your credit report. When you or someone else tries to open a new account (for instance, by applying for a new credit card, car loan, cell phone), the creditor will be required to contact you by phone to verify that you really want to open a new account. If you aren’t reachable by phone, the account should not be opened.
Over the last three years, some 49 million Americans were told that their personal information was lost, stolen or improperly disclosed by government agencies, banks or various other companies, according to a recent survey by Harris Interactive.