4 Ways A Credit Monitoring Service Can Help Prevent Fraud

 

1. Check registration of new credit card

 

Cases of credit card fraud are prevalent, especially in this digital age where a lot of personal information is available online. With your details over the internet, like home address, financial records, and credit card details available online, schemers can take advantage of unsuspecting individuals who can become victims of credit card fraud. Usually, these criminals will find an individual’s records necessary for registering a new credit card and armed with this data, they can apply for a new credit card. 

The credit card can then get used to purchase various goods and services, leaving the actual owner in financial despair and legal trouble. Credit monitoring services can help mitigate the probability of duplication of credit cards by assisting customers in keeping track of any new credit card applications. The credit monitoring service will help the customer avoid schemers by alerting them any time a credit card gets registered in their name or with their details. Through these alerts, the individual can then okay the registration of the card, if they have authorized it, or flag the attempt when it is unknown, helping secure their finances. 

 

2. Gives alerts to changes in credit reports

 

In addition to giving alerts for suspected abnormal activity on credit cards, credit monitoring services will also keep track of a customer’s credit reports and alert them when they are improved. The customer can also use the credit reports to review whether their accounts have any fraudulent transactions. By accessing these credit reports, you can react quickly to any suspicious activity on your credit, allowing you to file a report, follow up, and recover your identity. Having access to credit reports in time will help you minimize any damage that caused the severe loss. A top-notch credit monitoring service will offer apt responses to its customers by monitoring their credit reports frequently and flagging any suspicious behavior immediately. By doing this, the credit monitoring service can help its customers avoid significant losses or damage from unauthorized access to their credit cards. Finding an appropriate credit monitoring service can be cumbersome, especially with each offering a varying catalog of services and also charging different rates for their services. Sfgate.com reviewed the best credit monitoring solutions on the market for the most fulfilling and cost-effective results. 

 

3. Flag suspicious transactions

 

In addition to monitoring new credit card registrations, the credit monitoring service also keeps track of the customer’s purchasing and payment habits, which helps them flag any suspicious transactions. A customer could get accustomed to small, consistent transactions on their credit card, and then out of the blue, a significant transaction gets registered on the credit card. Through the credit monitoring service, this prominent billing on the credit card will raise the alarm, which will consequently get communicated to the customer to ascertain whether they are responsible for it or an attempted fraud attempt. In the age of online transactions, credit card fraud is rampant, as scammers find multiple innovative ways to gather credit card information from unsuspecting individuals. The elderly, especially, are the primary targets of online credit card scams since they are yet to acclimatize with technology. Most of them choose to transact the old-fashioned way, paying for goods and services physically, putting them at risk of getting targeted by savvy credit card scammers. 

Without a credit card monitoring system, the poor individual will repeatedly fall into the hands of scammers. Without any system to alert them of any suspicious behavior, they will continue using their credit cards. The victims of these scams will only realize the scams’ extent after reviewing their credit card usage and billing personally. While the credit monitoring service will not actively bar any potential fraudster from using a victim’s credit card, giving an alert for abnormal activity can help the owner take effective legal action quickly before much damage gets done.  

 

4. Gives alerts regarding credit inquiries

 

In addition to giving alerts when there are questionable transactions or activity on your credit card, a credit monitoring service will also alert you whenever any institution or individual inquires about your credit. Credit inquiries can get made by employers, loan officers, and other authorized institutions when you have any intentions to make major financial decisions. The credit inquiries will be made by a bank when you seek a loan. This information is usually critical in determining whether you qualify for financial assistance and the amount for which you are eligible. In some cases, non-authorized institutions or individuals will make inquiries on your credit, often for nefarious reasons. Having an alert whenever such inquiries get made will ensure that you stay on top of your finances, promptly identifying and thwarting fraudulent attempts.