What to Do if Your Credit Card Has Been Hacked

Safeguard your card from fraud.

Target's Security Breach Has Americas Worried About Being Hacked - With the recent Target security breach, which put millions of Americans’ credit and debit card information at risk, at least 15 lawsuits have emerged against Target. Shoppers are more worried than ever about getting their cards hacked as more than 11,571,900 Americans report identity theft annually. Follow these tips from CNN Money and BET.com if you think you your credit or debit card has been hacked. — Dominique Zonyéé (@DominiqueZonyee)(Photo: AP Photo/Steven Senne)

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Target's Security Breach Has Americas Worried About Being Hacked - With the recent Target security breach, which put millions of Americans’ credit and debit card information at risk, at least 15 lawsuits have emerged against Target. Shoppers are more worried than ever about getting their cards hacked as more than 11,571,900 Americans report identity theft annually. Follow these tips from CNN Money and BET.com if you think you your credit or debit card has been hacked. — Dominique Zonyéé (@DominiqueZonyee)(Photo: AP Photo/Steven Senne)

What Are the Drawbacks? - One word: fees. People who use prepaid cards can be charged for transactions that would usually be free at traditional banks. They could be charged a fee to withdraw cash from an ATM, even if the ATM is in their card's network. There might be a fee to set up online bill payments or a fee to reload the card. There are often limits on the amount of money that users can put onto one card. Charges can vary greatly among cards so people should shop around.While many prepaid card issuers provide protection if a card is lost, they are under no legal obligation to do so.The FDIC insures up to $250,000 of a customer's account if a traditional bank goes out of business. There's no such guarantee with a prepaid card. Generally, card issuers use what's known as a "custodian bank" to insure their users' accounts, but it's not like a bank where...

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Check Your Statement - If you think your credit card has been compromised the first thing you should do is check your statement. Look out for large or abnormal charges, such as several charges for small amounts. Hackers are smart and will shop in stores that you frequent, in order to stay off your radar.(Photo: Chemistry/Getty Images)

3. You Think About Them During Your Most Busy State - The surefire way to know that you've found the one is when you just want to talk to them even when you're at your busiest. We wouldn't suggest calling them while on the job, though. (Photo: Klaus Vedfelt/Getty Images)

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Call Your Bank or Credit Card Provider - If you recognize a charge or charges that you did not make, contact your bank or credit card provider immediately. Credit card companies usually offer their customers fraud protection at no costs; in most cases the card issuer or bank takes the responsibility of those costs. They will guide you in investigating your card.(Photo: Klaus Vedfelt/Getty Images)

Lower Your Credit Card Interest Rate - Lowering your interest rate on your credit cards can be as easy as a nice demeanor and a phone call. If you have a $5,000 balance, even a 3 percent rate reduction saves you $150 a year. (Photo: Fuse/Getty Images)

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Replace Your Card - Once you report fraudulent charges the next step is to replace your card in order to prevent more fake charges. Your bank or credit card provider will assist you with getting a new card. Don’t forget to update your new card information with any companies or billing services connected to your card. Since your card may be attached to billing services try to limit card replacements to when they are lost, stolen or in the event of a breach.(Photo: Fuse/Getty Images)

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Change Your PIN - A new card means a new personal identification number, or PIN. Make sure you make a secure PIN that will make it hard to crack, for example don’t use birthdays or anniversaries. Click here for tips to help you create a PIN that is difficult to guess.(Photo: Mint Images/Tim Robbins/Getty Images)

$134 million - Estimated loss of revenue to American companies during opening week of the tournament due to employees watching basketball games instead of working. (Source: Challenger, Gray & Christmas, Inc.) (Photo: Getty Images/STOCK)

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Sign Up for Fraud Monitoring Service - Now that you are all set up with a new card, to prevent it from happening again enroll in fraud monitoring services. LifeLock and Identity Guard and other threat protection services will monitor your credit card activities and alert you when your account has been breached. These services will cost about $25 per month.Learn more about ID theft and computer hacking here. (Photo: DreamPictures/Getty Images)