Losing your wallet can lead to a large headache and a long weekend as you scramble to collect your personal information. When your wallet or purse has a credit card inside of it, your problems can potentially get worse.
Credit card fraud has become one of the most prominent forms of financial crime in the world today thanks to the sheer prevalence of the act itself. Mark Hauser of Hauser Private Equity recently took to the web to share key insights and tips that have helped them to protect their identity and secure their cards along the way.
Dealing With Credit Card Fraud
Credit Card Fraud can manifest in a variety of ways depending on the fraudster in question. The most common type of credit card fraud involves simply losing or otherwise misplacing your card, allowing it to fall into the hands of a third party who then uses the card without your permission.
Other forms of card fraud include the cloning of physical cards through the use of machine skimmers. These advanced machines are often hidden in places we’d never expect, such as a gas station pump or an ATM. Hauser suggests that individuals learn how to detect card skimmers so as to protect their identity.
Finally, some card fraud occurs by way of the internet where fraudsters purchase stolen information for use at a later time. Hacked websites and data breaches are often to blame for this kind of data transgression.
Overcoming Credit Card Fraud
Let’s say that you have already become the victim of credit card fraud. Somehow, your card has been stolen and someone has gained access to your information. In this instance, Mark Hauser suggests that quick action be taken to overcome any potential complications.
Here are the quick and effective steps that Mark Hauser of Hauser Private Equity advocates following:
- Cancel / Close Your Card
- Contact the Federal Trade Commission
- Replace All Passwords & Pin Numbers
In the event that your card has been stolen, it is safest to assume that other data has also been transmitted. Overhaul your passwords and pin numbers while contacting the appropriate authorities for assistance.
About Mark Hauser
Mark Hauser is an experienced private equity investor born and raised in Cincinnati. Graduating from St Xavier High School and then Miami University of Ohio with his finance degree would give Hauser the credentials and the chops necessary to thrive in the crowded financial field. Now, 35 years later, Hauser leads The Hauser Group as a national risk management and brokerage firm, specializing in creating benefits for national companies with a focus on private equity.
Mark Hauser has enjoyed a diverse and sprawling career that has involved such projects as the Cincinnati Sports Ball which is home to the Cincinnati Reds’ training facility.
