Limit Your Loss


With the holiday shopping season around the corner, Americans will not only stack up gifts, but rack up credit card purchases. As spending increases, so does the likelihood of falling victim to identity theft or fraud schemes.


Each payment method—including credit or debit cards, cash, checks or electronic payments—carries varying consumer protections and potential out-of-pocket costs in the event of theft or fraud.

The Privacy Rights Clearinghouse, a nonprofit consumer information and advocacy organization, offers these tips for safe shopping, and in the event of fraud, how to recoup your losses:

Take home receipts . Save them or shred later instead of throwing them in a store’s trash (they may have your account number printed on them).

Avoid suspicious-looking ATMs and card readers . They can be scams. Counterfeit cards can be made by “skimming” checkout-lane card readers, where account data from cards’ magnetic strips are secretly copied.

Report fraudulent charges immediately . The Fair Credit Billing Act limits your loss on credit cards to $50, but you must notify the card company within 60 days. For debit cards and electronic transfers, however, your liability remains $50 but must be reported to your financial institution within two business days.

Write checks only to people you know . They include both your account number and bank routing number, making your account easily accessible to fraudsters.


Soure: Privacy Rights Clearinghouse, www.privacyrights.org/fs/fs32-paperplastic.htm .

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.