How to Protect Your Finances and Identity From Credit Card Fraud and Data Breaches
In order to produce the podcast and keep content up free for you, I work with partners so this post may contain affiliate links. Please read my full disclosure for more info.
With credit card fraud and identity theft happening more frequently, we all have to step up our game. Learn key ways to protect your finances and identity!
Protecting yourself Against Fraud
I hope you never have to deal with identity theft, data breaches, or fraud but chances are you will.
There were 4.8 million identity theft and fraud reports received by the FTC in 2020, an increase of 45 percent from 2019.
The Ascent from Motley Fool reported that credit card fraud was the most common type of identity theft last year – over 270,000 reports.
Another unfun stat – identity theft doubled from 2017 to 2019.
Finally in 2019 almost 165 million records containing personal data were exposed through data breaches.
Cyber crimes aren’t going away anytime soon.
In fact last year, I got hit. Twice.
The first one, I received a call from Coastal about suspicious activity on my card. Thankfully that was quickly resolved.
The second time, I discovered it when doing my monthly review. I saw a $140 charge from California. I called and explained this wasn’t me.
It took a month of back and forth, but I got it cleared.I was a headache.
One I hope you avoid.
Which is why I’m so glad Joe Mecca is back on the show.
In this episode we get into:
- Practical ways we can protect our finances when you're offline or online
- What you need to do if your card is compromised
Hope you enjoy it!
Resources to Protect Your Finances
If you're getting more proactive with protecting your identity and money, here are some handy resources to check out!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- Protecting Yourself from Identity Theft
- Annual Credit Report: Free way to review each of your credit reports
- Easy Ways to Prevent Identity Theft
- Report reveals data breaches that could affect millions of Americans <- included in the teaser
- Why credit card fraud hasn't stopped in the US <- included in the teaser
For freezing your accounts or putting an alert you need to contact the credit bureaus.
- Equifax: 1-888-766-0008
- Experian: 1-888-397-3742
- TransUnion: 1-833-395-6938
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
Key Takeaways on Dealing with credit Card Fraud and Identity Theft
Before we wrap up, I want to share a few key takeaways I got as I was preparing this episode.
- Prepare yourself now. It’s not a matter of if, but when. It’s critical that we all become more vigilant.
- Don’t reuse passwords. The way things are now, even if you do a good job on your side. Data breaches can happen so please mix your passwords.
- Become familiar with tools and options available. I love that coastal has redone card nav, giving it more features. Like Joe mentioned, if you bank somewhere else, it’s good to become familiar with whatever features or services that offer.
Unfortunately things like these aren’t going away, so if you want to discuss this more – ask questions, swap ideas, and maybe get a debt-free strategy set up – don’t forget to join us in the Thriving Families group on Facebook.
We swap ideas and tips because our goal is to help one another out with our family and financial goals.
Hope to see you there!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Our theme song is from Staircases. Additional music by various artists from Audiio.