Experian:
(888) 397-3742

Trans Union:
(800) 680-7289

Social Security Administration:
(800) 269-0271

Don’t Sign Your Credit Card

We’re programmed to sign our new credit cards as soon as they receive them in the mail. The credit card companies have trained us well, insisting that when you sign your card, you are protecting it from unauthorized use. But how many times have you paid without the merchant verifying the signature on the card? Credit card companies are working to develop better security in light of rising costs related to fraud. The increase in ID crimes is forcing society to adapt. More and more cardholders are taking back control by refusing to sign their cards. Instead, they print the phrase, “PHOTO ID REQUIRED.” This practice is growing in popularity as consumers become aware of identity issues.

Merchants often don’t bother asking for a photo ID, so your unsigned card may remind them to check. Even if the thief has your photo ID, such as a drivers license, your photo won’t match their face and the merchant could refuse payment. Sadly, most clerks do not take the time to perform even a cursory check. You can remind them by asking, “Would you please check my photo ID before processing my sale?”

Keep in mind, credit card purchases made on the Internet, over the phone or at the gas pump don’t require a signature because the card is not presented in person. A thief needs only your credit card, the expiration date, and the CVV number printed on the back.

My CPA says the practice of not signing your card is wise, and that most merchants will honor the card, while some may refuse, unaware that this is an perfectly acceptable. He hastens to point out that any merchant has the right to refuse service without reason, but that few will risk losing the sale. A friend informs me that merchants always accept his (unsigned) card without complaint.

Catalog Your Wallet Contents

In case your wallet is lost or stolen, you will need to have quick access to the numbers to call to report the crime and mitigate any potential damages. One way is to maintain a list of account numbers and phone numbers of the credit card companies. An easier way is to simply photocopy the contents of your wallet, front and back. Place as many cards as you can fit onto the copier glass, make a copy, then flip the cards over and make another. Keep these copies in a safe place. When traveling, it’s a good idea to keep a copy of your wallet and your passport in case they’re lost or stolen.

Missing Card or Wallet? Here’s What to Do

1. Contact your credit card companies to report your cards stolen. They will cancel the account and document your call with their security and fraud departments. Once a cardholder reports a stolen card, most credit card companies will not hold him/her responsible for unauthorized charges.

2. File a police report immediately in the jurisdiction where your cards and/or other documents (e.g., driver license) were stolen. This documents your actions, should there be an investigation into the matter.

3. Place a fraud alert on your name with all three national credit reporting agencies and the Social Security Administration. This ensures that any company checking your credit knows that your information was stolen, and prevents a thief from opening new lines of credit in your name.

What tips can you offer about identity protection? What have you done to protect yours? Post a comment, or drop me a line and let me know.