Use Credit Cards Cautiously: DFI Secretary Warns

While the holiday season is a wonderful time for giving gifts to loved ones, use caution when paying with credit cards, Department of Financial Institutions (DFI) Secretary Richard L. Dean urged today. "Cases of credit card fraud are always up around this time of year," Dean said. "Unfortunately the giving atmosphere surrounding the holidays is a prime time for scam artists to take advantage of that spirit."

To lessen the chances of becoming a fraud victim, Dean offers these tips:

• Never give your credit card number over the phone, unless you initiated the call, and you know who you are dealing with.
• Report lost or stolen cards immediately. Fast action allows the credit card company to terminate access to your account, thus reducing losses. After you declare your card missing you are responsible only for the first $50 if the card is used.
• Be extremely cautious if you order products through the Internet. While security measures are getting better every day, cyberspace provides another avenue for the unscrupulous to ply their trade. Before using your credit card online, determine if the merchant is operating on a secure system. Also find out what recourse you have if your number is intercepted. Some merchants may be willing to guarantee the transaction is secure, and will pay some or all fraudulent charges made to your account.

The Department of Financial Institutions regulates consumer credit in Wisconsin and anyone having questions or concerns should call 1-800-452-3328.