Medicare Insurance and Credit Card Fraud

Credit Card Fraud and Medicare

In talking with other Medicare Insurance Brokers near me, you’d be surprised how many consumers on Medicare Insurance Plans do not pay enough attention to their credit card information.  Credit card fraud and Medicare are two things I know something about.

Last week I received a new Capital One Debit Card.

The problem?

I didn’t open the account :(.

Apparently, someone with my social security number and a burner phone opened the account on my behalf.

That means they have all my information.

The good news is I was able to cancel the card. If I had opened the account, and deposited money, chances are the scammers would have drained it later.

Credit card fraud is a form of identity theft.  When an unauthorized individual steals another person’s credit card information and uses that information to make purchases or remove funds, this is against the law.  Interestingly, Federal law limits a cardholders’ liability to $50.  That is, if there is credit card theft.  However, many banks will waive this amount IF the owner of the credit card is willing to sign an affidavit explaining the details of the theft.

We can protect ourselves from credit card fraud and identity theft by doing a couple of things now.  Find a card with $0 liability protection.  Sign up for transaction alerts on your current credit cards.  Keep an eye on your credit card information.   And consider adding a credit protection service.  These credit monitoring services can help protect you against credit card theft and put your mind at ease.

Photo of two credit cards.

Credit card fraud and Medicare:  Be careful out there.

And if you have questions about Medicare Insurance, visit www.big65.com.

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