Q&A: Is a fraud alert on my credit card a false sense of security?
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Question by aybaybay123123: Is a fraud alert on my credit card a false sense of security?
I am paying like a month to have a fraud alert protection through wells fargo on my credit card. Will this really protect me against someone getting a credit card in my name? I heard that theses fraud alerts are a false sense of security. Am I wasting my money? Thanks for any knowledge you might have in this area.
Best answer:
Answer by Starpepper
Yes, in my opinion you are wasting your money. Here’s why: you are only liable for the first if you lose your card and if your number is stolen and used fraudulently (as long as you report it asap). The fraud alert may notify you of suspicious activity, but it can’t stop it from happening.
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Tagged with: Alert • Card • Credit • False • Fraud • Security • sense
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Yes, you are wasting your money. Call the 3 main credit bureaus and they put it on free whenever you have lost a credit card or your wallet has been stolen for a period of 3-6 months. Be prepared that if you try and open a new line of credit it may be very difficult for you to prove who YOU actually are. The procedures are very difficult to get a new line of credit when the fraud alert is on an account. Trust me – my purse was stolen once and I left my wallet at a restaurant once. Both times I used the fraud alert and never had any problems.