If you’ve found an unfamiliar charge on your credit card, you may be worried about covering the cost. But there are steps you can take to dispute the charge. Here’s a how-to on recognizing fraudulent transactions, disputing them and protecting yourself from fraud in the future.
Despite advancements in credit card production and anti-fraud technology, credit card fraud remains a highly prevalent form of fraud around the world. In Canada, nearly a quarter (24%) of cardholders have experienced credit card fraud, and that number jumps to 60% in the U.S.
How to avoid being a victim of credit card Fraud
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Never give out your credit card information in response to an unsolicited call, text or email.
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If you’re interested in giving to a charity, do your own research to find a legitimate organization that matches your charitable values and goals.
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If you’re tracking a delivery, use the company’s official website using the tracking number provided.
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Never leave your card unattended or write down your credit card number or your pin on an unsecured form. If you’re paying at a restaurant, ask to use the credit card terminal so the card doesn’t leave your sight.
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If you need to provide your credit card information in a public space, be sure there is no one around to record the card number or your pin.
How to spot fraudulent transactions
The best way to spot a fraudulent credit card transaction is to regularly monitor your account. For instance:
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Scan your transactions regularly through online or mobile banking. Signing in to digital banking on a regular basis is the best way to stay on top of your credit card charges and makes it easy to recognize a transaction you didn’t make. This way, you can also dispute charges shortly after they occur, which can make it easier to resolve them.
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Set up fraud alerts: If you have an RBC credit card, you can set up fraud alerts, where you’ll automatically receive an SMS text message from 722373 any time a credit card transaction looks out of the ordinary for you. You’ll be able to immediately confirm if you’ve made the transaction or not by responding directly to the message. It’s easy to set up or update your Alert settings through RBC Online Banking1 and the RBC Mobile1 app.
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Review your statement each month, whether you receive it electronically or in the mail, and look through all your transactions. You may not notice something is off if you look only at the balance.
The best way to spot a fraudulent credit card transaction is to regularly monitor your account. For instance:
Other reasons you might not recognize a transaction
Unfamiliar credit card transactions aren’t always the result of fraud. Here are other instances where you might not recognize a transaction:
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Unfamiliar merchant name: Sometimes the name a merchant uses for its storefront is different from its registered business name.
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Unfamiliar amount: When a transaction settles, there may be a difference between the amount you were initially charged (the Authorized Transaction) and the final amount you actually paid (the Posted Transaction).
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Unfamiliar date: A delay may occur between the time a transaction is settled and removed from Authorized Transactions, and when it appears in Posted Transactions.
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Multiple cardholders or users: If you’re the primary cardholder or a co-applicant, your transaction list will include your purchases, as well as any purchases made by authorized users and other cardholders.
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Expired trials or free memberships: Sometimes free trials automatically transition into paid subscriptions.
Taking action on a charge you didn’t make
If you notice a transaction you know you didn’t make, here’s what to do next:
Lock your card – If you’re an RBC cardholder, you can easily lock and unlock your card via the RBC Mobile app or RBC Online Banking. It can be temporarily locked and unlocked at any time.
Dispute the fraudulent transaction – If you use RBC Online Banking or the RBC Mobile app, it’s easy to dispute a transaction through either of these digital platforms. On your credit card transaction page, choose the transaction in question and select “I disagree with this charge.” RBC will review the request and get back to you with an update on your claim within three to five business days.
Other ways you’re protected
RBC fraud protection: If you’re concerned about a fraudulent transaction, you can call 1-800-769-2512 and RBC will be happy to help you. Provided you’ve taken reasonable precautions to protect your PIN and your card, you’re covered for any fraudulent charges both online and in-store.
RBC Digital Banking Security Guarantee: You’re fully protected against any eligible digital transactions you didn’t make or approve so long as you fulfill your responsibilities1. Should something covered by the Digital Banking Security Guarantee ever happen, RBC will work to resolve any unauthorized transactions made through the RBC Mobile2 app or RBC Online Banking2.
Zero Liability Protection: Visa and Mastercard offer Zero Liability policies protect you from unauthorized use of your card.
While credit card fraud remains common today, there are steps you can take to protect yourself and dispute a fraudulent charge.
It is critical that we all become more Cyber Aware and safeguard our online activities. Visit Be Cyber Aware for more tips.
Stay informed about any new or ongoing scams by checking RBC Current Scam Alerts.
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