ROBERT STOLL, CFP®, CFA® & TREVORE MEYER, CFP®, CKA®
[Video] Identity Theft: What You Need To Know
So we are here today to talk about identify theft. It is near and dear to our hearts because we have both recently gone through something similar to this.
So at the end of 2019 as I was wrapping up our budget getting ready for 2020, I noticed that right around Christmas I had right around 6500 in fraudulent charges to Nordstrom.
Endless to say that was a big surprise and I’m glad we didn’t spend that.
And Trevore, you’ve gone through the same thing.
Yes, very similar to Rob only it wasn’t nearly as much money. There were a couple of Amazon purchases that came through. That was just under 3500 worth.
And for our case, we were fortunate enough that because we were using our credit card that our credit card company let us know exactly what the charges were and shipped us out new cards.
But as we were reflecting on that, we were trying to think through – how could this have gone better, how could this have gone worse?
We were very fortunate because we were using our credit cards, because we weren’t liable for any of those charges. We weren’t fighting with the bank, trying to get our money back, because when you are using credit cards, you aren’t actually using your money. It never becomes your money until it leaves your checking account and goes to the credit card company to pay back that account.
So that’s just a little tidbit of why we like using credit cards over debit cards to the extent that you can.
And the other thing we like to remind people is to regularly review your financials.
It’s a really good thing to do. I realize budgeting is boring, and nobody likes to look through bank and credit card statements, but it is really important to be able to catch things like this before it becomes a really big problem.
Thank you for watching this video. If there is anything we can do for you to help you mange your money or investments, let us know. We are here to help you.