{"id":19432,"date":"2011-02-17T20:00:53","date_gmt":"2011-02-18T00:00:53","guid":{"rendered":"\/\/www.askmrcreditcard.com\/news\/?p=19432"},"modified":"2011-02-17T20:00:53","modified_gmt":"2011-02-18T00:00:53","slug":"would-you-notice-a-800000-charge-on-your-credit-card","status":"publish","type":"post","link":"https:\/\/www.askmrcreditcard.com\/news\/would-you-notice-a-800000-charge-on-your-credit-card\/","title":{"rendered":"Would You Notice A $800,000 Charge On Your Credit Card?"},"content":{"rendered":"

According to the New York Post<\/a>, a limo driver just plead guilty to stealing $800,000 from a Hong Kong business man who left his credit card in the back of his limo.\u00a0 Amazingly, the victim of the theft did not notice<\/strong> the charge!\u00a0 He only found out about it when his bank’s security team notified him.\u00a0 It is not clear from the article when he was notified relative to when the charge was placed.\u00a0\u00a0\u00a0 I could see not “noticing” a charge until I received my statement, as I rarely check my balances online.<\/p>\n

Can You Charge $800,000 On A Credit Card?<\/strong><\/p>\n

There is the occasional credit card that does have a limit that will allow you to charge that much.\u00a0 Such credit cards are not marketed towards the general public, but are offered to various individuals with whom a company has a banking relationship.\u00a0 What could you charge that would cost $800,000?\u00a0\u00a0 Well, private jet companies offer prepaid services that can easily cost that much.\u00a0 I suppose you could charge all sorts of jewelry or vehicles for a fraction of that price, and then order a few of them.\u00a0\u00a0 Then again, the article doesn’t specify if there was a single charge or multiple charges.<\/p>\n

What Is The Lesson For The Rest Of Us<\/strong><\/p>\n

Yes, I am likely to notice lots of large charges, but what about a few small ones?\u00a0 For those of us who use our credit card as a method of payment, we make a large quantity of small charges.\u00a0 Smarter thieves know this and will try to charge a few smaller items first in order to evade detection. \u00a0 Later they will gradually increase their purchases in the hopes that the victim doesn’t know. \u00a0 Really, it is the bank that will be the victim as the cardholder will not be responsible for any fraudulent charges reported.\u00a0\u00a0 The key is in the reporting.\u00a0 If you don’t report the charge as fraudulent, you probably won’t get lucky and have the bank notify you of the suspicious charges.\u00a0 Ultimately, it is up to you read through your statement and identify any potentially fraudulent charges.<\/p>\n

So What’s The Problem?<\/strong><\/p>\n

The problem with reading through statements is that the charges are often listed in names that do not correspond with what the merchant may be doing business as.\u00a0 It is very easy to flag legit charges when the credit card processor lists an unfamiliar merchant name.\u00a0\u00a0 Worse, a merchant that is complicit in fraud will try to choose a very generic sounding name that does not raise any flags.<\/p>\n

The good news is that once you find a fraudulent charge, you should be able to more thoroughly examine your statements to find any others.\u00a0 Credit card fraud can happen, but any reasonably careful cardholder will never loose a cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the New York Post, a limo driver just plead guilty to stealing $800,000 from a Hong Kong business man who left his credit card in the back of his limo.\u00a0 Amazingly, the victim of the theft did not notice the charge!\u00a0 He only found out about it when his bank’s security team notified […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"yoast_head":"\nWould You Notice A $800,000 Charge On Your Credit Card?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.askmrcreditcard.com\/news\/would-you-notice-a-800000-charge-on-your-credit-card\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Would You Notice A $800,000 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