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Victim of credit card fraud? How to dispute charges and secure your accounts

When using platforms where either party can delete messages, screenshots need to be saved as soon as possible.

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Q: My husband recently got a text from his credit card company about some irregular transactions on his account. One of the purchases looked familiar, but the other definitely didn’t. He had to file a fraud report and go through several steps, but we’re still worried we could end up being responsible for what turned out to be about $5,500 in charges. What really has us concerned is something that happened a few days earlier. We bought an item online and, although we eventually received what we ordered, the transaction felt a bit off. My husband was in a hurry while he was communicating with the seller, and now we’re worried he might have shared information that led to the fraudulent charges. Since then, we’ve been feeling anxious and second-guessing everything. If we end up being on the hook for that $5,500, it would take us a year or two to pay it off. I’m currently on maternity leave and our budget is already very tight. What should we do? ~Elise

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A: It’s completely understandable to feel rattled after experiencing something like this. When suspicious charges appear on a credit card it can quickly turn into a stressful “what if” situation. Many people immediately start replaying recent purchases in their minds, wondering whether they missed a warning sign, or shared information they shouldn’t have.

Victim of credit card fraud? How to dispute charges and secure your accounts Back to video

The reality is that scams and fraud attempts are a significant concern for Canadians. They are designed to look legitimate and to catch people when they’re busy, distracted, or simply trying to complete a normal transaction, such as buying something online or through a marketplace.

However, even when something feels uncertain or suspicious after the fact, there are practical steps you can take to protect yourselves and limit the financial damage. Acting quickly, staying organized, and working with your financial institution can make a significant difference in how situations like this are resolved.

Quick Tips to Protect Yourself from Scams and Frauds

Act quickly and document everything

Start by gathering every piece of information about the online purchase and the unexpected card charges. This includes dates, amounts, seller messages, screenshots, bank or credit card statements, and any emails or texts. When using platforms where either party can delete messages, screenshots need to be saved as soon as possible.

Then, call the phone number on the back of your debit or credit card to make a report. Ensure that your credit card issuer or financial institution is aware of all of the suspicious activity and let them know that you are disputing the transactions. At the same time, report the incident to your local police and online to the Canadian Anti-Fraud Centre. Both create records that you may need later when requesting refunds or for further investigation.

Protect your accounts and identity

If you’re worried about how far-reaching the scam or fraud could be, it’s wise to take a few precautionary steps to secure your accounts. Start by changing your passwords and enabling two-factor authentication, or using an authenticator app, for your email, banking, social media, and any accounts or services that may be linked to your payment methods. Use strong, unique passwords for each account, and consider using a password manager to generate and store them securely so they’re easy to access when needed.

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If there’s a chance that your personal information may have been exposed, you can place an alert on your credit files with Equifax and TransUnion. Also consider adding a code word to your accounts and monitor your credit reports regularly. These steps can help reduce the risk of additional unauthorized charges or new accounts being opened in your name without your knowledge.

Learn How to Stand Against Scams: Stop, Check, Talk

For guidance on improving your digital security and spotting potential fraud early, look for reputable Canadian consumer resources online. It’s best to rely on trusted organizations rather than advice shared in unverified social media posts or videos, which may not always provide accurate or complete information.

Keep a close eye on your accounts in the coming weeks

Monitor your accounts closely after reporting the fraudulent charges. Check your credit card and banking transactions every few days and review any new alerts from your financial institution. Consider signing up for a credit report monitoring service. Fraud sometimes happens in stages, where a smaller test transaction is followed by larger charges later. Early detection of anything unusual makes it easier for your financial institution or credit card company to stop additional losses and resolve the issue quickly.

Why It’s Worth Checking Your Credit Card Statement Regularly

Handle disputes through your credit card issuer

Banks and credit card networks have established processes for disputing unauthorized transactions. Contact your credit card issuer as soon as possible and ask to speak with someone in the fraud or dispute department. Be sure to request the reference number for your claim and ask what protections are in place while the investigation is underway. For example, some credit card companies may require minimum payments on the disputed amount during the review period, while others may temporarily place the charges on hold until the investigation is complete.

How to Protect Yourself from Credit Card Fraud

It’s also important to act quickly, as some dispute windows are time limited. Reporting suspicious transactions promptly improves the likelihood that unauthorized charges will be reversed. If your card issuer ultimately refuses to remove the charges and the situation escalates, or resolving an issue with your bank account is proving difficult, you can explore formal complaint options through your bank’s internal process, the banking ombudsperson, or federal consumer protection resources.

If you could be held responsible, options to manage the fallout

If you do end up being held responsible for any of the fraudulent charges, start by asking the credit card company for a clear written explanation of their decision, the total amount owing, and the expected repayment terms. If repaying the balance will take several months, you can also ask whether they would be willing to hold off reporting any negative information to the credit bureaus as long as you keep up with the agreed payment plan. Having these details in writing will help you understand your options and avoid unexpected surprises.

If repaying the balance would strain your budget, try to resist the urge to take on additional high-interest debt to cover it. While it might seem like a quick fix, borrowing more could make the situation harder to manage. Instead, consider speaking with your financial institution or reaching out to a reputable, non-profit credit counselling agency to discuss your options. A credit counsellor can review your overall financial picture, help you adjust your budget, and explain possible solutions, such as negotiating a repayment arrangement with creditors or setting up a structured debt repayment plan if appropriate.

It’s also worth remembering that many people feel anxious or embarrassed when dealing with financial setbacks, especially when fraud is involved. But reaching out for guidance early can make a meaningful difference. Getting the right support and information often helps someone regain control of their finances more quickly than trying to navigate a stressful situation alone.

Is It Normal to Be in Debt?

Be cautious when shopping through personal online platforms

When shopping through peer-to-peer platforms such as Facebook Marketplace or Kijiji, it’s wise to proceed with a healthy degree of caution. Whenever possible, arrange to buy in person and pay with cash, or use well-known, traceable payment methods for local pickups. Take time to review the seller’s profile, inspect items before paying, and avoid sharing more personal information than necessary.

5 Ways to Protect Your Money from Scams and Fraud

If a payment link or e-transfer request seems unusual, pause before proceeding and verify the request directly with your financial institution. If you are receiving money via e-transfer, set up auto-deposit to avoid having to click on a link to accept the incoming deposit. It can also be helpful to stay informed about the increasingly sophisticated scams targeting online marketplaces and the common warning signs associated with them. Fraudsters are constantly adapting their tactics, so being aware of emerging red flags can help you stay one step ahead.

The bottom line on protecting yourself from scams and fraud

Navigating the aftermath of fraud or suspicious activity can feel overwhelming, but try to remember, you’re not alone and this experience does not define your financial future. Taking proactive steps not only helps you regain control but also strengthens your protection, and documenting what happened and seeking expert advice turns uncertainty into informed decisions. Your resilience will foster financial confidence, empowering you to guard against future risks. And remember, reaching out for support is a sign of strength. Then with knowledge and vigilance, you can move forward with greater peace of mind.

How Staying Organized With Your Finances Can Help Avoid Falling for a Scam

10 Ways to Protect Yourself, Your Credit and Your Money from Identity Theft

What to Do After Accessing Your Own Credit Reports for Free

Peta Wales is President and CEO of the Credit Counselling Society, a non-profit organization. For more information about managing your money or debt, contact Peta by email, check nomoredebts.org or call 1-888-527-8999.

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