The best way to investigate fraudulent transactions on your credit card is to: a: review your recent credit card statements. b: review all old bank statements. c: keep a copy of your bank statements in a safe place. d: keep track of your monthly budget.

The best way to investigate fraudulent transactions on your credit card is to review your recent credit card statement.

Credit card  

An electronic card issued by a financial company that allow the user to pay services, purchase goods or make a cash advance against a credit limit.

Fraudulent transactions on credit card

A form of theft, fraud or scam that occurs with a credit card holder to which the thief performs unauthorized withdrawal of funds or unauthorized purchase of goods from the credit card account without paying.

Credit card statement

Every credit card holder receives a credit card statement from the bank that issued their credit card on a monthly basis depending on their billing cycle. A credit card statement is a document containing information such as:

For the purpose of answering the question, emphasis is given to the 'transaction' section of a credit card.

Transactions is the part of a credit card that provide list of all transactions that have occurred from the last statement. This transactions are commonly in the form of purchase, payment, credit, balance transfer and cash advance.

A person may be a victim of fraud when upon reviewing the transaction part of his/her credit card he or she may notice an unusual transaction that are oddly different when compared to his or her past credit card statements.

Credit card statements provide the credit holder and the bank a transaction history from the time the credit card was activated up to the present. It also reflects how the card holder use up his or her credit limit on a historical basis.

Learn more:

Keywords: credit card, fraud, credit card statement

Option (A) is correct.

The best way to investigate fraudulent transactions on your credit card is to review your recent credit card statements.

Further Explanation:

Investigate fraudulent transactions on credit card:

The cardholder should order a credit card statement. The credit card statement is detailed information regarding the payment history, amount owed, types of credit used, new credits and length of credit history.  

The credit card holder can review the credit card statement and analyze the transaction. The cardholder can examine the details of the suspicious transactions such as amount, receipt of the fund, and timing of the transaction to ensure that the transaction is authorized by him or not.  

A.

Review your recent credit card statements: This is thecorrect option. The credit card statement has the detailed information about all the transactions.

B.

Review all old bank statements: This is anincorrect option. Bank statement does not provide the information related to the credit card.

C.

Keep a copy of your bank statements in a safe place: This is an incorrect option. The identity theft can be done via internet. Therefore, it is not an ideal option.

D.

Keep track of your monthly budget: This is an incorrect option. Tracking the monthly budget would not be helpful as it is not directly related to the credit card transactions.

Learn more:

1.Learn more about the credit card balance.

2.Learn more about health care insurance

3.Learn more about common credit card fee

Answer details  

Grade       : High School

Subject     : Business Studies

Chapter    : Money and Banking

Keywords:Best, investigate, fraudulent, transactions, credit card, review, recent, credit card, statements, review, old bank, statements, keep, copy, bank statements, safe place, track, monthly budget.

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