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.

Remember that a credit card statement is a periodic billing statements that shows you all the payments, purchases, charges, and all the other transactions made to your credit card, so you can have a detailed information about all transactions made with your credit card. The credit card statement is generated and given to you on monthly biases by your bank or credit card issuer. Since the credit card stamen reflects all the transaction made with your credit card, it is the best resource to look for fraudulent transactions. If you see a transaction way different from your usual ones in your credit card statement, you will have a clear indicator that you may was victim of a fraudulent transaction.

We can conclude that the correct answer is: A: Review your recent credit card statements.

The option (A) is the correct answer.

The best way to investigate fraudulent transactions on your credit card is to review your recent credit card statements. It is a kind of identity theft wherein the thief steals relevant information about someone’s identity and misuses it for personal gains.

Further Explanation:

A: Review your recent credit card statements:

The best way to know that of any fraudulent activity has been done on the victim’s credit card is to check the card statements. When the statements are reviewed, a person can know how much amount has been deducted from the account and for what purpose the money was used. The bank can also help the individual to know the location from where the card was used or the details of the credit card used.

Therefore, this option is correct.

B: Review all old bank statements:

Reviewing old statements will not help the individual to investigate any fraudulent activity done recently. This will take time and would be of no use to the victim and sometimes wasting time on useless things might result in a delay in filing a report for the fraudulent activity.  

Therefore, this option is incorrect.

C: Keep a copy of your bank statements in a safe place:

Keeping the bank statements in a safe will not help an individual in investigating fraud because now the fraud has been done by identity theft and you can do nothing as of now to escape from the situation but to deal with it and investigate for proper actions. Although, for future purposes, an individual can keep the necessary documents in a safe place so that nothing like this happens in future.

Therefore, this option is incorrect.

D: Keep track of your monthly budget:

This is the step an individual should have taken from the beginning because if he/she would have taken care of it, then the fraudulent transaction wouldn’t have taken place. Keeping monthly track of the budget is a good thing but doing so at the right time is must.

Therefore, this option is incorrect.

Learn more:

1.  Minimum payment of credit card

link

2.  Charging fee in case of credit card

link

3.  Consequences of non-payment of monthly credit card payment

link

Answer details:

Grade: High School

Subject: Business Studies

Chapter: Money and Banking

Keywords: credit card, frauds, fraudulent transactions, identity theft, monthly budget, credit card statements, safe place, old bank statements.

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