Credit card fraud is rampant, and even minor billing errors can end up costing families thousands of dollars in fees over time. BillGuard is a tool that helps protect against these costly mistakes by scanning its users’ credit cards and debit cards daily and sending alerts when secret fees, billing errors, and intentional scams or fraud seem to have occurred.
Unlike many of the other tools that claim to monitor consumers’ credit for instances of atypical behavior, BillGuard does not charge people a dime for its services. The protection it offers credit card and debit card holders is completely free. Enter your email address, create a password, and give BillGuard your zip code to begin. Select which cards to protect by typing in the name of your bank and entering the username and password you use to access those accounts. Once BillGuard establishes a secure connection with your bank, your work as a consumer is basically done. Going forward, BillGuard will scan your cards daily and monitor your transactions for instances of fraud, scams, or erroneous subscription fees. An alert will be sent out immediately if strange behavior is discovered, giving you ample time to notify your credit card company and stop any related charges from going through.
To determine which purchases could be fraud, BillGuard uses more than 100 automated tests. The service also tracks consumer complaints across the web and flags purchases or fees that seem similar to those that have been flagged in the past. By verifying any transactions that seem sketchy, users can help BillGuard refine its algorithms and hone in on fraudsters that are targeting users in a specific area or those with a specific type of card. BillGuard users receive automated reports each month letting them know what the service has found, even when major problems have not been discovered.
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