In light of the recently passed CARD Act legislation, there are changes being made on credit card statements, such as an analysis 
of how much time it would take to pay off balances using minimum payments and how much to pay on your credit card to enable payment in full within three years.
What the CARD act doesn’t talk about is the lengthening of credit statements or the ability to determine illegitimate charges on these statements. As the monthly statements get harder to read, more consumers are likely to miss the fraudulent charges because there is just too much going on within a statement.
Small Charges, Big Deal
Credit card account holders often get taken advantage of by con artists because the fraudulent charges that are being made are so small. The sole intention of this strategy is to avoid detection simply by hoping that cardholders will dismiss or ignore this seemingly inconsequential charges. Consumers rarely notice these seemingly insignificant charges on a month to month basis, but over time these charges do add up. The longer it goes without a charge being contested, the harder it is to prove it fraudulent. Banks use high technology to print the statements but because of the settings, the statements still come out in a standard, unremarkable form. There are not provisions being made to highlight specific information so it becomes more difficult to spot small charges.
Even if the most care is taken to analyze statements each month, our brains can still find it difficult to process long lists of information and consumers have a tendency to miss out on legitimate errors. It also becomes difficult for consumers who do not track and save every receipt to remember a month’s worth of spending at one time. Little items become a hassle to investigate even if they are recognized. A charge of a few dollars is likely dismissed more often than not.
People who check out their statements online in real time are also prone to missing out on fraudulent charges because they are in a hurry or looking for specific information. They tend to scan bills each month and only focus on how much is owned rather than what was spent.
Experts agree that keeping better tabs on your spending by saving receipts and reconciling them against the monthly statement is the only way to guarantee you are not relying on an overactive memory. With some much activity going on in daily life, a paper receipt is the only sure way to have total recall of charges. Anything beyond your documented charges should be investigated. Also, web users who do look at statements online are encouraged to log in often and see charges as they are posted to make sure no small amounts are slipping by during the month. Real time accounts are available for most credit card users.
While a few dollars here and there may not seem like a big deal, these charges do add up over time and essentially you are also paying the interest on charges you did not make. At some point, the person who is able to skim off the top of your account may take bigger action and wind up maxing out your credit limit entirely. Once a more serious situation comes to light and you take action, it may be held against you for letting other fraudulent charges go by in the past.
If you do not regularly check your statements, it is important that you start. Get familiar with the layout and the information being printed on your paper or electronic statement to make it easier to see when something is amiss. By not being vigilant about credit card charges, you are opening yourself up to a tough road ahead, proving identity and credit card theft.
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On June 7th a fraudulent charge was made using my bank-issued debit card. The amount was $2.39 and it was to the legitimate charitable organization Medecins Sans Frontieres using their Dublin Ireland office address. My local bank caught the charge and contacted me. I have cancelled the card, started the fraud investigation, and notified the Medecins Sans Frontieres office of the problem. I assume that I was the victim of someone phishing for legitimate card numbers, but it's a shame that a charitable organization is partly the victim here too.