What action should be taken if a Cardholder suspects fraudulent activity on their account?

What action should be taken if a Cardholder suspects fraudulent activity on their account?

• A. Ignore the transactions if the value is low
• B. Alert the bank and report the activity immediately
• C. Wait for the monthly statement to review transactions
• D. Consult with colleagues before taking action

Answer: (B)

If a Cardholder suspects fraudulent activity on their account, the appropriate action is to alert the bank and report the activity immediately. This prompt response is crucial because timely reporting helps in minimizing the potential financial loss and protects the Cardholder from further unauthorized transactions. It is also essential for the financial institution to investigate and take necessary actions to secure the account, such as freezing it or issuing a new card. Immediate reporting is a key best practice in fraud prevention, ensuring that the bank can look into the suspicious transactions while they are still relevant. Prompt communication with the bank is vital to safeguard the integrity of governmental funds and maintain accountability in the use of the Governmentwide Commercial Purchase Card. Other options, such as ignoring low-value transactions or waiting for the monthly statement, delay the response, potentially leading to greater financial losses and complicating the resolution process. Consulting with colleagues may lead to unnecessary discussions and delays when the situation requires swift action. Therefore, the only prudent and effective course of action in this scenario is to report the suspicious activity right away.

If a Cardholder suspects fraudulent activity on their account, the appropriate action is to alert the bank and report the activity immediately. This prompt response is crucial because timely reporting helps in minimizing the potential financial loss and protects the Cardholder from further unauthorized transactions. It is also essential for the financial institution to investigate and take necessary actions to secure the account, such as freezing it or issuing a new card.

Immediate reporting is a key best practice in fraud prevention, ensuring that the bank can look into the suspicious transactions while they are still relevant. Prompt communication with the bank is vital to safeguard the integrity of governmental funds and maintain accountability in the use of the Governmentwide Commercial Purchase Card.

Other options, such as ignoring low-value transactions or waiting for the monthly statement, delay the response, potentially leading to greater financial losses and complicating the resolution process. Consulting with colleagues may lead to unnecessary discussions and delays when the situation requires swift action. Therefore, the only prudent and effective course of action in this scenario is to report the suspicious activity right away.