Credit card fraud is pretty common, but dealing with it may not be as bad as you think. Time Warner Cable News’ Tara Lynn Wagner has tips in this Money Matters report.

I hate to say it, but if you have a credit card, chances are at some point, you will find yourself the victim of fraud.

"Credit card fraud actually is quite prevalent,” says Nick Clements, co-founder of MagnifyMoney.com. “Over 20 percent of consumers have experienced some form of credit card fraud in the past."

The good news is, while it may cost you time, it probably will not cost you money. In fact, a recent survey by MagnifyMoney found 96 percent of people who experienced credit card fraud didn't lose a dime. 

"And that's because the law is on their side as long as they report it quickly,” Clements says. “So if you identify the fraud and you call in to report it, you should have limited to no liability."

The survey looked at two types of fraud. The first is when someone gets a hold of your credit card number and starts shopping.

"That's called account takeover and it is the most common form of credit card fraud," Clements says.

It's also the easiest to spot and reconcile. Clements recommends setting up account alerts to notify you via text any time a transaction is made.

"Every time I make a purchase, my phone vibrates because I'm getting an alert that I made a purchase,” he says. “What that also means is that the first time a roadster tries to use my credit card, I will know right away." 

Don't want to be bothered with all that buzzing? At a minimum, he says go through your statement every month.

"And if you see something that you don't recognize, call your credit card issuer right away," Clements says.

The second and much more nefarious type of fraud is identity takeover. That is where someone steals your social security number.

"They go open new accounts in your name that you might never know about,” Clements says.

One way to find out is to check all three free credit reports once a year. But Clements thinks that's not enough. He recommends more frequent monitoring, through free services like Credit Karma or a paid service like Prosper Daily.

"They have daily monitoring of all three bureaus, so the minute a new account is opened, you get notified,” Clements says.

If your identity is stolen, many paid monitoring programs also offer resolution services where a caseworker is assigned to do all the legwork for you, saving you a lot of time and trouble.

The government can also help walk you through the process for free.  To file a report, visit identitytheft.gov.