Doug Parker, the founder and CEO of, answers whether consumers need credit card fraud protection as an extra service. Credit Fraud Protection, is an optional service most banks offer in exchange for a service fee. Even though the Fair Credit Billing Act protects every consumer, it works only if you report doubtful information on your credit report, in time. Doug states that the most sensible thing to do is order a credit report from all three credit bureaus, and shares insight on how to monitor credit report activity.