Credit Card Identity Theft
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A new financial plague circulating across the U.S. is credit card identity theft. Monica is an example of a credit card identity theft victim. She applied for a first time home loan. The loan came back denied. After pulling a copy of her credit report, Monica discovered 2 credit card accounts that weren't hers! The accounts were 5 months old and had never been paid.
Monica is not the only victim of identity theft. The crime happens to thousands of people every day. It may one day happen to you. The risk of identity theft will always continue. It can be reduced but not eliminated.
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What exactly is credit card identity theft?
Credit card identity theft happens when someone steals your personal information and uses it to take over existing accounts that you have, or obtain new credit accounts that you don't. The bills from these accounts are usually not paid by the thief. They go past due, negatively impacting your credit. You can see how this would affect the good credit you have.
Identity thieves acquire your information in many ways. The internet is one of the most used. Con artists use methods such as email spoofing. This method masks email headers to make them appear to have originated from a trusted company. Working for a credit card issuer, I've discovered that many people respond to these emails and provide personal information. The information is sent to the thieves and then potentially used to commit identity theft. Never email anyone personal information, trusted company or not. Email is not a secure form of communication.
If you receive an email directing you to a website you think you're familiar with, you might want to check again. Fraudulent emails may contain links to phony websites. If you have dealt with the website before, it might look exactly the same. Your personal information may be captured if you don't approach the situation cautiously. Look up the website in a new browser at the website address you're familiar with for that company. Don't provide personal information to websites you don't trust.
Another source of acquiring your personal information is what's called "dumpster diving". A criminal using this method will search through a business' trash to find customer information. This of course doesn't only happen to business', someone can also go through your personal trash. You never know where it's going once the trash man takes it away. I even have a neighbor that goes through mine all the time looking for recyclables, is that really what he's looking for?
How can I lower my risk of identity theft?
My best tip to avoid identity theft is to monitor your credit bureau report. The credit bureaus contain all your information and credit history. You are entitled a free credit report once a year. If you need additional copies you'll have to pay. Get a free copy of your credit report once a year through
www.annualcreditreport.com.
I have used their twice in the past, and I'd recommend it to everyone. I'm currently planning on getting another copy of my report soon. It's been over a year for me now.
Additional identity theft prevention tips I have are basically the same as the
credit card fraud prevention tips.
Whether it's credit card fraud or identity theft, they go hand in hand. Save yourself time and money by following these tips. Cut down on your risk of credit card identity theft.
What do I do if I'm a victim?
It may feel like the end of the world if you're a credit card identity theft victim. It's not, the first thing you need to do is keep records of all calls and correspondence that you make to correct the problems. Follow these 4 steps to saving your identity.
- Contact the fraud department at the three credit bureaus and place a fraud alert on your credit reports.
- Contact the credit card issuers for any accounts that have been tampered with or opened fraudulently.
- File a police report with the local police department where the crime took place.
- Call the Federal Trade Commission at 1-877-438-4338 to report the identity theft crime.
A great source for identity theft information can be located at the
Federal Trade Commissions website.
It's an in depth 52 page brochure covering all types of identity theft and what to do if you're a victim. Keep it bookmarked in case you ever get victimized by credit card identity theft.
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