Consequences of Credit Card Identity Theft

Credit card identity theft is simply a category of ID theft, for which your credit card is used as a means for illicit purposes. Usually, CCs are used to perform fraudulent activities such as to withdraw funds from your account without your authorization, purchase goods in your name, and to obtain bank loans and open another CC account, thereby leaving all debts and credits for you to clear. According to several studies, about ten million people are affected as a result of CC identity theft per year. In fact, credit card ID theft or CC fraud has now become one of the serious problems confronted by the US Law agencies.

The technological advancement has brought about revolutionary changes in almost every field. Hence, there is no exception in the case of credit card identity theft. In other words, thieves adopt most advanced options and tools to retrieve your CC details. For instance, scammers use a pocket-sized tool attached with a slot that could easily scan and copy information from your credit card’s magnetic tape, which even includes the security holograms markings. Here starts the plight of poor CC holders, as thieves use this cloned information for unscrupulous purposes. Lost or stolen wallets and purses is perhaps the most common way through which CC identity theft could occur. As per the studies revealed by CC companies, about 50% of ID theft is obtained via stolen wallets.

Aside these, thieves also depend on conventional options to retrieve your credit card information. For instance, CC identity theft may also happen through phone. So if you receive a phone call requesting for your social security card number and credit card number and expiry date, be careful as it may be the first step adopted by thieves to retrieve your sensitive information. A legitimate credit card company never gives you a phone call out of the blue to request for your CC information. Another common way through which your CC information could be stolen is via raiding your mailbox by criminals. In some instance, thieves even search trash to gain your CC and other important information. Hence, check several times before disposing a document or bill into the trash.

Many people become victims of CC ID theft via online, as scammers use high tech viruses as well as Trojans to track and record your critical information. In short, you are at risk to become a victim of ID theft at any moment. Hence, being careful is one of the best ways to reduce the chances of CC identity theft. The installation of the latest anti virus software and the usage of sophisticated wallets like iWallet can help you to prevent identity theft to an extent.

By: Steve Cabouli

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