Real Every Day Credit Card Fraud Cases

Every day it is estimates that as many as 30,000 identities are stolen in the US alone

. Over a year's time, fraudsters cause over $50 billion in losses to both victims and businesses they use these credit lines on. Many of these cases are not monitored by the FBI, FTC or other government agency credit card fraud department. It could happen to family, friends, coworkers, and anyone no matter how careful they are both online or offline. The following are two cases of early 2012 that are not the last to be seen of the year.

League City Man Pleads Guilty in Fraud Case

A League City man was caught purchasing Apple electronics products using a fake ID and numerous credit cards in Houston in mid January of 2012. After being arrested, Sharif John Reid, 36, was found to have 18 credit cards under a fake name on his person and a fake ID to match the cards issued under that name. An additional 20 credit cards were found in his vehicle all matching the same name.

Officials led credit card fraud investigations and found that all of the cards were valid under other people's accounts as an authorized user. The banks were notified and so were the account holders who did not authorize Reid's fake name additions to their accounts. He was responsible for over $200,000 in cases of credit card fraud. These cards that were found on his person are only some of hundreds that were skimmed at a business in Austin.

The process of easily having your account stolen with your own doing of swiping at a trusted business location at altered machines makes this case frightening. It happens around the United States frequently with card skimmers being installed in every day locations such as grocery stores and various chain businesses. Often times those who have their cards skimmed will not see charges made for months so that the individual has time to have fake cards made and get their materials together to start making large purchases.

Telemarketers Sell Fake Credit Cards

The FTC has halted a plan from telemarketers who were caught selling fake credit card deals to individuals over the phone in early February, 2012. The credit card fraud story involves more than 10,000+ bi-monthly victims were taken through a process of signing up for the credit card with their personal details and an advanced payment of $100 and $20 per month fee for a credit card with a limit of $9,500. These credit cards were claimed to be usable anywhere that accepts Visa, Mastercard and American Express but was really only usable on the scammer's website of off brand and overpriced options.

This case was especially important for the FTC as it had to investigate credit card fraud from the card issuer. In all of the credit card fraud cases individuals had money debited from their accounts without authorization. The total funneled from these account was at the very least $4.82 million. Any person that had refused the original credit card offer from the companies (Platinum Trust Card and Express Platinum Card) had their account debited anyways.

The ability for the fake credit card company to facilitate this was based on fake payday loan applications that were deployed online where potential users would provide bank details for secure "verification purposes". Credit card fraud charges were made against the companies for false claims and illegal charges made to victims accounts.

by: Gen Wright

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