subject: The Risk of Identity Theft with Credit Cards and How You Can Stop It [print this page] Federal and state law enforcement agencies are finally starting to take the problem of identity theft more seriously. However, the problem has become so common, thieves more sophisticated, and budgets so sparse, that it is hard to hold the criminals accountable. More and more it is up to individuals to avoid identity theft by vigilantly protecting their own credit card information.
Here are some classic methods thieves employ to illegally obtain confidential credit card information from you:
Snatching credit offers from your trash or mail
Submitting a change of address to reroute your mail
Posing as a creditor and requesting a copy of your credit report
Stealing your wallet or mail
Digging through your trash
Breach of security on a computer that contains your credit data
Phony telemarketing schemes designed to solicit your information
Stolen by a desperate or vindictive relative, colleague, or salesperson
Bought and sold through internet clearing houses
Having your credit card information lost or stolen can have serious and long lasting consequences. A criminal can obtain a loan, open credit accounts, rent an apartment, buy a car, or commit even more serious crimes - all in your name. Even though consumers are usually limited to a $50. liability in the case of unauthorized credit card use, this might be the least of your worries.
You could spend months trying to clear your name and dealing with the fallout from compromised credit card information. Victims of identify theft suffer seemingly endless months of stress and anxiety from dealing with unresponsive credit bureaus, dismissive government agencies, disbelieving creditors, and even hostile collection agencies. All this can be extremely unsettling and have long lasting physical and emotional effects.
Your best defense is a great offense as they say. You must constantly guard your personal and credit card information and be alert to signs that your identity has been compromised. Ask how your information will be used and kept secure every time you're asked to divulge it.
Opt out of sharing your personal information and receiving unsolicited offers whenever possible. Provide the minimum information necessary when making internet transactions and then only to secure sites. Put a lock on your mailbox and shred all sensitive data before putting it in the trash. Only carry one credit card in your wallet. These are just a few steps you can take to keep your information from being passed around.
If you find you have become victim of identity theft quick action is essential to minimize the potential damage. Consumers today must constantly be vigilant in guarding their personal information and immediately take offensive action when they become aware their private information has been compromised.
The Risk of Identity Theft with Credit Cards and How You Can Stop It
