The Key to Prevent Credit Card and Identity Theft

Facts Behind Credit Card and Identity Theft

Credit card identity theft or credit card fraud has now become one of the serious problems confronted by the US Law agencies. Usually, credit cards 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 credit card account, thereby leaving all debts and credits for you to clear. According to several studies, about ten million people are affected because of credit card identity theft per year.

Credit card identity theft is simply a category of identity theft, for which your credit card is used as a means for illicit purposes. 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 credit card 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 credit card holders, as thieves use this cloned information for unscrupulous purposes. Lost or stolen wallets and purses is perhaps the most common way through which credit card identity theft could occur. As per the studies revealed by credit card companies, about 50% of identity theft is obtained via stolen wallets. Many people become victims of credit card identity 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 identity theft at any moment.

A legitimate credit card company never gives you a phone call out of the blue to request for your credit card information. Another common way through which your credit card information could be stolen is via raiding your mailbox by criminals. Aside these, thieves also depend on conventional options to retrieve your credit card information. For instance, credit card 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 cautious as it may be the initial step adopted by thieves to retrieve your sensitive information.

In some case, thieves even search trash to gain your credit card and other important information. Hence, test out numerous times ahead of disposing a document or bill into the trash. Hence, being careful is one of the best ways to reduce the chances of credit card 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.

Read on how to prevent identity theft