A report by CNN’s Tom Foreman discussed the recent credit card breach that involves all the major credit card brands. The breach occurred at a processing center and involves more than just credit card numbers. The breach is widespread and involves things like account numbers, types of accounts, addresses and phone numbers, and official names. Having access to this amount of information on a person makes it easy and profitable to see it to others.
This information will likely be sold to an information wholesaler who will then sell it to illegal scammers. These people can then open new accounts in the person’s name and charge thousands of dollars.
This can be a huge headache for the consumer who has their identity stolen. It can take years and thousands of dollars to clear your name after being a victim of identity fraud. It can also destroy your ability to get new credit cards or to apply for any type of loan.