According to a report released by the Federal Trade Commission last month, credit card fraud was the most frequently reported form of identity theft in 2006. Sadly, the report stated that 27% of identity theft reports in Wisconsin alone were in the form of credit card fraud.
To make matters worse, experts believe that the number of cases reported to the Federal Trade Commission is really only a small representation of the true number of people suffering from the hands of credit card fraudsters.
One major reason for this continued problem is the fact that consumers simply fail to realize just how far thieves will go to get a hold of your credit card information. It is easy to get too relaxed and laid back with your credit card and your account information and, before you know it, a thief is running up purchases in your name. In addition, credit card thieves are sneaky about using your card. In fact, most will only use the card for a few weeks before selling it to someone else, who might use it for awhile and then sell it to another person. For this reason, it can become quite difficult to keep up with the fraudulent activity taking place in your name.
To help prevent being added to these statistics, you should try to limit the number of credit cards you carry with you. That way, you reduce your chances of losing them or having them stolen by some sleaze looking for an easy way to make some money at your expense.
You should also review your credit report every year and check it for unusual activity. By catching this activity early, you can reduce the amount of damage that occurs. In addition, be aware of common scams used for gathering credit card information. One of the most popular scams is the use of phishing. But, some crooks also use scanning devices that take only seconds to use. Therefore, you need to make sure your credit card never leaves your site – even when making purchases.
Arresting a credit card thief is also a difficult task, particularly if the fraudulent activity takes place on the Internet or if the thief lives in a state other than the one you live in. Of course, even if an arrest does occur, this doesn’t mean you can breathe easy. You may have to track down the paper trail for quite awhile in order to restore your credit rating. So, take every step you can to keep those credit cards safe.
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