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April 05 Newsletter: Credit Card Fraud - A Big Problem

Credit card fraud is on the rise, especially identity theft. This is one reason why it is important for you to check your credit report regularly to see if there are any charges that you do not recognize. If do you find anything that looks suspicious you should call your credit card issuer immediately to have it investigated.

You may feel you don't have to worry about credit card fraud because you think that it can never happen to you. Even if it does not happen to you it effects us all. When criminals obtain items through credit card fraud usually it is the credit card company that bears the burden of the loss. In turn, they often must increase interest and fees to cover these costs.

Credit card fraud can take several different forms. A lost or stolen credit card is the first type we automatically think of,but what if your card is being used and you don't know it because the card is still in your possession. Yes!!!, this can happen. If your account number is stolen you would never know it if you don't check your credit card statements or your credit report regularly.

Account numbers can be stolen in many different ways, such as:

• Collecting them via telephone or internet scams
• Copying them from credit cards during a purchase
• Obtaining them from discarded receipts or account statements
• Going through your garbage

A paper shredder is a good investment to ensure that all statements and others documents containing personal information are destroyed.

Identity theft

Identity theft is the unauthorized use of your personal information, including your name and social security number. The purpose is to use your existing accounts or obtain new ones using the information gathered. This info can be used by someone to get a job, purchase goods or even buy a home. Usually the main purpose of identity fraud is to use your good credit without your knowledge.

People can be using your information and posing as you for months and you would not even know this was happening, sometimes even making the minimum payments on accounts they have opened in your name so they can keep that credit line available to them. Sometimes the only way you may find out is when the person that stole your information stops making payments on the account and the creditors come looking for you to repay the debt. Checking your credit report regularly is one of the best

ways to catch someone that is trying to steal your identity. Another way is to keep a close eye on your credit card statements. Make sure all charges on the statements are yours. Here are some ways to protect yourself from identity theft and credit card fraud:

• Keep your cards in SAFE place
• Only carry cards that you will be using
• Don't carry social security cards, birth certificate or anything that can be used to steal your identity and personal information
• Keep a list of all your creditors names and numbers in case they are stolen you can call to notify them
• Sign your cards as soon as you get them
• Review statements
• Reports suspicious activity immediately
• Check credit reports regularly to verify information
• Be careful when using the internet or phone. Don't give out account numbers, unless you know the person or company.
• Buy a shredder to destroy personal information
  

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