Losing your wallet seems to turn your life upside down. Suddenly you’re plunged into a race with thieves. You hasten to cancel your credit cards before someone gets a chance to use them.
Having done that, you might think your problems are mostly over. But they may be only beginning. These days thieves aren’t just out to snatch a stolen card to pay for a spending spree. They’re using credit cards and other information found in a victim’s wallet as tickets to commit more fraud.
Take, for instance, “true name fraud” which accounts for a growing portion of the $1 billion in annual credit card fraud estimated by the International Association of Credit Card Investigators. A thief uses information, such as your driver’s license and a major credit card, to open charge accounts in your name. Only weeks later, when the bills arrive in the mail, do you find out about the scam. You may no be held liable for the charges, but it may take years for you to set your credit record straight.
In fact, a thief can perpetrate that sort of crime without even stealing yourwallet. Computer hackers can access personal information about you and then sell it to someone who creates fake identification and gets instant credit in your name.
Great Quotes . . .
"Associate yourself with men of good quality if you esteem your own reputation, for 'tis better to be alone than in bad company."
George Washington
Clearly, although credit cards offer convenience, they also require new kinds of vigilance. If your credit card is lost or stolen, you should: —Inform your financial institution or other card issuer immediately. If reported immediately, you won’t be held liable for unauthorized charges made after such notification, and your maximum liability is $50 per stolen card. —File a police report. It’s not a requirement, but it’s a good idea to have a report on hand should disputes about your credit record arise later. —Call the credit bureaus. Ask to have a “fraud alert” placed on your file so no one can open charge accounts in your name without you being contacted first. The three credit bureaus are Equifax (800) 525-6285, Trans Union (800) 680-7289 and Experian (800)301-7195.
Also, take these steps to help prevent credit card fraud. Guard your credit card number. Don’t write it on a check at a merchant’s request, and don’t give it out over the phone unless you’re sure about the party you’re talking to.
Be equally guarded with your Social Security number and birth date, which thieves also can use to apply for instant credit in your name. Carry with you only the credit cards you intend to use. And think about whether you have too many cards. Maybe it’s time to trim the number you own, thus reducing your changes of being hit by credit card fraud.
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