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Lessons and stories from the front lines of fighting identity theft.


Credit Card Fraud

Mar 22

What to expect in 2010

I recently read an article where a fraudster orchestrated a credit card scam while he was behind bars.   As a result, the man pleaded guilty to the scheme and was sentenced to eight additional years in prison.  What was shocking was the man already had served a three year sentence for bank fraud and identity theft charges.

This really got me thinking about how savvy fraudsters are becoming at stealing people’s identities.  In the industry, we hear about fraudsters referring to prison as school. It’s a place for an identity thief to meet other criminals and learn about their crimes. Armed with this new knowledge, many leave prison with new ideas about how to commit fraud.

With that thought in mind, what kinds of innovative credit card fraud do we expect to see in 2010?  After some thinking, I came up with a list of credit card fraud which you may have heard of or may sound new to you.  Either way, identity theft will continue to be a problem and will not be going away anytime soon.

Here are few types of credit card fraud to watch out for in 2010:

1. Counterfeit Credit Card:  To make fake cards, fraudsters will continue to use the newest technology to “skim” information from magnetic strips on credit cards. I recently heard of a thief posing as an ATM tech and installing skimming software on card readers inside a bank. It took weeks for this crime to be discovered.

2. Fraud without Credit Card: Identity thieves will continue to perpetrate your banking/credit institution via telephone or email to lure you into providing your personal information. Fraudsters will also continue to use Internet sites that are promoting the sales of non-existent goods and services to get your credit card information.

3. Identity-Theft Credit Card Fraud: Criminals will continue to apply for a card using someone else’s identity and information.

4. Non-Receipt Fraud:  This occurs when you replace your credit card and during the mailing process your replacement gets stolen by a fraudster to be used for personal gain.

Having been an identity theft victim, to avoid any of these credit card scams, I suggest you do the following:

– Keep a record of your account numbers, their expiration dates, and the phone number and address of each company in a secure place.

– Save receipts to compare with billing statements.

– Don’t give out your account number via email or telephone unless you’re the one making contact with the company. 

– If you bank online, check your account on a daily basis.

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