Information Center – News and Articles about Credit Cards
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How Credit Card Applications Can Lead to Identity Theft
First, you got your credit card. Then you go to dinner and use your credit card to pay. Then you received your bill. "Wait a minute...I didn't eat at the restaurant. I didn't buy those boots. I didn't go to that bar." Well maybe you didn't...maybe your identity has been stolen.
When fraudsters use your name, credit card number, SSN, or any other kind of your personal information, they are violating the law. And that crime is identity theft. Identity theft is one of the fastest growing crimes in the United States in the financial sphere. That's something to think about when carelessly flashing your credit card around.
If you are concerned about your credit report, your financial information, stock portfolio or your charge card numbers, take the threat of identity theft seriously. Identity theft might be as simple acquiring your credit card number and charging up thousands of dollars on your credit card to the thief stealing your Social Security number and driver's license number and completely forging your identity. Remember, it can happen to you.
Tip: Do not put your driver's license and SS number on your personal checks. With one glance, a thief could have your Social Security number, your driver's license, you address, your phone number and possibly a sample of your signature.
Different Identity Theft Types
Identity theft can take on many forms: passing bad checks, using somebody else's credit card applications to full blown identity theft. A good example of this is the Sandra Bullock movie The Net. Not only did she have her identity stolen, she was saddled with a whole new identity, one that was wanted by the FBI. This example of course is an extreme version of identity theft, but it is a possibility.
What criminals need to take your identity:
- Your Social Security number
- Your driver's license number
- Your address
- Your Phone number
And worst of all, they don't need all four. One will usually get them the others and then they are off and running with a whole brand new identity.
One of the simplest ways criminals obtain this information is the millions of credit card solicitations floating through our mailboxes on a daily basis. You, as the possible client for the credit card company, are really impressed with their latest offer - a balance transfer credit card. You fill out the paperwork and leave it your mailbox for the mailman. Before the mailman can get to it though, your friendly neighborhood criminal helps himself to your application. He now has everything he needs to steal your identity. Tip: Never leave your credit card application or paid bills in the mailbox. Always take them directly to the post office yourself).
How to Protect Your Credit Card from Thieves
Banks and credit unions are constantly reminding their customers to check their account balances regularly. They are also protecting their customers by asking for identification when the customer comes to the bank. This may be a little inconvenient, but, as cliché as it may sound, better safe than sorry.
Other efforts you can make to protect your identity and thus your credit rating:
- Burn or shred financial documentation containing Social Security or account numbers.
- Use passwords that would be almost impossible even for your own family to figure out and change your passwords frequently.
- Don't put your SSN on documents unless it is required by the law.
- Order your credit report every six or twelve months to make sure it contains no errors.
- Ask all credit promoting companies and credit agencies to remove you from their lists.
- If you identity gets stolen, notify the credit card company and provide it with specific details. You should also report the crime to police and provide documentation of the fraud.
You likely won't know your identity has been stolen until the first bounced checks or rejected credit cards start showing up. You may not even realize you are a victim of identity fraud until the credit card collection agency calls. And even though the fallout of a stolen credit card or stolen identity is less financial (the lender is liable for stolen credit cards or checks) and more a checkered or questionable credit record, the headache is the same. You have to constantly monitor your credit rating all through your life or you may be unpleasantly surprised one day when you are trying to buy a house a can't get the loan.
Tip: Sign up for a credit bureau's credit monitoring service (Equifax has one for $40 a year). The service provides you with daily emails of any activity on your credit report and includes 6 full credit reports per year.
Ultimately though your credit report and your identity are yours to lose, or protect. Staying on top of your credit report may be a hassle, but in the long run, you'll be happy you did.
The XXI century is the century of high-speed and nanotechnologies. It seems people strive to speed up all processes to make this already hectic and sometimes chaotic rhythm of life even crazier. They are ready to shrink everything they can lay hands on to make nanotechnologies work. In fact people just want to make their life more convenient.
Contactless credit cards are another product designed to upgrade our life quality through saving customers' time during the checkout process. These new-age credit products are gaining more and more popularity with customers. The so-called wave card makes the checkout process easier and faster. The recent opinion poll proves that contactless plastics won many hearts. According to the survey's result, over 90% of wave cards owners find them to be very convenient and user-friendly. Plus such plastics are accepted nearly everywhere regular credit products are accepted.
The financial economy crisis in the US has been admitted the largest financial shock for America since Great Depression. US banks incur billion-dollar losses. The number of delinquencies keeps rising. Associated Press has announced the results of data processing on 17 trusts dealing with securitization of credit cards.
The results leave much to be desired, to put it mildly. The volume of credit card debt with a delay of 30 or more days has gone up by 26% as compared to October, 2007. Now it makes up $17 billion. It stands for over 4% of credit card debts. The information on card holders debts for Associated Press was provided by the leading US companies.
We are used to see credit cards the way they look today, and it is hard to imagine that they looked different and served for another purpose than paying for goods and services. We call them plastics. In fact, a century ago credit cards had a different shape, size and were not made of plastic.
The appearance of credit cards dates back to the beginning of the XX century. Who were they created for? The target audience was wealthy people. The cards could be used as business certificates and licenses for the so-called "loyalty programs" at some restaurants, gas stations and merchants. Those cards, you can be surprised, were made of cardboard.
Rapidly growing credit card crime rate causes more and more concern of credit consumers and credit providers as well. Credit card fraud is a number one card holders complaint to Federal Trade Commission. According to the statistics, over 85% of credit card owners that fell victims to credit scam discover the fraud only after they get turned down by credit issuers, having applied for a new credit card or loan.
Credit bureaus cannot stay indifferent to the problem of credit fraud and identity theft, in particular. Equifax, one of the three US major credit bureaus has introduced a new ID theft protection service. "ID Patrol" is a multifunctional tool that allows protecting customers from identity theft.
