Manchester, NH — Sept 22, 2016 - Fraudsters are multiplying in number and this is due to the wide availability of information and tools needed to commit identity theft fraud. Unfortunately, there is more to financial loss for individuals who are victimized by thieves.
Experts continue to warn consumers that credit card theft poses a lifetime risk. This is due to the fact that basic personal information is not something that could be easily and permanently changed. Once it’s stolen, it can be utilized in opening up new credit lines in the years to come.
This crime takes place when personal information is stolen, such as address, social security number, financial account information, or phone number. These details can be fraudulently used to open up credit lines in the name of victims.
Thieves than take out a mortgage, purchase goods, or use the credit cards on a shopping spree. When thieves gain access to a credit card account, they use it to purchase items or perform other illegal schemes.
According to research, credit card companies suffer from millions of dollars of loss every year. However, consumers are generally not responsible for it because quite a number of credit card companies offer zero dollar fraud liability guarantees.
There is an estimated number of a quarter of a million individuals in the United States who file an identity theft complain with the Federal Trade Commission per year. It is important to note that all victims file a report. This has led experts to believe that the actual number of victims is significantly higher.
One of the most undesirable things about credit card theft is that victims are typically forced to spend an enormous amount of time in cleaning up their credit history as well as restoring their credit score. Once there are done with the paperwork, they need to check back and ensure that no new transactions show up on their credit history.
Experts advise that consumers should immediately report the fraud to the credit card company once they discover it.
It is undeniable that identity theft cases have significantly grown in the past five years. However, consumers should also keep in mind that they can resort to measures that would increase their protection against these thieves.
One of the best ways to have increased protection is to simply use a set of RFID blocking sleeves. These sleeves are designed to block the signals coming from card skimming devices, which thieves typically use to steal information.
The RFID blocking sleeves are available at amazon.com (amazon.com/rfid-blocking-sleeves/dp/B0150T0AI2).
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