Why should I be concerned about credit fraud?
When a credit card thief purchases goods with a stolen card, it is the creditor that has to cover that cost. Creditors cover this loss by charging cardholders higher interest rates. Credit card fraud goes beyond the use of a stolen credit card. A thief can use your account numbers even when your credit cards are safely in your wallet. You may not realize that fraudulent charges are being racked up on your card until you notice charges, that you did not make, on your monthly statement.
How do I deal with credit fraud?
If fraud is suspected, you should contact the credit bureaus immediately. The bureaus have an established process that will help identify and stop fraudulent activities. In the case of fraud detection, you must inform your creditors and request that they immediately halt all incoming transactions.
Where can I find out more about identity theft?
Please visit the Federal Trade Commission Identity Theft Center at www.ftc.gov