Louisville Men Involved in Credit Card Fraud

 Indiana State Police recently pulled over two Louisville men after “an unsafe lane change” and found 170 credit cards in a search of their car. The two men were arrested and charged with fraud. Federal officials say the cards had been stolen. More charges could be filed.

Unfortunately, this case is not unusual. Credit card fraud is common and is a major part of identity theft. The Federal Trade Commission’s Consumer Sentinel Network Data Book for January – December 2013 found that 290,056 Americans suffered identity theft that year. About one-fourth of those cases each year involve credit card theft only.

If you have credit cards, be aware that you can protect yourself against fraud. Guard your credit card and personal information closely. Be certain when shopping on the Internet that you are dealing with a legitimate and safe Web site. When charging to your card in person, make sure you get your card back from your clerk or wait person. Don’t throw away credit card receipts without shredding them first. And examine your monthly credit card bill immediately upon receiving it to catch problems early.

Also be sure to request your free, annual credit report from the three major credit reporting bureaus – Equifax, Experian, and TransUnion – once a year. You can even get a free report once every four months by requesting it from one bureau at a time. However, in order to make the process of requesting a free, annual credit report as simple as possible, the federal government has established an official Web site, https://www.annualcreditreport.com/, where consumers may request their report from all three agencies at one time. Just be sure to avoid other Web sites that advertise access to your free report. Using those sites may lead to unexpected charges to your credit card.

Even if you do not have a credit card yourself, and have no credit history that you know of, your identity can still be stolen without your knowledge. It is better to be safe than sorry. Request a credit report regularly to be sure that criminals are not taking advantage of you.

READERS, what do you think?

1.    Have you ever checked on your credit report? If so, what did you find?

2.     What do you think are the best ways to protect yourself against credit card fraud and identity theft?

References:

WDRB News. (2015, January 25). Two Louisville men arrested for fraud after police find over 170 credit cards during traffic stop. Retrieved January 26, 2015, from http://www.wdrb.com/story/27934840/two-louisville-men-arrested-for-fraud-after-police-find-over-170-credit-cards-during-traffic-stop.

Federal Trade Commission. (2014, February). Consumer Sentinel Network Data Book for January – December 2013. Retrieved January 28, 2015, from http://www.ftc.gov/system/files/documents/reports/consumer-sentinel-network-data-book-january-december-2013/sentinel-cy2013.pdf.

Dow Jones & Company, Inc. (n.d. [2014]). Identity Theft & Credit Card Fraud – How to Protect Yourself. Wall Street Journal online. Retrieved January 26, 2015, from http://guides.wsj.com/personal-finance/credit/how-to-protect-yourself-from-identity-theft/.