Three Realities of Credit Card Identity Theft

Three Realities of Credit Card Identity Theft

by Wade Robins

ou may have heard or read credit card identity theft horror stories, but though that as long as you keep your credit cards in a safe place unless you are going to use one of them, your risk of being a victim of credit card identity theft are extremely low. But you are wrong, and there are some things you need to know about credit card identity theft if you want to protect both your credit rating and your financial future.

First, having your credit card stolen is not the only way in which you can be targeted for credit card identity theft. Your card may be stolen, your card details may be stolen, or you card's PIN number may be stolen. If your card's details or PIN are stolen, your card may be completely looted before you know anything is amiss. A credit card scammer can simply copy your card number, name, expiration date, and ID number, or observed you entering your PIN number at an ATM or register without your noticing.

Credit card identify theft can also occur when someone applies for a credit card using your name and social security number, which they can get by stealing your mail. With that information, all the identity thief needs to do is use your information and have the card sent to their address, and start using the card. When they fail to make the payments, the credit card company will come after you, and the charges and missed payments will devastate your credit rating, making it impossible for you to get new credit and sometimes even to get a job.

Internet Identity Theft

Second, there is no way to be completely safe from credit cart identity theft, and those who engage in it are very sophisticated in their techniques. You can even be targeted for credit card identity theft on your PC, if it has had a secret keylogger installed from a remote location.

A keylogger is a form of spyware which will record every keystroke you make, and when you enter your credit card information to make an online purchase, a record will go straight to the scammer's computer. If you are not running a spyware program on your computer now, you should install one and begin using it immediately.

Watching Your Back

Third, while the Internet has brought a new opportunity for identity thieves, their favorite targets remain retail stores, where either physical theft of their cards, or surreptitious copying of their card details, can easily occur. So whenever you make a purchase using your credit card, do not take your eyes off it and try to find stores which let you run the card yourself without having a cashier enter your information.

If you are using your credit card to for a debit purchase or cash withdrawal, find a way to shield the keypad when you punch in your PIN number.

Credit card identity theft is one of the most virulent forms of identity theft, and you need to view it as a serious threat. Knowing where and how it most often occurs will help you improve your odds against becoming a victim. You can find more information on how to avoid credit card identity theft.