Financial fraud: credit card abuse

People often tell me their identity was stolen and someone racked up charges against them. They usually go on to say it took them three to six months to get everything straightened out, and that they're very relieved to have their credit and their identity "intact" again.

I wish it were so simple. But it is a really stupid identity thief who throws away any of your identity information, as it has resale value forever.

In most cases, there are only three changes in the cleanup of an identity breach that led to financial fraud on your account: 1) your credit card number; 2) your bank account number; and 3) charges were removed from your accounts.

What doesn't change: Your name, social security number, address, phone number, employer, mother's maiden name, your face, or in most cases, the bank you do business with.

For a criminal who already has the rest of your information, re-getting your new credit card or bank account numbers can be trivial. Once your information has been compromised, it remains compromised, so it is critical that you stay extra vigilant in monitoring your credit reports. Take advantage of any opportunity to freeze your credit, and watch your bank statements closely.

Linda