Identity theft is on the rise and it’s an issue that isn’t going away anytime soon. With the seemingly endless amount of data being collected, combined with our general lack of awareness about data security issues, it’s no wonder that identity thieves are finding more ways to get what they want.
Credit card fraud, online banking fraud, mortgage fraud – these are just a few examples of how identity thieves can steal from you.
Here is a scary statistic, every 14 seconds someones identy is stolen online. And 33% of Americans have been victims of identity fraud. A rather surprising and rapidly growing group of people who are becoming victims of ID theft are children!
Yes, children! We talk about how their identities are stolen in other articles about credit repair scams and fraud. One such article is “Scam Alert – Beware of the “New Identity” credit repair scam“.
In that article we talked about how scammers sell older people and childrens social security numbers to people with bad credit who want a “fresh start”. If you have credit monitoring for yourself and don’t have it for your children, you should really consider protecting them!
Do you think just because you have a low credit score, no one will want to steal your credit?
Oh boy! You are very wrong! You have worked hard on your credit. From rebuilding it with a bad credit credit card or secured credit card, to watching what you spend and making sure you stick to your budget.
Sometimes that isn’t enough; Identity thieves are targeting credit card carrying consumers at an alarming rate these days and it seems that there isn’t much we can do about it.
Credit Card Fraud Is the most common kind of Identity Theft
From 2020 to 2021 the FTC recived 18,000 reports of people stating that their personal information was used to gain access to their credit card accounts.
This new age of theft includes techniques known as crowd hacking.
What is Crowd Hacking or Electronic Pickpocketing?
Crowd hacking is when identity thieves steals your credit card information without you even taking it out of your pocket! They have a device they carry with them that can simulate the signal sent when you scan your credit card.
So as they walk thru a crowd they can pick up on your credit card without it never leaving your wallet. All except for credit cards with chips in them. These devices do NOT work on them.
They take your credit card information and sell it to the highest bidders on the dark web!
HOW TO PROTECT YOUR CREDIT CARDS
What are you supposed to do to protect your credit cards if thieves can steal your information while your card is tucked safely in your purse or wallet? With the exception of becoming a paranoid hermit and locking yourself away in your home (which still doesn’t keep your cards safe from other methods of theft), you can sign up for an ID theft protection plan, only pay for your purchases with cash or you could check with your credit card company to see if they offer special credit cards that are encrypted with a device that blocks the skimming equipment from ever “seeing” your credit card in the first place.
There are also some new products on the market that prevent thieves from stealing your information by blocking the signal their devices send. These have been proven to be very effective at protecting your credit card information. In lieu of spending money on one of those devices.
Make sure you aren’t making it easy for thieves to steal your credit card information. In today’s highly technical world, thieves are creating even more devious ways to steal your information!
Keep these tips in mind to avoid having to deal with the stress of credit card fraud:
- Avoid Fraudulent Websites – even if its the best deal you have come across!
- Use a Credit Card Cover
- Keep Your Card Safe
- Report Suspicious Activity Immediately
- Never give away the 3-digit security number on the back of your card
- Keeping Track of And Review Your Statements
- Keep an eye on our waiter when they process our payment,
- Avoid opening any emails that we are unsure of
- Don’t buy from sites whose urls don’t start with https://
- Avoid or deeply research sites that have too good to be true deals
- Don’t buy things online when we are using a public wifi
- Use your Paypal account whenever possible – thus avoiding putting our credit card on shopping sites.
- Take a good look at the card readers at your local gas stations, ATM and retailers to make sure they are authentic and not skimming devices.
Spot the early signs of Credit Fraud & Identity Theft
GET YOUR CREDIT REPORT