Credit Card Identity Theft: The Simple Explanation And Meaning
What does credit card identity theft really mean? Starting a day with the fact that your personal information has just been stolen is bad enough. The credit card number you saved on your computer turns into your three-year agony. Change your mind about personal computer security. Credit card identity theft is one of the most common online crimes.
Unauthorized use of someone else’s personal information in fraudulent acts is considered identity theft. This personal information can be:
• Email address,
• marital status,
• geographic location,
• driver’s license number,
• Credit card number,
• debit card number,
• Bank account number.
And, therefore, credit card fraud is the unauthorized use of a credit or debit card, or similar payment tool with a recurring fee, to fraudulently obtain money or property. Credit and debit card numbers can be stolen from unsecured websites, personal computers, and used in credit card identity theft.
Facts about credit card identity theft
What would someone want with stolen information? Believe it or not, there is a substantial and thriving market on the Dark Web that sells this type of data. Depending on how much personal information a thief can collect about a person, it could cost anywhere from $ 1 to $ 450 a piece.
These thieves are also known as hackers. Hackers are computer enthusiasts, however, those with less ethics are prone to stealing. Which, consequently, leads us to cybercrime groups always looking for information.
The Federal Trade Commission (FTC) conducted an investigation that showed this stolen information will appear on black markets in a matter of minutes. It takes about 9 minutes for thieves to categorize and put someone’s identity up for sale.
The most affected country in the world is Mexico. While 46% of all credit card identity theft worldwide occurs in the US According to Javelin Strategy & Research, this form of identity theft occurs every two seconds. It seems that the age group most affected is those over 50 and young adults between 20 and 29.
The elderly are having a problem due to their lack of knowledge. They are the easiest targets.
“You say I opened a new account?” – Said old Mrs. Smith, shaking her head in shock. “Well, I’ve never …” – continued the incredulous old woman when the bank called her.
That was the beginning of three years of agony for the elderly woman and $ 7,761 in expenses she had to borrow to solve the problem. Many of the victims have the exact same financial losses due to credit card identity theft.
Ms. Smith had discovered this shocking fraud in three months. However, the Identity Theft Resource Center’s (ITRC) Aftermath study shows reports that it takes nearly three years for victims to realize their identities have been stolen.
Credit card identity theft protection
A sequel to credit card identity theft is emotionally and physically exhausting. The biggest impact has the financial expense. How does someone protect themselves from credit card fraud and identity theft?
Best practices for users are:
– Review of bank accounts and credit statements periodically. A truth can be discovered if the irregularities are noticed early.
– Keep social networks and other accounts under control. It is a well known fact that social networks are starved for data. Keeping personal data to a minimum is the best practice. Also, make sure only friends can see the event posts.
– Run a scan and discover personal information stored on the computer. Security companies developed software designed to keep private information private. Such is the Identity Theft Preventer that scans inside text files as well as the Internet browser to discover exposed sensitive information.
Storing personal data on the computer is a bad idea
Keeping personally identifiable data away from your computer and hard drive can immensely prevent any inconvenience. Market research reveals that many people store their information on their personal computer. Most of them save the bank account credentials or SSN numbers in text files.
Cisco’s research of the Asian market shows that 27% even store their personal data on office computers. Any trace of such data can cause the user much bigger problems. Some of the identity theft victims have reported that they went through all kinds of inconveniences. Some had been questioned by law enforcement because their personal data had been abused by criminals.
Malware created under the grid and on the Dark Web can allow its creator to see all the files stored on the victim’s computer. Most online identity theft is done through the distribution of malicious software. Keeping personally identifiable data out of reach can minimize the exposure of personal information.