Problems That Occur From Stolen Cards
What type of Problems that can Occur from stolen credit card numbers
- Here are some important tips on how to understand the effects of Stolen Credit Card numbers, for shoppers and merchants.
What are the consequences of identity theft?
Once identity thieves have your personal information, they may:
- Go on
spending sprees using your credit and debit card account numbers
to buy "big-ticket" items like computers that they can easily
sell.
- Open a new
credit card account, using your name, date of birth and SSN. When
they don't pay the bills, the delinquent account is reported on
your credit report.
- Change the
mailing address on your credit card account. The imposter then
runs up charges on the account. Because the bills are being sent
to the new address, it may take some time before you realize
there's a problem.
- Take out
auto loans in your name.
- Establish
phone or wireless service in your name.
- Counterfeit
checks or debit cards, and drain your bank account.
- Open a bank
account in your name and write bad checks on that account.
- File for
bankruptcy under your name to avoid paying debts they've incurred,
or to avoid eviction.
- Give your name to the police during an arrest. If they are released and don't show up for their court date, an arrest warrant could be issued in your name.
Source: FTC
The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
Visit our Shopping Guides and Credit Card Fraud sections for useful information.
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