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Identity Theft And Credit Card Fraud: What You Need To Know To Protect Yourself

Once you learn about what the different types of identity theft are and what a criminal does with your information, it is easier to protect yourself from becoming an identity theft victim. Because credit card theft is the number one identity theft crime in America, this article will discuss what it is and talk about some ways to reduce the probability of becoming a victim.

Credit card fraud is the number one fraud committed by identity theft criminals and possibly one of the easiest crimes to commit. Credit card fraud is split into two categories with the first method being a thief who actually steals an existing credit card. This is by far the easier crime to commit and luckily is easier to catch. The other option the thief may use is to gain access to your personal information and open a new credit card account that the victim will know nothing about. Many times the thief will use an alternate address and phone number so the victim never sees a bill and will not be aware of a problem until it is too late. There are steps you can take to prevent this type of fraud.

To prevent a thief from stealing your existing credit card you should cancel any credit cards you don't need or use, pay close attention to your monthly bills, and above all else contact your financial institution immediately if you fail to receive your monthly billing statement. If a thief opens a new credit card account with your social security number it is harder to catch but there are steps you can take to prevent this from happening as well. Number one is the contact the Credit Reporting Agencies and request that no new lines of credit be approved without first seeking your approval. You should also request to be removed from any pre-screened credit offer mailing lists as thieves can steal such offers out of your mailbox or trash.

You should also take advantage of the fact that you can access your credit history twice a year for free to check for any fraudulent activity. For any accounts that have been fraudulently accessed or opened, contact the security departments of the appropriate financial institution immediately. Finally, if you are making purchases online you should use a credit card instead of a debit card. Let me explain.

Debit cards are legally riskier than traditional ATM cards or credit cards. While you are only liable for $50 if your credit card is used fraudulently, you may be liable for $500 or more if your debit card is misused plus the fact that the thief can drain your account dry and leave you broke until you get things worked out with your bank. In addition to this fact, debit cards offer much less protection then a credit card because with a credit card, you have certain legal rights to dispute fraudulent charges. If you suspect that your credit card or debit card has been compromised then you should contact your financial institution and cancel the card and put a hold on your funds.

You should now be aware that identity theft in general and credit card fraud in particular can happen to anybody. While there is no 100% guarantee that you wont become a victim of credit card fraud, taking the above steps can dramatically reduce the possibility. The important thing is that you take action to protect yourself now before it is too late. If you feel that you are not up to handling all the details then there are identity theft programs available such as the one offered by LifeLock which can take care of everything for a monthly fee.

If you wish to learn more about identity theft, credit card fraud, and programs that will protect you, please visit the LifeLock Reviews website today. If you are ready to take charge of your financial future then you can go to the LifeLock website and become a member by clicking here.

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