Connecticut BBB warns stolen belongings and business security breaches most common source of credit card fraud
Consumers urged to keep close watch on debit and credit card statements


    /Connecticut News Articles/ - Wallingford, CT, August 30, 2008 - Even if your credit card or debit card never leaves your sight, you still may become a victim of fraud or identity theft and need to have a plan in place to minimize the damage.

Connecticut Better Business Bureau President, Paulette Hotton Scarpetti, says bank and credit card statements can be one of the first indicators that a consumer's personal information has been compromised.

"Many complaints we hear about involve unauthorized charges appearing on people's credit card statements. Unfortunately, people who don't keep a watch out for suspicious charges can be victimized for months before realizing what has happened."

Stolen belongings continue to be the principal source of personal identity theft in the United States, however businesses continue to report alarming security breaches that expose millions of Americans' identities and financial information to would-be thieves.

The Identity Theft Resource Center reports a staggering 127 million records were compromised in the U.S. last year, a six-fold increase over the previous year.

One major retailer exposed millions of credit card holders' confidential information to fraud when hackers stole data being transmitted wirelessly.

Another retail chain compromised the Social Security numbers of tens of thousands of customers when a computer tape went missing.
Connecticut BBB encourages consumers to watch for suspicious activity on credit and debit card statements.

If a card has been stolen or if fraudulent charges appear on their accounts, BBB offers the following tips on how to deal with the problem as quickly as possible:

Contact the Issuer: Credit card companies typically operate a 24-hour hotline for lost or stolen cards, fraud and theft. By law, the credit card holder is liable for a maximum of $50.00 per credit card. Once the loss is reported, consumers have no further responsibilities for unauthorized charges. A stolen ATM card, however, is quite different, in that a thief can empty a consumer's bank account. The amount lost depends on how quickly the victim alerts the issuer.

Contact the Authorities: The next step is to file a report on the loss or theft with local police. The consumer will want to obtain a copy of the police report to confirm the nature of the fraudulent charges with the issuer and credit reporting bureaus, and should file reports with the Federal Trade Commission (FTC) online at www.consumer.gov/sentinel.

Contact Credit Reporting Bureaus: Three credit bureaus monitor activity on consumer accounts: Equifax, Experian and TransUnion. They can flag or place an alert on an account for fraudulent activity and, to prevent further fraud, require that they contact the cardholder before any new lines of credit are opened - one sign of identity theft.

These agencies also can freeze accounts to prevent lenders from viewing an individual's credit history and prevent issuing of new lines of credit.

Stay Vigilant: The best protection is to keep a close watch on transaction activity on your banking and credit card statements. It also is a good idea for consumers to compose a letter outlining key details and summarizing when they alerted the issuer(s) and credit reporting bureaus to the loss or fraud.

As a victim of identity theft, consumers may obtain a free copy of their credit report, and review it for any suspicious activities.

Consumers can find more trustworthy advice on identity theft and fraud protection at www.bbb.org, and check a credit report or report identity fraud with the credit reporting agencies, Equifax, Experian and Trans Union.

Further Related Resources:


Press Release Contact Information:

Howard Schwartz
Better Business Bureau Connectic
Communications Coordinator
94 South Turnpike Rod
Wallingford, Connecticut
USA 06492
Voice: 206-269-2700 ext 103
Website: Visit Our Website