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The holiday season is supposed to be a time of joy, love and giving. With the dawn of Black Friday, Cyber Monday and enticing holiday deals soon approaching, consumers are prepping – packing their purses and pockets with their finest credit cards, debit cards and cash in hopes of scoring some great sales.
However, the joy of shopping can be stripped from consumers in an instant at the sound of “Your credit card was declined” followed up with a call from the bank telling the consumer that he or she has been the victim of fraud.
Some consumers aren’t so lucky to get the phone call from their bank, and instead find out weeks later when they check their accounts and see unfamiliar transactions and chunks of money missing.
The suspicious activity puts a hold on everything and consumers are left picking up the pieces.
Credit card fraud is extremely common and the odds of encountering it are high enough that it will likely happen to everyone at least once their life.
An estimated $190 billion is lost each year to credit card fraud.
What can consumers do on their own reduce their risk? With the excessive amount of credit card fraud occurring every day, is the government and private sector doing enough to fight it?
o Avoid using debit cards – credit cards will only affect credit limit and not your cash. Plus, you benefit by earning cash back and airline miles
o If traveling, have mail held at the local post office
o Avoid shopping on unfamiliar websites. Secure sites have “https” and unsecure/questionable sites have “http” at the start of the URL
o Don’t carry all of your credit cards at once
o Cover your pin code when removing cash from ATM
o Don’t make purchases from public computers
o Don’t share credit card information through email
o Do not store your social security number, credit card information or personal information on computers or smartphones
o Change your passwords on a regular basis
o Change all passwords on your accounts
o Contact your bank and have any card that could have been affected blocked and re-issued
o Sign up for monitoring services
o If fraudsters are trying to apply for new credit, consider a Credit Freeze by notifying at least one of the three credit bureaus (Experian, Equifax or TransUnion). This will prevent them from obtaining a mortgage or loan. The best part is it’s free and stays on file for 90 days. You also get a free copy of your credit report to review for any other inconsistencies.
Federal agencies in the U.S. work around the clock to help combat fraud.
The Federal Trade Commission (FTC) offers free publications on credit cards, billing rights and tips to avoid fraud.
The Office of the Comptroller of the Currency (OCC) regulates National banks (N.A.) and federal branches of foreign banks.
The Federal Reserve System Division of Consumer and Community Affairs regulates FRS member banks.
The Office of Thrift Supervision, Consumer Complaints in Washington regulates savings associations and federally chartered savings banks whose names have the word “Federal” or F.S.B. initials.
The National Credit Union Administration regulates federal credit unions.
The Federal Deposit Insurance Corporation, Consumer Response Center (FDIC) regulates state-chartered banks that are not members of the Federal Reserve System.
1998 – Congress passed the Identity Theft and Assumption Deterrence Act, which prohibits identity theft and makes it punishable by a court of law.
Pursuant to 18 U.S.C. §1028(a)(7), an offense carries 15 years maximum imprisonment, a fine and a criminal forfeiture of any personal property used or intended to be used to commit the offense.
There are multiple statutes relating to credit card fraud, computer fraud, mail fraud, wire fraud and financial institution fraud that carry substantial penalties – in some cases up to 30 years imprisonment, fines and criminal forfeiture.
Middle District of Florida: A defendant was indicted on bank fraud charges for acquiring names, addresses and Social Security numbers from a website and using the data to apply for multiple car loans via Internet.
Southern District of Florida: A woman was indicted and pleaded guilty to federal charges in which she obtained a fraudulent driver’s license under the victim’s name, using the license to withdraw $13,000-plus from the victim’s bank account, and obtained five department store credit cards in the victim’s name, charging an estimated $4,000.
Although the government has multiple agencies that help protect us and investigate fraud, as well as jurisdiction to prosecute fraudsters, and banks have investigative teams in place, many times offenders get away with the crime, and the bank or consumer takes the loss and moves on, hoping it doesn’t happen again. We cannot and should not live in a state of fear!
The biggest thing a consumer can do is just be careful and responsive, especially during the holidays!
***Disclaimer: This is in no way to be considered legal advice. An attorney client relationship does not exist from your reading of this blog or your following any of the suggested courses of action above.
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