Stolen Credit Card Issues

If faced with a stolen credit card then assume the thief will try and tap that account. Contact the credit issuer right away. They'll probably advice you to close the account and replace its number with a newer one.

But doing only this may not be enough. Why? Because the ID thief might try to tap into or change your account info.

You can place a fraud alert on all accounts with that credit institution. If you have usernames and passwords for these accounts then update them. (Avoid using common usernames and passwords that include things such as your social security number, mother's maiden name, child's name or other family member's name.

As a general rule, establishing a password for your bank & financial accounts is a good thing. It's often possible to formally request that a password be required in for any action to take place with your accounts -- such as a withdrawals, name/address changes, billing information disclosures, etc.

Request that the institution call you whenever anyone tries to apply for credit in your name. This credit alert might say something like, "Please contact me immediately at this phone number before issuing any new credit. All credit applications must be validated and personally authorized by me."

You want to monitor the activity in all your financial accounts, especially withdrawals. Report any unauthorized transactions or suspicious activity to the security department of your financial institution immediately if any issues arise.

Go ahead and file a police report too. You may not want to do this. After all, it's just one credit card, right?

Wrong.

If you do find yourself having to purge your credit profile of fraudulent accounts then you're going to have to "prove" these accounts weren't really yours to begin with. A police report is handy in this regard.

Just know that when it comes to identity theft, both creditors and credit reporting agencies want to see accounts you identify as being fraudulent on a police report.

Vigilance must be maintained. And unfortunately, one can never rest assured they're 100% in the clear when it comes to preventing identity theft. There are many holes and gaps in the system that allow people to be victimized. But doing your part may prevent a stolen credit card situation from becoming a full-blown identity theft nightmare.


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Joe Farinaccio is author of "ID Theft 911: Step-By-Step Instructions for Stopping Identity Fraud, Cleaning Up Your Credit Profile, and Getting Other Records Fixed" - found at http://www.IdTheftHelp911.com