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guest - June 19th, 2009 4:43 PM

My brother recently told me he was traveling overseas, and someone broke into his hotel room and stole his wallet. He had a lot of money and his credit cards enclosed in the wallet. He reported the theft to the clerk of the hotel and the police was summoned. The police found his wallet in the bushes at the back of the hotel. The wallet was stripped bare except for his driver's license and medical card. Could he now become the victim of identity theft? [br]

guest - June 19th, 2009 4:49 PM

He could become the victim if he did not contact the banks the credit cards were issued from and report the theft immediately. By reporting the theft, the bank could have frozen his account from any future purchases and issue a new credit card. [br][br]Even the slightest delay could cause him problems. He could end up in serious trouble with the law or have an unwanted credit card within a couple of months. [br][br]Depending on how long ago this incident occurred, he should have filed a report with the police and had a report with the credit bureaus filed, so that a block could have been placed on his reports. This way no one could access his reports without him knowing about it. [br][br]

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Fraud causes hundreds of millions of dollars in damage each year and affects just as many people.

Credit card fraud is the most common type of fraud to occur each year and cost its victims up to $500 million dollars in damages each year. Despite the frequent occurrence of this type of fraud, millions of credit card users are still unaware of how to protect themselves against this type of thievery.

No one is completely safe from being defrauded. But, by learning how to protect against fraud, you will be better equipped to prevent yourself from falling into a scam that could cost you everything. Taking the time to protect yourself can help to keep you safe.