The first thing you need to do is to contact the card issuer. Most have a 24 hour hotline setup just for this purpose. They don’t want strangers spending your money any more than you do! By law, the most you would be responsible for is $50 per credit card, and then you will be responsible for no further unauthorized charges to the account. However, if you lose an ATM or debit card, you could lose everything if you wait too long in contacting the issuer.

Next, you’ll want to contact the authorities. File a report with the police. Make sure to get a copy of the police report for proof of the unauthorized charges. Also file the reports with the Federal Trade Commission.

Contact the three credit reporting bureaus. TransUnion, Experian, and Equifax will place an alert or flag an account signifying possible fraudulent activity. They will contact you before any new lines are opened. You can also ask to have an account frozen; your credit history can’t be reviewed by lenders, and you cannot open any new lines of credit.

Finally, stay on top of everything you have done to this point. It’s very important that you start or continue to keep a close eye on all your credit card statements, bank accounts and credit reports.

Although stolen or lost credit cards remain the biggest source of fraud, online hackers are becoming a very close second. Don’t become a credit card fraud victim. Watch your credit and money closely!

To find out more about what consumer debt solutions may be right for you, visit:
credit card debt information.
John Phillips owns and operates http://ccdebtinfo.com

Article Source:http://www.articlesbase.com/personal-finance-articles/dont-be-a-credit-card-fraud-victim-4-things-you-must-do-1393343.html

Bergen, NJ, United States (AHN) – Federal agents swooped down on a suspected identity theft ring in New Jersey on Thursday and arrested dozens of suspects.

Forty-seven people were arrested in the massive crackdown. They face allegations including conspiracy to commit wire fraud, conspiracy to commit credit card fraud, and unlawfully using identification documents to defraud the United States.

Prosecutors say the suspects were part of a group of mostly Korean immigrants in Bergen County who sold identification documents that were used to commit fraud. Allegedly led by Sang-Hyun Park, the group obtained Social Security numbers beginning with the prefix 586, which are issued to Chinese working in U.S. territories such as Guam and Saipan. The Social Security numbers were used to secure genuine drivers licenses and other state identification cards.

The group would then “build up” the credit scores of the Chinese identities on the IDs by attaching these identities to existing credit card accounts as authorized users. The suspects allegedly would then guide customers using identities with good credit ratings to open bank accounts, obtain credit cards and apply for loans, including those guaranteed by the federal Small Business Administration.

The fraudulently obtained credit cards were used by the group to buy expensive goods that were later sold. The cards were also used for fake transactions with conspiring business owners to obtain cash. The suspects are believed to have paid for the fake charges by drawing on other fraudulently opened bank accounts.

Among those charged were Chun-O Kim, owner and operator of what prosecutors said was a nonexistent general contracting company, and Nathan Buschman, a manager at a JPMorgan Chase branch in Edgewater.

Also part of the criminal complaint are Zakchary Benji, a loan officer in a Clifton bank, and Kang-Hyok Choi, who has been in custody since his arrest in 2008, when he is believed to have murdered three people who may have been involved in the identity theft operation.

Apart from JPMorgan, other institutions that were defrauded were Citibank and PNC Financial Services.

“The activity in this instance was a virtual crime superstore,” Special Agent in Charge Michael Ward said in a statement. “The criminal activity was sophisticated, and the extent of the fraud committed by this group is believed to be substantial, if not staggering.”

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