What Identity Thieves Do With Stolen Credit Cards
The convenience of modern digital commerce comes with an unfortunate side effect: it makes identity theft more convenient as well. The 2019 Identity Fraud study from Javelin Strategy and Research found that 14.4 million consumers in the U.S. were victims of identity theft during 2018, to the tune of $14.7 billion.
"It may seem time-consuming to research and adopt best practices to prevent identity theft. However, identity theft prevention will ultimately save time in the long run," says Amy Thomann of TransUnion's consumer communications.
In the end, the fraud affects you and your creditors and card issuers directly, but your stolen card information can generate multiple transactions before you even see a dime of losses. Identity thieves can choose to sell your credit card information to others instead of using it for their own purposes.
If your credit card information is stolen a...
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