Thinking Money | Free Financial Advice and Tips

Theft of Credit Card Numbers Is On the Rise – Check Your Credit Report

Posted on 08. May, 2009 in Credit cards

A recent news report  indicates that credit card numbers are on sale in at least one location – India. Two reporters had received leads about it, and had gone undercover in order to learn more.

While filming the meeting with the contact, the reporters were told that there were hundreds of credit card and debit card numbers available, in the report by the BBC. The card numbers would be available at a fee of $10 each per week.

The concern here is that these credit cards – with accurate personal information of the owners – are from the UK. Many of them were obtained from call centres in India that were responsible to handle orders for mobile phones or make payments.

The report went on to say that some of the numbers were incorrect – but not all of them. Just how many credit card numbers have been compromised is unclear.

For this reason, it is a very good idea for you to keep an eye on your credit card bill. Look it over carefully and make sure that you know what all the charges are for.

In addition, though, you want to get a copy of your credit report and see what has been happening there. It is possible for your credit report to include many things that you are not aware of – especially if your credit card numbers have been stolen. Credit reports can be obtained for free once a year.

If you find problems with either your credit card bills, or with your credit report, you want to close down immediately any credit cards that have problems. Resolving the problems can start as soon as you know about them and report it to the right credit card company.

It is important, too, that you be very careful who you give your credit card to, or your credit card number. Of course, you certainly cannot always control this, but you can keep an eye on what happens with your credit card bills. If you suspect there is a problem, you can also often watch your account from day to day online.

Large companies, such as telecommunications, will continue to outsource their call centres to countries like India. Better security is being developed for these call centres, but it may be a while before they become totally secure. You may want to avoid them altogether and work with the company directly online – if possible.

The type of credit cards that are most easily capable of being compromised are those that have either no PIN number or no RFID chip. Since these require no extra number – or anything – they are easily used online. If you think a PIN number has been compromised, you may be able to go to the bank and get your PIN number changed.

Tags: Credit Card, Fraud, Theft