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A Sneaky Way to Commit Fraud

As I have always said, is is not a matter of if you will become a victim of fraud or identity theft - it is a matter of when. The probability is too high given the sheer amount of consumer databases that are hacked annually.  


I had a listener send this to me last week. I found this act of fraud to be completely unbelievable. It was an act of fraud that was way more involved than most run of the mill credit card unauthorized charges. The scary thing is the amount of information the thief presumably had to have in order to execute the fraud.


"Saw your Facebook post about credit card fraud. I have a checking account and a card with the same bank. I had a transaction I didn’t initiate where it paid off the credit card balance with my checking account. A glitch? When several days latter there was a large dollar purchase for a watch at a UK shop. I figured it wasn’t a glitch. Someone called in paid off the card to create room for a 15,000 purchase."


I have heard a lot of stories. That was probably the most disturbing. 


Bottom line: keep a close eye out on your accounts. Identity thieves are getting smarter.