In 2008 credit card fraud set a new record in the USA when it was announced that about a dozen members of a credit card fraud ring had been indicted on identity theft charges. The group had stolen millions of card numbers and other confidential information in what law enforcement spokespersons described as the biggest and most sophisticated credit card fraud and identity theft case in United States history. Despite the fact that the credit card fraud network only netted about 10 or 12 people, it involved a conspiracy that allegedly targeted such retailers as TJX Companies, BJs Wholesale Club, OfficeMax, Boston Market, and Barnes & Noble.

Credit card fraud is now blamed for about half of all financial fraud that is perpetrated worldwide, and the cost of identity theft and related credit card crimes is in the billions. The problem is especially rampant now that up to 90 percent of all credit card transactions involve an Internet connection – which makes them more vulnerable to computer hackers who can steal information quietly and then vanish into anonymity without a trace. But law enforcement officials admit that they are understaffed and outgunned in the identity theft battle – with very few qualified law enforcement personnel who have the kind of high-tech training necessary to fight credit card fraud and other white collar crimes.

Bank cards used in ATM machines, credit card numbers sent over the Internet, and paper copies of credit card transactions left behind at retail stores can all be misused by crooks who are determined to commit credit card fraud on unsuspecting cardholders. But if you suspect that someone is making unauthorized charges to your card or if you notice that your card has been lost, be sure to contact your credit card issuer immediately. There are many steps that can be taken to limit your exposure to theft and fraud, but the key to successfully protecting yourself is to act fast before thieves have a chance to take full advantage of your card account.

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